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Pakistan Petroleum Limited (PSX: PPL) started FY23 on a cheerful note with growth in revenues and profits in first quarter of FY23 primarily driven by higher prices as well as weaker domestic currency along with lower expenses. The same continued in the second and the third quarter with revenues jumping on the back of appreciating US dollar and higher oil prices. In its recently announced financial performance for 9MFY23, PPL announced a 56 percent year-on-year growth earnings. Its 3QFY23 profits were also up by 60 percent year-on-year.

A key factor for growth in profitability for PPL was the topline. PPL’s revenues in 9MFY23 ascended by 53 percent year-on-year due to rise of around 16 percent year-on-year in Sui wellhead prices; 10 percent year-on-year rise in oil prices; and 27 percent year-on-year depreciation of PKR. In 3QFY23, the revenues of the E&P giant were up by 50 percent year-on-year - the highest ever quarterly revenues for the company - which came from higher Sui wellhead prices and 32 percent year-on-year PKR depreciation, but also a rise in oil and gas production. Oil and gas production has remained tepid in the exploration and production sector. However, PPL in 3QFY23 witnessed 8 and 2 percent year-on-year growth in oil and gas production.

Growth in PPL’s earnings was however restricted by rise in exploration and prospecting expenditure especially during the second and the third quarter coming from high cost of dry wells and higher seismic activity. However, the other factor that was a driver for profitability for PPL was its other income that also grew on the back of depreciating currency resulting in exchange gains during the period.

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