Thursday, May 26, 2022

POL earnings soars by 81% during 2QFY19  


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) in the financial result announcement posted earnings of Rs 4,022mn during 2QFY19 (EPS: PKR 14.17), showing a significant growth of 81% YoY compared to Rs 2,227mn (EPS: PKR 7.85) in SPLY.


The earnings in 1HFY19 settled at PKR 7,889mn (EPS: PKR 27.79), up by 66% YoY, was mainly attributable to absence of one-off reversal. Moreover, the company has announced an interim dividend of Rs 20.00/share.

During 1HFY19 jumped up by 68% YoY to Rs 22,209mn from Rs 13,240mn in SPLY amid 28% higher realized oil prices and ii) incremental oil and gas production by 1% and 4% YoY, respectively.


Revenue witnessed a hefty jump of 94% YoY to Rs 11,639mn during 2QFY19 on the back of low base impact since the company booked a revenue reversal of TAL Block due to windfall levy imposition in 2QFY18, hike in average realized oil prices by 16% YoY, and 26% YoY Pak Rupee depreciation against greenback.


The exploration costs declined by 83% YoY to Rs 79mn in 2QFY19, on account of absence of dry wells. Albeit, 1HFY19 exploration costs settled at Rs 810mn, up by 9% YoY.


Other income in 2QFY19 climbed up to Rs 2,286mn from PKR 1,316mn in SPLY, showing a 74% rise. On a cumulative basis, other income increased to PKR 3127mn vis-a-vis PKR 1,565mn in SPLY, up by 100% YoY due to exchange gain on account of PKR depreciation.


The company booked effective taxation at 42% in 2QFY19 vis-à-vis 12% in 2QFY18.



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