Thursday, October 29, 2020

POL earnings grow by 6 percent YoY

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Pakistan Oilfields Limited (POL) posted a Profit after Tax of PKR 3,287mn (EPS: PKR 11.58) during 3QFY19, depicting a 6% YoY growth compared to PKR 3,107mn (EPS: PKR 10.94) in SPLY.

The bottom-line in 9MFY19 clocked-in at PKR 11,176mn (EPS: PKR 39.37), up by 42% YoY, on the back of absence of one-off reversal.

Net Sales in 3QFY19 witnessed a surge of 22% YoY to PKR 10,682mn on the back of 20% YoY Pak Rupee depreciation against the greenback.

However, oil and gas production each witnessed a decline of 5% YoY along with a fall in average realized oil prices by 4% YoY.

On a cumulative basis, topline swelled up by 50% YoY to PKR 32,891mn from PKR 21,987mn in SPLY amid low base impact since the company booked a revenue reversal of TAL Block due to windfall levy imposition during 9MFY18, 16% YoY higher realized oil prices, and minute increase in gas production by 1% YoY.

The exploration costs portrayed massive jump of 299% YoY, settling at PKR 1,097mn in 3QFY19 from PKR 275mn in SPLY.

Analysts believe the company undertook higher seismic activity during the quarter. With this, total exploration costs in 9MFY19 sumed up to PKR 1,907mn, up by 88% YoY.

Other income in 3QFY19 climbed up to PKR 849mn from PKR 741mn in SPLY, showing a 15% upswing. Consequentially, other income during 9MFY19 arrived at PKR 3,975mn compared to PKR 2,306mn in SPLY, up by 72% YoY due to exchange gain on foreign currency account.

The company booked effective taxation at 30% in 3QFY19 vis-à-vis 17% in 3QFY18.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
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