Pakistan Petroleum Limited (PPL) announced a nearly 19% increase in profit-after-tax (PAT), totaling Rs115.48 billion for the fiscal year ending June 30, 2024, compared to Rs97.22 billion the previous year. The company’s board, meeting on September 20, recommended a final cash dividend of Rs2.50 per share (25% on ordinary shares).
Earnings per share (EPS) rose to Rs42.44 from Rs35.73, although they fell short of market expectations. This growth was supported by lower tax payments during the period.
Consolidated revenue from contracts with customers increased slightly to Rs291.24 billion, up from Rs288.05 billion. However, gross profit declined by 1%, settling at Rs189.89 billion due to higher operating expenses and royalties. Consequently, profit margins decreased to 65.2% from 66.6% the previous year.
PPL saw a 13% reduction in exportation and administrative expenses but experienced a rise in finance costs to Rs1.65 billion due to increased interest rates. The company paid Rs18.33 billion in other charges, up 16% year-on-year, while other income saw a marginal rise to Rs17.5 billion.
PPL reported a profit before tax of Rs160.3 billion, down from Rs164.9 billion the prior year, and paid Rs44.8 billion in taxes, a decrease of 34%. PPL, incorporated in 1950, focuses on the exploration and production of oil and natural gas resources.
