PPL’s profit rises 35% to Rs30.26 billion
Increase comes in wake of robust sales, income from non-core business
PHOTO: AFP
KARACHI:
Pakistan Petroleum Limited’s (PPL) consolidated profit surged 35% to Rs30.26 billion in the half year ended December 2018 due to robust sales and income from other than core exploration business, according to a bourse filing on Thursday.
The state-owned oil and gas exploration firm had registered a profit of Rs22.35 billion in the same period of last year.
Earnings per share came in at Rs13.35 in the half year under review compared to Rs9.86 in the corresponding period of previous year, the company reported to the Pakistan Stock Exchange (PSX).
PPL’s share price inched down 0.05%, or Rs0.1, and closed at Rs184.94 with trading in 2.57 million shares at the PSX.
“We attribute the increase in profitability to 29% year-on-year increase in revenues due to rupee depreciation and 32% year-on-year higher crude prices, higher other income and realisation of a lower effective tax rate,” BIPL Securities and Economics Research said in post-result comments.
Net sales surged 29% to Rs79.05 billion compared to Rs61.18 billion in the previous year.
Net sales grew “on the back of a higher Sui wellhead price (12% year-on-year), hike in average oil prices by 31% and uptick in gas production by 2%,” Arif Habib Limited Deputy Head of Research Tahir Abbas said in a report.
On the flip side, exploration expenses doubled to Rs8.18 billion compared to Rs4.7 billion last year.
Other income increased 40% to Rs6.34 billion compared to Rs4.52 billion in the previous year.
The surge was seen “owing to exchange (rupee-dollar) gains on foreign currency account,” he said.
The company paid tax on profit at a lower rate of 24% in the half year under review compared to 33% over the same period of last year.
Published in The Express Tribune, March 1st, 2019.
Pakistan Petroleum Limited’s (PPL) consolidated profit surged 35% to Rs30.26 billion in the half year ended December 2018 due to robust sales and income from other than core exploration business, according to a bourse filing on Thursday.
The state-owned oil and gas exploration firm had registered a profit of Rs22.35 billion in the same period of last year.
Earnings per share came in at Rs13.35 in the half year under review compared to Rs9.86 in the corresponding period of previous year, the company reported to the Pakistan Stock Exchange (PSX).
PPL’s share price inched down 0.05%, or Rs0.1, and closed at Rs184.94 with trading in 2.57 million shares at the PSX.
“We attribute the increase in profitability to 29% year-on-year increase in revenues due to rupee depreciation and 32% year-on-year higher crude prices, higher other income and realisation of a lower effective tax rate,” BIPL Securities and Economics Research said in post-result comments.
Net sales surged 29% to Rs79.05 billion compared to Rs61.18 billion in the previous year.
Net sales grew “on the back of a higher Sui wellhead price (12% year-on-year), hike in average oil prices by 31% and uptick in gas production by 2%,” Arif Habib Limited Deputy Head of Research Tahir Abbas said in a report.
On the flip side, exploration expenses doubled to Rs8.18 billion compared to Rs4.7 billion last year.
Other income increased 40% to Rs6.34 billion compared to Rs4.52 billion in the previous year.
The surge was seen “owing to exchange (rupee-dollar) gains on foreign currency account,” he said.
The company paid tax on profit at a lower rate of 24% in the half year under review compared to 33% over the same period of last year.
Published in The Express Tribune, March 1st, 2019.