Karachi, February 26, 2024 – Pakistan Petroleum Limited (PPL) has announced a remarkable growth in net profit, exceeding 44% for the first half of the fiscal year 2023-24.
The company disclosed a net after-tax profit of Rs 70 billion, compared to Rs 48.50 billion reported in the corresponding period of the previous fiscal year, according to the consolidated financial statement submitted to the Pakistan Stock Exchange (PSX).
The earnings per share (EPS) for the first half ending December 31, 2023, stood at Rs 25.65, reflecting a substantial increase from Rs 17.82 in the same period the previous year.
The board of directors convened on Monday, February 26, 2024, and approved an interim cash dividend for the fiscal year ending June 30, 2024. The dividend is set at Rs 2.50 per share on ordinary shares and Rs 2.50 per share on convertible preference shares. Shareholders eligible for the dividend must be registered by the close of business on March 6, 2024.
In terms of revenue, the financial statement highlights that the company generated Rs 151 billion from contracts with customers during the first half of fiscal year 2023-24, up from Rs 138.20 billion in the corresponding period of the last fiscal year.
Operating expenses for the first half of the current fiscal year increased to Rs 25.38 billion, compared to Rs 23.84 billion in the same period of the previous fiscal year. Meanwhile, royalties and other levies totaled Rs 23.76 billion, slightly higher than the Rs 23 billion reported in the corresponding period.
Exploration expenses witnessed a decline, reaching Rs 8.74 billion during the first half of fiscal year 2023-24, compared to Rs 9.54 billion in the same period of the last fiscal year.
Administrative expenses surged to Rs 2.24 billion for the half-year ending December 31, 2023, marking an increase from Rs 1.82 billion in the corresponding half of the previous fiscal year.
The positive financial performance of Pakistan Petroleum Limited reflects the company’s strategic initiatives and operational efficiency, contributing to its strong position in the energy sector. The growth in net profit and earnings per share signals confidence in PPL’s ability to navigate challenges and capitalize on opportunities in the evolving energy landscape.
Investors and industry analysts are likely to closely watch PPL’s future developments and strategic moves as the company continues to play a key role in Pakistan’s energy sector. The declared dividend further underlines PPL’s commitment to delivering value to its shareholders amidst a dynamic economic environment.
