PPL’s profit surges by 79% YoY to Rs97bn in FY23, announces Rs1.50 DPS

MG News | September 20, 2023 at 12:57 PM GMT+05:00

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September 20, 2023 (MLN): Pakistan Petroleum Limited (PSX: PPL) has revealed its financial results for the year ended June 30, 2023, as per which the company posted a profit after tax of Rs97.22bn [EPS: Rs35.72] depicting a surge of 78.87% YoY, compared to Rs54.35bn [EPS: Rs19.19] profit earned in the same period last year (SPLY).

Along with the FY23 financial results, the board of directors (BoD) of PPL has recommended a cash dividend of Rs1.50 per share (15%) on Ordinary Shares and Rs1.50 per share (15%) on Convertible Preference Shares.

Going by the results, the company's top line marked an increase of 41.33% YoY to Rs288.05bn as compared to Rs203.81bn in SPLY.

With respect to the cost of sales, the operating costs along with Royalties, and other levies rose by 20.91% YoY to 51.12% YoY to Rs49.28bn and Rs46.88bn respectively in FY23.

Despite a significant increase in the company's cost of sales, the gross profit improved by 45.34% YoY to Rs191.9bn in FY23.

On the expense side, the company observed a fall in Exploration expenses by 9.82% YoY and administrative expenses by 14.57% YoY to clock in at Rs22.39bn and Rs3.99bn respectively during the review period.

Conversely, PPL's other charges rose to Rs15.78bn in FY23 compared to Rs13.93bn incurred in SPLY, reflecting a rise of 13.27% YoY.

The company's profitability was further boosted by the increase in other income as it surged by 22.65% YoY to stand at Rs17.4bn in FY23 as compared to Rs14.19bn in SPLY.

During FY23, the associates of PPL continued to incur losses; however, the share of loss significantly decreased by 73.79% YoY to Rs683.24m in the review period.

The company’s finance costs rose by 19.62% YoY and stood at Rs1.55bn as compared to Rs1.3bn in FY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs67.69bn against the Rs44.58bn paid in the corresponding period of last year, depicting a rise of 51.82% YoY.

Consolidated (un-audited) Financial Results for the year ended 30 June 2023 (Rupees in '000)
	June 23	June 22	% Change
Sales	288,053,039	203,810,768	41.33%
Operating expenses	(49,277,810)	(40,755,673)	20.91%
Reversal of provision for doubtful debts - net	(46,875,376)	(31,017,914)	51.12%
Gross Profit	191,899,853	132,037,181	45.34%
Exploration expenses	(22,386,901)	(24,823,651)	-9.82%
Administrative expenses	(3,994,197)	(4,675,290)	-14.57%
Reversal of provision for doubtful debts - net	0	41,929	-
Share of loss of associates	(683,235)	(2,607,077)	-73.79%
Other income	17,404,708	14,190,164	22.65%
Other charges	(15,776,165)	(13,928,504)	13.27%
Finance cost	(1,552,086)	(1,297,469)	19.62%
Operating profit	164,911,977	98,937,283	66.68%
Taxation	(67,690,363)	(44,584,587)	51.82%
Net profit for the period	97,221,614	54,352,696	78.87%
Basic and diluted earnings/ (loss) per share	35.73	19.98	-

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