Business

PPL profit soars 32% to Rs45.8 billion

Declares cash dividend of Rs1.5 per share, 15% bonus shares

Our Correspondent September 19, 2018

PPL’s share price increased 1.8%, or Rs3.72, to close at Rs210.94 with 905,500 shares changing hands at the PSX. PHOTO: FILE

KARACHI: Pakistan Petroleum Limited’s (PPL) profit rose 32% to Rs45.8 billion in the fiscal year ended June 30, 2018 on account of higher oil prices, rupee depreciation and higher other income.

The company had registered a profit of Rs34.7 billion in the previous year.

Earnings per share jumped to Rs23.24 in FY18 compared to Rs17.60 in the previous year, according to the consolidated profit or loss statement sent to the Pakistan Stock Exchange (PSX) on Tuesday.

The company’s board of directors recommended a final cash dividend of Rs1.50 per share and 15% bonus shares.

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PPL’s share price increased 1.8%, or Rs3.72, to close at Rs210.94 with 905,500 shares changing hands at the PSX.

The company posted the profit despite a 3% year-on-year decline in oil production in FY18, according to post-result comments made by Taurus Research.

Net sales increased 7.8% to Rs126.6 billion in FY18 from Rs117.4 billion in the previous year, mainly due to higher oil prices and rupee depreciation against the US dollar.

Other income surged 92.8% to Rs9.4 billion due to foreign exchange gains after rupee weakness.

Hydrocarbon discovery

The joint venture of Ziarat exploration licence discovered hydrocarbons in its exploratory well Bolan East-1 ST-1, located in Kachhi district of Balochistan.

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According to a notification sent to the PSX, the discovery was made by PPL E&P Europe Limited, which is a wholly owned subsidiary of PPL.

The Ziarat block is operated by Mari Petroleum Company with 60% stake while PPL E&P Europe has 40% interest.

The well was drilled in May 2018 and it hit a depth of 1,500 metres before tapping hydrocarbon deposits.

According to Sherman Securities, during testing, the well showed a flow of 810 barrels per day (bpd) of oil in the Chiltan Formation and 690 bpd of oil in the Moro/Mughal Kot Formation, taking cumulative discovery to 1,500 bpd.

Published in The Express Tribune, September 19^th, 2018.

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