Hifsa Raja

Oilboy Energy Limited’s revenue was Rs47.38 million in the first nine months (July-March) of the Financial Year 2021-22. The gross profit was Rs5.10 million in 9MFY22. The loss before taxation registered an increase during the nine months of FY22, reaching Rs86 million, as against Rs28 million in the corresponding period of FY21. The loss after taxation also showed an increase during the nine months of FY22,  reaching Rs87 million compared with Rs28 million over the corresponding period of FY21, reports WealthPK.

After a steep decrease in profitability in FY21, there occurred a sudden improvement in revenue and gross profit in FY22. The business kept up a V-shaped recovery. In the Fiscal Year 2022, the corporation reported a GDP growth rate of 5.97%, although this high pace was unsustainable and led to macroeconomic and financial imbalances. Political instability in the country also led to economic uncertainty in the country.

Financial Performance

During the Fiscal Year 20-21, the company’s revenue was Rs52 million, while the gross profit was Rs7.24 million during the year. The loss before taxation was Rs93.88 million in 2020-21 as against a loss of Rs2.4 million in 2019-20. The loss after taxation during FY20-21 was Rs94.53 million as against Rs2.40 million in FY2019-20, reports WealthPK.

According to the company’s annual report, the CPI inflation for the period July-June FY2022 was recorded at 12.20% compared to 8.90% in the corresponding period of last year. High inflation also affected the company’s profitability along with other factors.

Earnings Per Share

The earnings per share was minus Rs0.07 in 2019 and minus Rs0.68 in 2020. It further dipped to minus Rs0.24 and minus 9.45 in 2021 and 2022 respectively.

Shareholdings: As of June 30, 2021, the insurance/investment companies had 9.83% of the shares and the general public 88.23%. The other shareholders are directors, chief executive officer, executive employees, banks, DFI, NBFI, and joint stock companies.

Oilboy Energy Limited (formerly Drekkar Kingsway Limited) was registered on June 28, 1993 as a private limited company and was subsequently converted into a public limited company on June 29, 1994. The principal activity of the company is manufacture of all types of electrical appliances, cosmetics, toiletries, leather goods, machinery, components, and parts. In 1996, the company sold its plant and machinery and is currently engaged in making equity investments in undervalued profitable situations.

Credit : Independent News Pakistan-WealthPk