Pakistan Oilfields posts 48% growth in profits |

Pakistan Oilfields posts 48% growth in profits

KARACHI: Pakistan Oilfields Limited (POL) unveiled its FY19 profit after tax at PKR16.87 billion (EPS PKR59.44) versus PKR11.38 billion (EPS PKR40.10) registered during last year, depicting a notable increase of 48%YoY. Net earnings of the company arrived above estimates primarily due to lower than estimated exploration expenses (-31%YoY) & higher than anticipated other income (+120%YoY). Along with the result, POL announced final cash dividend of PKR30.0/share, taking cumulative cash payout for FY19 to PKR50.0/share. Sales revenue of the company incremented 35%YoY to PKR43.98 billion during FY19 as compared to PKR32.67 billion reported in FY18, mainly on account of hefty PKR devaluation (24%YoY). Exploration cost declined 31%YoY whereas other income also rose considerably (+120%YoY) in FY19, thereby further accentuating company’s bottom-line. However as expected, finance cost increased by a notable 97%YoY owing to significant hike in interest rates during the year.
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