Rawalpindi: Financial results released by Pakistan Oilfields Limited (POL) for the fiscal year ended June 30, 2024, indicate robust earnings and an increased dividend payout. The company’s board of directors, meeting in Rawalpindi, recommended a final cash dividend of Rs. 70 per share, marking a total annual payout of Rs. 95 per share.
According to information available from the Pakistan Stock Exchange (PSX), POL achieved a net sales revenue of Rs. 65.29 billion in 2024, up from Rs. 60.95 billion the previous year. This increase comes despite a notable reduction in exploration costs, which fell from Rs. 6.72 billion in 2023 to Rs. 1.61 billion in 2024.
Operating costs for the company also decreased, contributing to a gross profit of Rs. 45.39 billion compared to Rs. 41.74 billion in 2023. Administrative expenses and finance costs were significantly reduced, the latter dropping by over Rs. 6 billion, further bolstering the company's profitability.
The fiscal measures and strategic cost reductions led to a pre-tax profit of Rs. 52.91 billion, up from Rs. 49.66 billion in 2023. After accounting for taxation, the net profit stood at Rs. 39.15 billion, with earnings per share increasing to Rs. 137.93 from Rs. 128.42.
The annual general meeting is scheduled for October 14, 2024, in Rawalpindi, with shareholder registration closing on October 7. Share transfers completed by this date will qualify for the final dividend, pending shareholder approval.