Pakistan Petroleum Limited (PPL) has posted rupees 31.445 billion as profit after tax in the year ended June 30, 2011 as compared to Rs 23.320 billion earned in FY10. The company's earning per share increased to Rs 26.31 in the period under review against Rs 19.52 in the same period last year. The board of directors of the company in its meeting, held on Tuesday, recommended a final cash dividend for the year ended June 30, 2011 at Rs 2.00 per share ie 20 percent on ordinary shares.
This is in addition to first interim dividend at Rs 5.00 per share ie 50 percent on ordinary shares and Rs 3.00 per share ie 30 percent on convertible preference shares and second interim dividend at Rs 5.00 per share ie 50 percent on ordinary shares already paid to the shareholders.
According to the financial results sent to Karachi Stock Exchange (KSE), the company's net sales increased to Rs 78.252 billion in FY11 against Rs 59.961 billion in 2010. The company's field expenditures increased to Rs 21.364 billion against Rs 18.273 billion while royalties increased to Rs 9.232 billion against Rs 7.076 billion. The profit before taxation of PPL increased to Rs 48.364 billion in FY11 against Rs 34.528 billion in FY10.
The board recommended increasing the authorised ordinary share capital of the company from existing capital of Rs 15 billion divided into 1.5 ordinary shares of Rs 10 each to Rs 25 billion divided into 2.5 ordinary shares of Rs 10 each. It also recommended bonus shares in proportion of one ordinary share for every 10 ordinary shares held ie 10 percent.
Requisite certificate from the auditors to the effect that free reserves and surpluses retained after the issue of the bonus shares, not less than 25 percent of the increased capital, will be submitted in due course. Out of the profit for the year ended June 30, 2011, an appropriation of Rs 5.0 billion have been made towards insurance reserve and Rs 5.0 billion towards the asset acquisition reserve.
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