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Pakistan Petroleum Ltd Publishes a 41% Profit Increase

Pakistan Petroleum Ltd Publishes a 41% Profit Increase

Pakistan Petroleum Limited (PPL) is the pioneer of the natural gas industry in the country. The company announced its financial results for the semester, which ended on December 31, 2018. (1HY19).

PPL is a key player in the oil and gas E&P sector of the country. An advantage of Rs. 31.03 billion, showing a growth of 41% of Rs. 22.02 billion in the same period last year, based on higher income and an increase in other corporate income.

Pakistan Petroleum Ltd Publishes a 41% Profit Increase

Pakistan Petroleum Ltd Publishes a 41% Profit Increase
Pakistan Petroleum Ltd Publishes a 41% Profit Increase

The company noted a significant expansion in its sales and reached Rs. 78.81 billion, up 29.26% from Rs. 61 billion. The increase in sales was due to an increase in oil prices and depreciation of the Rupee against the US dollar. However, the company’s operating expenses and royalties increased by 25.20% to Rs. 31.06 billion, which brought the gross profit to Rs. 47.74 billion.

Surprisingly, despite the absence of dry wells, the company’s exploration spending rose to Rs. 7.9 billion against Rs. 4.27 billion. On the other hand, other revenue from the company showed a growth of 53.13% to Rs. 6.9 billion compared to Rs. 4.48 billion earned last year.

The company’s earnings per share rose to Rs. 13.69 from Rs. 9.71. In contrast to expectations, however, the company left out the payment of dividends.

Pakistan Petroleum Ltd Publishes a 41% Profit Increase
Pakistan Petroleum Ltd Publishes a 41% Profit Increase

According to several reports of the brokerage, the company failed to pay dividends due to growing liquidity problems due to increasing circular debt and some said it was likely that cash reserves would accumulate a bid for wells in the near future.

At the time of presenting this report, the writing of PPL was negotiated in the stock exchange in Rs. 184.01, by Rs. 1.03 with a turnover of 2.57 million shares on Thursday.

The company is dedicated to exploration, prospecting, development and production of oil and natural gas resources. PPL and its subsidiaries have a portfolio of 44 exploration blocks. 26 blocks operated by PPL (including one in Iraq) and 18 operated by company partners, including three foreign blocs in Pakistan and two blocks on land in Yemen.

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