Pakistan Oilfields full year payout rises to Rs50 per share

Pakistan Oilfield (POL) has released financial results for the year ended 30th June 2019. The Company has reported profit after tax of Rs16.8 billion (EPS: Rs59.44), higher than market expectations. The deviation can be attributed to: 1) lower operating expense, still 23%YoY higher on softer amortization charges, 2) significantly lower exploration and prospecting charges, down 31%YoY due to the slowdown in seismic data acquisition and 3) significantly higher other income, up 120%Yo, dampened to a certain extent by 97%YoY rise in finance costs. The Company has also announced final dividend of Rs30 per share taking, taking full year payout to Rs50 per share.

 

POL: Income Statement

(Rs in million) FY19 FY18 YoY
Net Sales    43,977    32,665 35%
Royalty      4,554      3,778 21%
Operating Expenses    10,393      8,456 23%
Excise duty and development surcharge          309          308 1%
Amortization of development and decommissioning costs      3,312      2,987 11%
Gross Profit    25,410    17,136 48%
Exploration and Prespecting Expenditure      2,049      2,990 -31%
General and Admin Expense          181          170 7%
Operating Profit    23,180    13,976 66%
Other Income      7,177      3,262 120%
WPPF and WWF      1,728          967 79%
EBIT    28,628    16,272 76%
Finance Cost      3,774      1,919 97%
Profit before Tax    24,855    14,353 73%
Taxation      7,983      2,969 169%
Profit after Tax    16,872    11,384 48%
Earnings per share      59.44      40.10  

 

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