POL to announce a final cash dividend of PKR 60.00/share

Pakistan Oilfields Limited (POL) schedules to announce its financial result for FY22 on 16th Aug’22, where we project the company to post a profit after tax of PKR 25,013mn  (EPS: PKR 88.12), registering a surge of 87% YoY. The ascend in net profit comes from a 67% YoY hike in average realized oil prices tagged with a 10% YoY Pak Rupee depreciation against the greenback.

On a quarterly basis, the bottom line is anticipated to settle at PKR 7,517mn (EPS: PKR 26.48), witnessing a hefty jump of 97% YoY. The growth comes on the back of i) 65% YoY higher realized oil prices, ii) PKR depreciation of 20% YoY against USD, and iii) exchange gain on foreign currency. However, 10% super tax was charged in this quarter on PBT of FY22. Alongside this, oil and gas production declined by 9.8% and 8.9% YoY, respectively.

Moreover, we expect exploration costs to increase by 7% YoY during the quarter owed to 3D seismic activity at Ikhlas Block. In addition to this, the company is expected to announce a final cash dividend of PKR 60.00/share (PKR 80.00/share in FY22).

Courtesy – AHL Research

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Posted in Oil & Gas Industries, PSX.

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