Pakistan Oilfields Limited (POL) has announced that its consolidated net profit surged 17.62 % to Rs 11.90 billion in this fiscal year. The company had booked Rs 10.12 billion profit in the same period last year.
Consolidated revenue of POL grew by 10% YOY thanks to the higher Arab crude oil prices which increased by 15% YOY and improved hydrocarbon production, after continuously declining for the two years before that. Similarly, POL’s bottom-line has been up by 34 percent, year-on-year in FY 17, that too after falling for the last two years.
Oil sales increased to average 7.1k bpd which was because of addition from Mardan Khel which added around 953 bpd of oil.
Earnings per share (EPS) came in at Rs 50.23 as compared to Rs 42.65 in the corresponding period of previous year, said a company notification sent to the Pakistan Stock Exchange (PSX) on Monday. The board of directors recommended an interim cash dividend of Rs 25 per share.
Topline Securities said in their report that the earnings came in above market expectations.
The stock price of POL – a state-owned oil and gas exploration company, closed at Rs 464.49 on Monday.
Exploration cost of the company dropped over 28% to Rs 1.4 billion in the fiscal year as opposed to Rs 2 billion in the corresponding period of last year.
Net sales advanced around 10% to Rs 27.89 billion in this fiscal year against Rs 25.55 billion in the same period last year.
The share in profits of associated companies stood at Rs 2.3 billion, which was Rs 2.19 billion in the corresponding period of previous year.
