Pakistan Oilfields declares Rs10.92 billion half year profit

Pakistan Oilfields declares Rs10.92 billion half year profit

KARACHI: Pakistan Oilfields Limited on Friday announced 64 per cent growth in its net profit to Rs10.92 billion during first half (July – December) 2021/2022.

The company’s net profit for the same half of the last year was Rs6.5 billion.

The company declared earnings per share (EPS) at Rs38.48 for the half year ended December 31, 2021 as compared with EPS Rs23.42.

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The board of directors of Pakistan Oilfields met on Friday February 04, 2022 to approve the financial results of the company for six months ended December 31, 2021.

The board approved an interim cash dividend for the half year December 31, 2021 at Rs20 per share i.e. 200 per cent.

Net sales in 2QFY22 climbed up by 44 per cent YoY, clocking-in at Rs12,610 million against Rs8,773 million during SPLY as a result of  i) 79 per cent YoY surge in realized oil prices and ii) 8 per cent YoY Pak Rupee depreciation against USD.

Meanwhile, oil and gas production plummeted by 10.2 per cent and 9.7 per cent YoY, respectively. Whereas, topline in 1HFY22 clocked-in at PKR 23,687 million, witnessing a growth of 35 per cent YoY given a 71 per cent YoY hike in average realized oil prices.

The exploration costs ascended by three times YoY in 2QFY22, arriving at PKR 108 million compared to PKR 34 million in SPLY, given higher geological and geophysical cost during the period. On a cumulative basis, exploration costs during 1HFY22 reached PKR 559 million, up by 5x YoY owed to higher seismic activity.

Other income depicted a massive jump of 8x YoY, reaching PKR 2,018 million during 2QFY22 in contrast to PKR 242 million during the same period last year. This massive increase comes on the back of exchange gain on foreign currency tagged with higher income from bank saving accounts, deposits and investments. Similarly, other income during 1HFY22 comes out to be PKR 4,718 million, up 8x YoY.

The company booked effective taxation at 36 per cent in 2QFY22 vis-à-vis 39 per cent in 2QFY21.