Pakistan Oilfields Limited (POL) posts 65pc surge in profits

KARACHI: Pakistan Oilfields Limited (POL) has announced a net profit of Rs7.9 billion for the six months ended December 31, 2018, which is 65.27 percent higher than the profit of Rs4.78 billion recorded in the same period last year.

Pakistan Oilfields Limited (POL) also declared an interim cash dividend of Rs20/share along with the corporate announcement.

Company’s net sales for the six-month period stood at Rs22.68 billion as against net sales of Rs13.64 billion recorded in the same period last year. “The revenues surged mainly on account of higher international oil prices, rupee devaluation and increase in both oil and gas production flows,” Muhammad Nabeel at Pearl Securities said.

The exploration cost during the period under review clocked in at Rs810.15 million as compared to Rs740.4 million spent on exploration activities last year.

For the quarter ended December 31, 2018, net profits stood at Rs4.33 billion, which is 102 percent higher than the profit of Rs2.139 billion in the same period last year.

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