Pakistan Oilfields Limited (POL) announced its financial result today, posting a profit after tax of PKR 29,939mn (EPS: PKR 105.47) during 9MFY24 compared to PKR 30,588mn (EPS: PKR 107.76) in 9MFY23, down by 2% YoY. On a quarterly basis, net profit during 3QFY24 arrived at PKR 12,361mn (EPS: PKR 43.54), down by 24% YoY.

Result Highlights      

• Topline in 9MFY24 witnessed a growth of 10% YoY, settling at PKR 50,334mn compared to PKR 45,871mn during SPLY amid a weakening of Pak Rupee. Whereas, oil and gas production witnessed a decrease of 5% and 2% YoY, respectively in 9MFY24. The net sales in 3QFY24 arrived at PKR 16,288mn, up by 3% YoY on the back of i) 8% YoY growth in realized oil price, and ii) Pak Rupee depreciation against the greenback. However, oil production dwindled by 2% YoY during the quarter.
• The exploration costs plummeted by 77% YoY in 9MFY24, arriving at PKR 1,446mn, owed to the absence of a dry well during the period. Meanwhile, the exploration costs during 3QFY24 reached PKR 313mn, down by 63% YoY due to a lower in geological and geophysical costs during the period.
• The other income registered a decline of 49% YoY, settling at PKR 11,753mn during 9MFY24. Whereas, other income during 3QFY24 arrived at PKR 3,980mn, plunging by 72% YoY amid exchange loss on foreign currency incurred during the quarter compared to hefty exchange gains booked in SPLY.
• The company’s effective taxation arrived at 10% in 3QFY24 vis-à-vis 10% in 3QFY23.

AHL

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