Pakistan Petroleum Limited (PSX: PPL) has announced its consolidated results for the first 6 months of the fiscal year 2022-23 (1HFY23) with a net profit of Rs. 48.5 billion, up 55 percent from Rs. 31.1 billion in the same period last year (SPLY).
The company booked a profit after tax of Rs. 22.1 billion in October-December (2QFY23), showing a 54 percent increase from Rs. 14.28 billion in 2QFY22.
Along with the result, PPL announced an interim cash dividend of Rs. 1 per share for Q2.
During 1HFY23, PPL’s net sales were higher by 54 percent from last year, amounting to Rs. 137 billion as compared to Rs. 89.5 billion recorded in SPLY. The growth comes due to a jump in Sui wellhead price by 19 percent YoY, an increase in oil prices by 27 percent YoY, and the respective upticks in oil and gas production by 2 percent and 7 percent YoY, according to a report by Arif Habib Ltd.
The finance cost of the company increased by 21 percent year-on-year (YoY) to Rs. 735 million in 1HFY23, compared to last year’s Rs. 608 million. Meanwhile, the company recorded operating expenses of Rs. 23.8 billion during the period under review, compared to Rs. 19.96 billion during 1HFY22.
Added to the above, PPL recorded a share of loss of associate of Rs. 136 million, a massive 94.2 percent decrease from Rs. 2.37 billion observed in 1HFY22. Exploration expenses of the company increased by 5 percent from Rs. 9 billion last year to Rs. 9.5 billion in July-December FY23.
Administrative expenses of the company decreased by 6.4 percent to Rs. 1.82 billion from Rs. 1.94 billion.
PPL paid Rs. 29.3 billion in taxes during 1HFY23, a 115 percent increase from Rs. 13.6 billion in SPLY.
Earnings per share (EPS) of the company increased from Rs. 11.44 per share in 1HFY23 to Rs. 17.82 per share in the previous year, reflecting the growth in net profit during the period in review.
PPL’s scrip at the bourse closed at Rs. 65.77, down 1.31 percent or Rs. 0.87 with a turnover of 2.82 million shares on Monday.
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