PPL reported 4QFY26 PAT of PkR36.9bn (EPS: PkR13.6), up 104%YoY/79%QoQ, higher than our expectations due to a lower-than-anticipated tax charge, taking FY26 PAT to PkR97.7bn (EPS: PkR35.9), up 9%YoY from PkR89.9bn in FY25. The company declared a record final DPS of PkR6.0/sh, taking cumulative FY26 DPS to PkR12.0/sh (+60%YoY).
· Net sales surged to PkR85.6bn (+63%YoY/+39%QoQ) during the quarter, led by higher hydrocarbon production and oil prices. Oil production reached 13,024bpd in 4QFY26 (+22%YoY/+16%QoQ), while gas production improved to 607mmcfd (+5%YoY/+3%QoQ) as per PPIS data. Moreover, Arab Light averaged US$103.9/bbl during the period, the highest since Jun’22 amid geopolitical disruption from the Iran-US conflict.
· Royalty rose to PkR16.1bn (+113%YoY/+65%QoQ), resulting in an effective royalty charge of 18.8% during the quarter (vs. 15.3% in 9MFY26). Exploration expenses surged to PkR7.7bn (+154%YoY/+230%QoQ), led by accelerated drilling activity across the portfolio.
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Courtesy : AKD Research
