Jawad Ahmed

The net profit of Pakistan Oilfields Limited – the oil and gas exploration company – stood at Rs25.935 billion in the financial year 2021-22, higher by 93.8%, compared to Rs13.382 billion in fiscal 2020-21.

Registered as a public limited company, Pakistan Oilfields Limited is a subsidiary of UK-domiciled Attock Oil Company.

Its activities also include the marketing of liquefied petroleum gas, reports WealthPK

During the FY22, the company’s top-line showed a remarkable growth of 44% to reach Rs51.95 billion from Rs36.04 billion in the previous year. The gross profit surged by 60.59% to Rs33.95 billion from Rs21.14 billion in FY21.

The company posted Rs36.99 billion in profit-before-tax during FY22 compared to Rs20.68 billion in the preceding year. After statutory tax adjustments, the net profit for the year ending June 30, 2022, came in at Rs25.93 billion compared to Rs13.38 billion the year earlier. The healthy profit drove up the earning per share (EPS) to Rs91.37 from Rs47.14 the preceding year.

Company’s performance over the years

During the financial year ended June 30, 2018, the net sales of the company increased to Rs32.67 billion compared to Rs27.28 billion the preceding year.

Gross profit of the company increased from Rs14.07 billion to Rs17.14 billion.

Net profitability surged to Rs11.38 billion compared to Rs9.68 billion in FY17, which dragged the EPS up to Rs48.13 from Rs40.92.

The year 2019 continued to witness an increasing trend in the company’s sales revenues, which rose by 33.68% to Rs43.66 billion from Rs32.66 billion the year before.

The increase in turnover pushed the gross profit to Rs25.41 billion from Rs17.13 billion the previous year, registering a 48.3% growth year-on-year.

Profit-before-tax for the year climbed to Rs24.85 billion, 72.2% higher than the previous year’s Rs14.35 billion.

EPS further swelled to Rs59.44 due to a rise in after-tax profit, which increased from Rs11.38 billion to Rs16.87 billion.

In 2020, sales decreased by 16.3% to Rs36.54 billion from Rs43.67 billion in 2019. This impacted the company’s gross profit, which declined to Rs22.36 billion from Rs25.41 billion a year earlier.

The company’s net profit marginally decreased to Rs16.37 billion in 2020 from Rs16.87 billion in 2019. This pushed EPS down to Rs57.69 from Rs59.44 a year ago.

In 2021, revenues fell to Rs36.04 billion, slightly down from Rs36.54 billion in 2020. Gross profit, on the other hand, also declined to Rs21.63 billion from Rs22.36 billion in 2020.

The company’s profit-after-tax went down by 18.3% to Rs13.382 billion from the previous year’s Rs16.37 billion. EPS thus dropped to Rs47.14 from Rs57.69 last year.

Independent News Pakistan-Wealthpk