Pakistan Petroleum Limited, which is one of the top players in the oil and gas exploration and production sector, announced its financial results for the year ended June 30th, 2019.
The unconsolidated profit after tax of Pakistan Petroleum Limited (PPL) rose by 35% to Rs. 61.632 billion in the year ended June 30, 2019 (FY19) as compared to Rs. 45.688 billion earned in FY18. The company’s earning per share increased to Rs. 27.2 in the period under review against Rs. 20.1 in the previous period.
The company reported a rise in profits attributable to the enhanced gas and LPG production, with rupee devaluation and an increase in average Arab Light crude oil prices.
PPL’s revenue increased by 30% to Rs. 164 billion as compared with Rs. 126 billion. The increase in revenue was due to the higher exchange rate and improving oil prices. Royalties also increased by 32% to Rs. 2432 billion on the back of growing revenue.
Gross profit remained unhurt despite an increase in exploration expenses, finance costs and other charges as it was posed at Rs. 99.40 billion against Rs. 74.21 billion in the same period last year.
Other income increased by 77% to Rs 16.5 billion from Rs. 931 billion. The company’s exploration cost increased by 123% to Rs 24.8 billion
The board announced a final cash dividend of Rs. 2/share on ordinary and convertible preference shares, 20% bonus shares to ordinary shareholders and 10% bonus shares to convertible preference shareholders for the financial year of 2018/19.
PPL’s shares at the bourse were closed at Rs. 129.56, down by Rs. 0.59 with a turnover of 3.57 million shares on Wednesday.
Ample proof of the fact that the fuel prices are too high and people are being squeezed beyond limits by the greedy Government pricing regime.