POL posts 6.2% higher profit of Rs15.40 billion

Web DeskWeb Editor

11th Aug, 2021. 07:18 pm

KARACHI: The Pakistan Oilfields Limited (POL) has announced a net profit of Rs15.40 billion for the year ended June 30, 2021, which is 6.2 per cent higher than the profit of Rs14.50 billion recorded in FY20, a bourse filing said on Wednesday.

The earnings per share (EPS) for the year clocked-in at Rs54.24, compared with the EPS of Rs51.23 in the previous year.

POL also declared a final cash dividend of Rs30/share, which is in addition to the interim dividend of Rs20/share already paid to the shareholders.

The sales revenue in the fourth quarter of FY21 climbs 52 per cent, arriving at Rs 9.047 billion, compared to Rs5.969 million during the same period of the last year, amid 151 per cent massive jump in realised oil prices and 15 per cent and 17 per cent growth in oil and gas production, respectively.

The net sales in FY21 clocked-in at Rs36.042 billion, witnessing a dip of 2 per cent, owing to a drop in the oil and gas production by 1 per cent and 3 per cent, respectively.

The exploration costs ascended 24 per cent in the fourth quarter of FY21, clocking-in at Rs313 million in contrast to Rs253 million in the same period of the last year, given higher seismic activity during the period.

On a cumulative basis, the exploration costs during FY21 reached Rs494 million, down 65 per cent due to lower seismic activity.

Other income portrayed a hefty increase of 59 per cent, settling at Rs1.366 billion during the period under review against Rs861 million during the previous year on the back of higher income from bank saving accounts, deposits and investments tagged with exchange gain on foreign currency.

On the flip side, other income during FY21 comes out to be Rs1.53 billion, down 66 per cent on account of the exchange loss on financial assets and a decline in income from bank saving accounts, deposits and investments.

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