Pakistan Petroleum Limited (PPL) posted a Profit after Tax of PKR 14,214mn during 3QFY19 (EPS: PKR 6.27), depicting a surge of 27% YoY compared to PKR 11,169mn (EPS: PKR 4.93) in SPLY. With this, the earnings during 9MFY19 settled at PKR 45,254mn (EPS: PKR 19.96), up by 36% YoY.
Topline in 3QFY19 displayed a jump of 31% YoY to PKR 40,391mn attributable to i) Incremental oil and gas production of 3% and 2% YoY, respectively, and 20% YoY Pak Rupee depreciation against the greenback.
However, oil prices declined by 3% YoY. On a cumulative basis, net sales witnessed a growth of 30% YoY to PKR 119,201mn from PKR 91,823mn in SPLY on the back of 12% YoY increase in Sui wellhead price, and Hike in average oil prices by 19% YoY.
Exploration costs swelled up by 58% YoY to PKR 4,448mn in 3QFY19 compared to PKR 2,817mn in SPLY, owing to one dry well (Misrial X-01) reported during the period.
Whereas in 9MFY19, exploration costs settled at PKR 12,446mn, up by 76% YoY amid absence of a one-timer in SPLY (recovery of past cost as the company farmed out 50% working interest and transfer of Kotri North Block), and higher dry wells.
Other income during 3QFY19 arrived at PKR 1,303mn compared to PKR 2,088mn in SPLY, plummenting by 38% YoY amid lower exchange gain realized in the quarter under review.
Whereas, on a cumulative basis, other income clocked-in at PKR 8,171mn, up by 24% YoY on account of exchange gain in foreign currency account.
The company booked effective taxation at 24% during 3QFY19 vis-à-vis 26% during 3QFY18.