Rawalpindi: Pakistan Oilfields Limited announced its financial results for the third quarter ended September 30, 2024, revealing a dip in profit despite stable revenue growth. According to the details released, the company posted net sales of Rs 15.45 billion, slightly down from Rs 16.67 billion in the same period last year.

The company declared a modest cash dividend, set at Rs. nil per share, and announced the issuance of right shares at nil percent, reflecting a cautious approach amidst market fluctuations. According to information available from the Pakistan Stock Exchange (PSX), no interim bonus shares were declared, maintaining the payout at the same level as the prior period.

The financial statements showed a gross profit of Rs 10.07 billion for the quarter, with a net profit of Rs 2.57 billion, a significant decrease from Rs 9.71 billion reported in the previous year. The earnings per share also fell sharply from Rs 34.20 to Rs 9.05.

Exploration costs remained a heavy burden, totaling Rs 1.74 billion, a decrease compared to Rs 7.34 billion spent last year. This reduction reflects a strategic pullback in exploration activities amid a challenging economic environment.

Pakistan Oilfields' balance sheet remains robust with equity attributable to owners standing at Rs 66.54 billion, showing little change from Rs 65.65 billion at the end of the last fiscal year. The company's long-term financial health is supported by a steady reserve of Rs 64.84 billion in revenue reserves.

The report concluded with a reaffirmation of the company's commitment to enhancing shareholder value through prudent financial management and strategic investments. The full financial details will be transmitted through the Pakistan Unified Corporate Reporting System (PUCARS) within the specified timeframe.