Pakistan Company News – Financial results of Pakistan Petroleum Limited for Year ended June 30, 2018

Financial results of Pakistan Petroleum Limited for Year ended June 30, 2018

Karachi, Pakistan Petroleum Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on September 18, 2018.

The agenda of the meeting was discussion of Unconsolidated and consolidated profit and loss account for year ended June 30, 2018 which portrayed a profit of Rs. 45,687,636 and Rs. 45,825,787 with earnings per share 23.17 and 23.24 basic and diluted respectively.

Further, 15% payment of cash dividend, bonus shares and right shares was agreed.

Furthermore, the share transfer books of the company will remain closed from October 16, 2018 to October 26, 2018 (both days inclusive).

Pakistan Petroleum Limited was incorporated in Pakistan in 1950. The objectives of company include conducting exploration, prospecting, development and production of oil and natural gas resources. The subsidiaries of the company are PPL Europe E&P Limited formerly MND Exploration and Production Limited, PPL Asia DMCC and the Pakistan Petroleum Provident Fund Trust Company Private Limited. The jointly controlled entity is Bolan Mining Enterprises with 50% shareholding. The registered office of the company is located in Karachi. The stocks of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan.

The operations of the company include production of natural gas, crude oil, liquid natural gas and liquefied petroleum gas. The company was incorporated in Pakistan as a public limited company in June 1950. The major shareholdings belonged to Burmah Oil Company of the UK. In September 1997, BOC disinvested from the exploration and production sector worldwide and sold its equity in PPL to the Government of Pakistan. The shareholding of the company is currently divided between the government which owns 71% of the shares, private owners with 22% shares and PPL employee Empowerment Trust which amounts to 7% shares.

PPL operates six producing fields across the country at Sui, Adhi, Kandhkot, Chachar, Mazarani and Hala and holds working interest in fifteen partner-operated producing fields, including Qadirpur. PPL has a portfolio of 47 exploration assets from which the company operates 27, including one contract in Iraq, while 20 blocks, comprising three offshore leases in Pakistan and two onshore concessions in Yemen, are operated by joint venture partners. The PPL fields/ departments are ISO 9001, 14001 and OHSAS 18001 certified.

The symbol “PPL” is being used by the stock exchange for the shares of Pakistan Petroleum Limited.