Pakistan Oilfields Limited (POL), which is a part of the Attock group, announced its financial results for the 2nd quarter of FY19. The company observed an exceptional growth in its profits.
It reported a massive increase in profits of 81% to Rs. 4.02 billion from Rs. 2.22 billion in the corresponding period last year.
The rise in profitability of the company was due to Rupee’s devaluation against the US dollar and High Arab light oil prices. Another reason for the growth is the absence of one-off reversal as the company booked a reversal of TAL block re pricing amounting of Rs3.0 billion.
Earnings per share of the company were increased to Rs. 14.17 from Rs. 7.85 in the 2nd quarter.
The company also announced a cash dividend of Rs. 20 i.e. 200% for the half year.
POL’s net sales for the 2nd quarter saw a double growth figure as it increased by 94.16% to Rs. 11.63 billion YoY while its gross profits were recorded at Rs 6.64 billion, up by a remarkable 181% from Rs. 2.36 billion in the corresponding period last year.
Overall it saw an increase in finance cost which was stated Rs. 1.34 billion from Rs 487 million. On the other hand, higher other income of Rs. 2.28 billion supported the bottom-line which probably came from higher exchange gains on financial assets.
However, taxes were increased to Rs 2.94 billion from a value of just Rs 294 million last year.
POL’s script at the bourse was trading at Rs. 481, up by 0.72% or Rs. 3.46 with a turnover of 335,200 shares on Tuesday.