Pakistan Oilfields Limited (PSX: POL) posted a profit after tax of Rs. 9.7 billion during the first quarter of the financial year 2023-24 compared to Rs. 8.4 billion in 1QFY23, up by 16 percent year-on-year (YoY).
According to POL’s unaudited financial results, earnings surged by 66 percent YoY owing to the imposition of additional super tax charged during 4QFY23 on the profit before tax of FY23, according to Arif Habib Limited.
The company didn’t announce any dividend for the period in review.
Net sales in 1QFY24 witnessed an uptick of 4 percent YoY, clocking in at Rs. 16.68 billion against Rs. 15.97 billion during SPLY on account of the weak Pakistani Rupee. However, the realized oil prices plummeted by 13 percent YoY.
The company’s oil and gas production showcased a drop of 8 percent and 3 percent YoY, respectively in 1QFY24. On a sequential basis, the net sales climbed by 11 percent QoQ amid a hike in realized oil price by 6 percent QoQ, an increase in oil production by 6 percent QoQ, and PKR’s devaluation against the US Dollar by 2 percent QoQ. Meanwhile, the gas production remained stable on a QoQ basis.
Exploration costs dropped by 84 percent YoY in 1QFY24, arriving at Rs. 719 million versus Rs. 4.52 billion in SPLY due to the absence of a dry well during the quarter compared to last year. On a QoQ basis, exploration costs jumped by 84 percent owing to higher geological and geophysical costs during the quarter.
The other income of the company depicted a decline of 26 percent YoY, settling at Rs. 4.89 billion during 1QFY24 on account of lower exchange gains on foreign currency. Meanwhile, other income on a QoQ basis increased by 23 percent YoY owed to higher exchange gains tagged with higher income from cash and cash equivalents.
The company’s effective taxation arrived at 30 percent in 1QFY24 vis-à-vis 18 percent in 1QFY23.
For the quarter, POL’s earnings per share (EPS) clocked in at Rs. 34.2 against an EPS of Rs. 29.59 in 1QFY23.
At the time of filing, the company’s scrip at the bourse was Rs. 391.88, up by 0.23 percent or Rs. 0.89 with a turnover of 106,255 shares on Tuesday.
Source: Pro Pakistani