Tuesday, September 27, 2022

PPL earning soars 27 percent during 9MFY19


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com

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.

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