PPL Posts Highest-Ever Profit of Rs. 98 Billion in FY23

Pakistan Petroleum Limited (PSX; PPL), one of the top players in the oil and gas exploration and production sector, announced its financial results for the financial year that ended June 30, 2023.

According to the company’s unconsolidated results, it posted a profit after tax (PAT) of Rs. 97.9 billion for FY23, up by 83 percent year-on-year (YoY) against Rs. 53.5 billion recorded in the same period last year. This is the highest-ever PAT reported by PPL during the period in review, said Arif Habib Limited (AHL) in a brief review.

Along with the result, PPL announced a cash dividend of Rs. 1.5 per share (15 percent) on Ordinary Shares and Rs. 1.5 per share (15 percent) on Convertible Preference Shares.


AHL said major growth in PPL’s profit came from a 16 percent YoY hike in the wellhead price of Sui, stable oil production while 2 percent YoY growth in gas production, and 28 percent YoY Pakistani Rupee depreciation against the greenback.

Revenue from contracts with customers of the company increased by 41.7 percent YoY to Rs. 286.48 billion during FY23 from Rs. 202.19 billion in SPLY.

On a wider scale, gross profits increased by 45.5 percent YoY to Rs. 191.5 billion from Rs. 131.6 billion.

Other income clocked in at Rs. 17.5 billion in FY23 against Rs. 14.1 billion in SPLY, showing a 24 percent YoY increase.

Exploration costs slid by 8.8 percent YoY to Rs. 21.6 billion in FY23 versus Rs. 23.7 billion.

Share of loss of associates declined by 73.8 percent YoY to Rs. 683.2 million. Meanwhile, administrative expenses fell by 14.8 percent YoY to Rs. 3.9 billion in FY23.

Earnings per share (EPS) of the company came in at Rs. 35.99 for the closed year, compared to Rs. 19.68 reported last year.

PPL’s scrip at the bourse closed at Rs. 71.7, down by 1.97 percent or Rs. 1.44 with a turnover of 6,141,629 shares on Wednesday.

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