An increase in Sui wellhead price may positively affect PPL result Feb 25

Pakistan Petroleum Limited (PPL) is expected to announce its 1HFY22’s financial result on 25th Feb’22, where we project Company’s bottom-line to arrive at PKR 32,815mn (EPS: PKR 12.06) compared to PKR 26,237mn (EPS: PKR 9.64) in 1HFY21, up by 25% YoY. This growth is attributable to i) increase in Sui wellhead price by 5% YoY, and ii) higher oil prices.

Meanwhile, in 2QFY22, the net profit is expected to climb up by of 33% YoY, clocking-in at PKR 15,824mn (EPS: PKR 5.82) against PKR 11,886mn (EPS: PKR 4.37) in SPLY, given i) 8% YoY Pak Rupee devaluation against USD, ii) massive surge of 83% YoY in oil prices, and iii) higher Sui wellhead price.

Furthermore, the oil and gas production plummeted by 6% and 7% YoY, respectively. Pertinently, we expect the exploration expense to ascend by 3.6x YoY in 2QFY22 to PKR 3,061mn amid dry well Qasar X-01 incurred during the quarter. In addition to this, we expect the company to announce an interim cash dividend of PKR 2.00/share in 2QFY22 (2QFY21: PKR 1.50/share).

Courtesy – AHL Research

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