PPL is scheduled to announce its 1QFY23’s financial result on 27th Oct’22

Pakistan Petroleum Limited (PPL) is scheduled to announce its 1QFY23’s financial result on 27th Oct’22, where we anticipate the company’s profitability to clock-in at PKR 4,490mn (EPS: PKR 8.53) during the quarter compared to PKR 16,991mn (EPS: PKR 6.24) in 1QFY22, up by 37% YoY. The growth in earnings during 1QFY23 is anticipated on account of i) 19% YoY increase in Sui wellhead price, ii) 43% YoY jump in oil prices, and iii) 19% YoY growth in gas production.

Meanwhile, oil production witnessed a drop of 2% YoY. Furthermore, we expect the exploration expense to come down by 31% YoY in 1QFY23 to PKR 3,240mn amid lower cost of dry well Bazil X-01 at Hala Block compared to dry well Naushahro Firoz X-1 in 1QFY22. On a sequential basis, a massive 19x QoQ jump in net profit is expected to be witnessed given i) 10% super tax charged in 4QFY22 on PBT of FY22, ii) 10% QoQ increase in Sui wellhead price, iii) 6% and 9% QoQ growth in oil and gas production, respectively.

Courtesy – AHL Research

Author

Sharing is caring

Leave a Reply