POL profit soars 29% in Jul-Dec 2016
Cost of exploration goes down, sales pick up
PHOTO: FILE
LAHORE:
Pakistan Oilfields Limited (POL) has announced that its consolidated net profit surged 29% to Rs4.76 billion in first half of the current financial year on the back of a significant decline in exploration cost and uptick in sales.
The company had booked Rs3.68-billion profit in the same six months of the previous year.
Earnings per share (EPS) came in at Rs20.07 in Jul-Dec 2016 compared to Rs15.50 in the corresponding period of previous year, said a company notification sent to the Pakistan Stock Exchange (PSX) on Friday. The board of directors recommended an interim cash dividend of Rs15 per share. It will be paid to shareholders whose names will appear in the register of members on February 12, 2017.
Elixir Securities said in a note to clients that the earnings came in line with market expectations.
The stock price of POL - a state-owned oil and gas exploration company - fell 2.89%, or Rs15.27, and closed at Rs512.79 with a volume of 936,300 shares at the PSX.
Exploration cost of the company dropped over six times to Rs190.33 million in the first half of 2016-17 as opposed to Rs1.19 billion in the corresponding period of last year.
Sales advanced around 4% to Rs14.43 billion in Jul-Dec 2016 against Rs13.91 billion in Jul-Dec 2015.
The share in profits of associated companies (net of impairment loss) stood at Rs623.15 million, which was almost double the Rs316.08 million in the corresponding period of previous year. Finance cost halved to Rs390.03 million from Rs643.90 million last year.
On the flip side, other income also halved to Rs397.86 million in the first six months of FY17 from Rs756.17 million in the same six months of previous year.
In the quarter ended December 31, 2016, the company recorded a net consolidated profit of Rs2.47 billion (EPS Rs10.42), which was almost flat when compared with the Rs2.45 billion (EPS Rs10.32) earned in the corresponding quarter of previous year.
Topline Securities research house said oil sales in the Oct-Dec 2016 quarter rose 8% in the wake of 19% sales growth from Adhi field, which was 12% of POL’s total oil volume, and output addition from the much-awaited Mardan Khel field, which accounted for 14% of the company’s total oil volume.
Published in The Express Tribune, January 28th, 2017.
Pakistan Oilfields Limited (POL) has announced that its consolidated net profit surged 29% to Rs4.76 billion in first half of the current financial year on the back of a significant decline in exploration cost and uptick in sales.
The company had booked Rs3.68-billion profit in the same six months of the previous year.
Earnings per share (EPS) came in at Rs20.07 in Jul-Dec 2016 compared to Rs15.50 in the corresponding period of previous year, said a company notification sent to the Pakistan Stock Exchange (PSX) on Friday. The board of directors recommended an interim cash dividend of Rs15 per share. It will be paid to shareholders whose names will appear in the register of members on February 12, 2017.
Elixir Securities said in a note to clients that the earnings came in line with market expectations.
The stock price of POL - a state-owned oil and gas exploration company - fell 2.89%, or Rs15.27, and closed at Rs512.79 with a volume of 936,300 shares at the PSX.
Exploration cost of the company dropped over six times to Rs190.33 million in the first half of 2016-17 as opposed to Rs1.19 billion in the corresponding period of last year.
Sales advanced around 4% to Rs14.43 billion in Jul-Dec 2016 against Rs13.91 billion in Jul-Dec 2015.
The share in profits of associated companies (net of impairment loss) stood at Rs623.15 million, which was almost double the Rs316.08 million in the corresponding period of previous year. Finance cost halved to Rs390.03 million from Rs643.90 million last year.
On the flip side, other income also halved to Rs397.86 million in the first six months of FY17 from Rs756.17 million in the same six months of previous year.
In the quarter ended December 31, 2016, the company recorded a net consolidated profit of Rs2.47 billion (EPS Rs10.42), which was almost flat when compared with the Rs2.45 billion (EPS Rs10.32) earned in the corresponding quarter of previous year.
Topline Securities research house said oil sales in the Oct-Dec 2016 quarter rose 8% in the wake of 19% sales growth from Adhi field, which was 12% of POL’s total oil volume, and output addition from the much-awaited Mardan Khel field, which accounted for 14% of the company’s total oil volume.
Published in The Express Tribune, January 28th, 2017.