Pakistan Oilfields Limited Q2 profit up 12 percent

KARACHI: Pakistan Oilfields Limited (POL) profit increased 12 percent to Rs4.877 billion for the quarter ended December 31, 2019, translating into earnings pershare (EPS) of Rs17.15, a bourse filing said on Tuesday.

The company earned Rs4.332 billion with EPS of Rs15.26 in the quarter ended December 31, 2018, notice to the Pakistan Stock Exchange (PSX) said. The company announced interim dividend for the half-year ended December 31, 2019 at Rs20.00/share which is equivalent to 200 percent.

Net Sales in Q2FY20 slipped 1 percent to Rs11.746 billion on the back of 11 percent and 4.0 percent drop in oil and gas production, respectively and 12 percent YoY decrease in realised oil prices, an analyst said.

Arif Habib Limited in their analysis said the exploration costs surged fivefold in Q2FY20, clocking-in at Rs415 million amid acquisition of seismic data from two blocks during the quarter.

Total exploration costs in the first half settled at Rs791 million, down 2.0 percent amid absence of dry well compared to dry well (Mamikhel Deep-1) in the first half in FY19, the brokerage house added.

Other income fell a massive 63 percent to Rs710 million in Q2FY20 from Rs2.086 billion in the same period last year. Other income during the first half of the fiscal settled at Rs1.110 billion down from Rs2.781 billion in the half-year ended December 31, 2018.

Syed Fawad Bair from Topline Securities marked some key points including inability to receive higher gas price incentive on TAL Block owing to WLO dispute (pending in court), volatility in oil prices, and dry wells, as key risks for the company.

NRL trims 17 percent losses in Q2

National Refinery Limited (NRL) trimmed its losses by 17 percent to Rs2.306 billion for the quarter ended December 31, 2019, with loss per share (LPS) of Rs28.84, a bourse filing said.

The refinery lost Rs2.791 billion with LPS of Rs34.91 in the corresponding quarter ended December 31, 2018, a notice to the PSX said.

NRL also trimmed its half-year losses by 22 percent to Rs2.984 billion down from Rs3.857 billion, with LPS of Rs37.33 for the half. The LPS was Rs48.24 in the half-year ended on December 31, 2018.

The company did not announce any final cash dividend for the quarter ended December 31, 2019.

Net revenue from contracts with customers climbed more than 9.0 percent and clocked-in at Rs41.396 billion in the quarter, from Rs37.830 billion in the quarter ended December 31, 2018.

ARL pares 55 percent losses in Q2

Attock Refinery Limited (ARL) trimmed its losses by 55 percent to Rs1.155 billion for the quarter ended December 31, 2019, translating into LPS of Rs10.84, a bourse filing said.

ARL lost Rs2.791 billion with LPS of Rs24.42 in the corresponding quarter in 2018.

The company trimmed losses by a massive 71 percent to Rs819 million in the half-year ended December 31 2019, with LPS of Rs7.69. Loss in the six-month period ended December 31, 2018 was Rs2.813 billion translating into LPS of Rs26.39. This was despite a 14 percent decline in the company’s net sales to Rs38.015 billion from Rs44.074 billion in the three month period ended December 31, 2019.

ARL management did not announce any dividend for the quarter under review.

Attock Cement profit declines 8pc in Q2

Attock Cement Pakistan Limited profit declined 8 percent to Rs684 million for the quarter ended December 31, 2019, translating into earnings per share (EPS) of Rs5.34, a bourse filing said.

The company earned Rs740 million with EPS of Rs2.87 in the corresponding quarter ended December 31, 2018.

The company did not announce any final cash dividend for the quarter under review, the PSX notice showed.

Arif Habib Limited in their analysis said (as per the company’s unconsolidated condensed

interim statement) the company’s total revenues in Q2FY20 were up 14 percent year-on-year to Rs5.6 billion on the back of a 22 percent YoY growth in total dispatches to 906,000 tons (decline in local sales of 24 percent YoY kept the growth contained).

Furthermore, in the first half of FY20, revenue witnessed a dip of 2.0 percent YoY to Rs10.6 billion amid an identical decline displayed in off take (1,661k tons), the brokerage house added.