Tuesday, October 20, 2020

PPL earning soars 27 percent during 9MFY19

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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.

Read also: PPL bags top award for corporate philanthropy 

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.

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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