Pakistan Oilfields earnings of PKR 61.93/share in 1HFY24

Pakistan Oilfields Limited (POL) announced its financial result today, posting a profit after tax of PKR 17,579mn (EPS: PKR 61.93) during 1HFY24 compared to PKR 14,353mn (EPS: PKR 50.57) in 1HFY23, up by 22% YoY. On a quarterly basis, earnings during 2QFY24 settled at PKR 7,871mn (EPS: PKR 27.73), up by 32% YoY. Alongside the result, the company announced an interim cash dividend of PKR 25.00/share in 2QFY24 (PKR 20.00/share in 2QFY23).

Result Highlights

Topline in 1HFY24 witnessed a growth of 13% YoY, clocking in at PKR 34,046mn compared to PKR 29,998mn during SPLY amid a weakening of the Pak Rupee. The net sales in 2QFY24 arrived at PKR 17,364mn, showcasing a jump of 24% YoY on the back of the Pak Rupee depreciation against the greenback. Whereas, realized oil price plummeted by 1% YoY while oil and gas production reduced by 5% and 3% YoY, respectively.

The exploration costs plummeted by 79% YoY in 1HFY24, arriving at PKR 1,133mn, due to the absence of a dry well. Meanwhile, the exploration costs during 2QFY24 reached PKR 414mn, down by 57% YoY due to the aforementioned reason.

The other income registered a decline of 11% YoY, settling at PKR 7,773mn during 1HFY24 on account of exchange loss on foreign currency compared to exchange gains in SPLY. Whereas, other income during 2QFY24 arrived at PKR 2,881mn, climbing up by 37% YoY given higher income from cash and cash equivalents.

The company’s effective taxation reached 30% in 2QFY24 vis-à-vis 36% in 2QFY23.

Courtesy – AHL Research

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