PPL’s profit after tax increases to Rs40.923bn

RECORDER REPORT

KARACHI: The profit after tax of Pakistan Petroleum Limited (PPL) has increased to Rs. 40.923 billion in the year ended June 30, 2012 (FY12) as compared to Rs. 31.445 billion earned in FY11.

The company’s earning per share increased to Rs. 31.13 in the period under review against Rs. 23.92 in the same period last year.

The board of directors of the company in its meeting held here on August 11, 2012 recommended a final cash dividend for the year ended June 30, 2012 at Rs. 6.50 per share i.e. 65 percent on ordinary shares. This is in addition to an interim dividend at Rs. 5.00 per share i.e. 50 percent on ordinary and Rs. 3.00 per share i.e. 30 percent on convertible preference shares already paid to the shareholders in March 2012.

The board also recommended bonus shares in proportion of 1 ordinary share for every 4 ordinary shares held i.e. 25 percent. Requisite certificate from the auditors to the effect that free reserves and surpluses retained after the issue of the bonus shares are 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, 2012, an appropriation of Rs. 5.0 billion (Rs. 5.0 billion in 2010-11) and Rs. 5.0 billion (Rs. 5.0 billion in 2010-11) have been made towards ‘Insurance Reserve’ and ‘Assets Acquisition Reserve’ respectively.

According to the financial results sent to Karachi Stock Exchange on Monday, the company’s net sales increased to Rs. 96.221 billion in FY12 against Rs. 78.252 billion in FY11. The field expenditures increased to Rs. 27.050 billion against Rs. 21.364 billion while royalties increased to Rs. 11.471 billion against Rs. 9.232 billion.

The company’s other operating income increased to Rs. 11.594 billion against Rs. 4.450 billion while other operating expenses increased to Rs. 4.654 billion against Rs. 3.591 billion.

The company’s profit before taxation increased to Rs 64.528 billion in FY12 against Rs. 48.364 billion in FY11.