PPL announces highest-ever Rs61.6 billion after tax profit with record 11 discoveries

KARACHI: Pakistan Petroleum Limited (PPL) has posted the highest-ever Rs61.6 billion after tax profit with a record number of 11 discoveries during financial year ended June 30, 2019.

This was disclosed at the 68th Annual General Meeting of PPL that was held on Monday.

Members approved financial statement for the fiscal year ended June 30, 2019 together with auditor’s report.

Final Cash Dividend of 20 percent on ordinary and convertible preference shares besides 20 percent bonus shares to ordinary shareholders and 10 percent to convertible preference shareholders was also approved.

Shamsul Islam, Chairman, BOD presided over the proceedings and shared that PPL continued to strengthen its position as a leading oil and gas company and created healthy returns for all stakeholders.

Moin Raza, Managing Director and Chief Executive Officer of the company highlighted PPL’s progress during 2019/2019, and said that the most significant was the highest ever profit after tax of Rs61.6 billion along with a record number of 11 discoveries in a year in company and partner-operated assets.

The company also drilled the first ever international exploratory well, Madain – I, in operated Block 8, Iraq, a first for a national company.

Focusing on key operational highlights, Khan mentioned drilling of 30 exploratory and development wells, including Kekra-1 in partner-operated offshore Indus G Block which encountered excellent quality reservoir but was aborted due to difficulty in locating hydrocarbons.

He also shared ongoing efforts for expanding the company’s exploration portfolio through farm in/out and acquisition of two new blocks at the recent bidding round, making a total of 47 blocks.

The company continued development activities to optimize production from existing fields that led to an average production of 977 MMscfde in 2018/2019. In this, he also mentioned commissioning of GPF-IV during phase I at Gambat South and Nashpa LPG plant as well as the highest-ever production of 228,310 tons barites from Bolan Mining Enterprises.

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