Page 214 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2021

2021 2020
Rupees ('000)
17. LONG TERM INVESTMENTS IN ASSOCIATED COMPANIES -
EQUITY BASIS

Beginning of the year 10,969,009 13,135,926
Share of profit/(loss) of associated companies 793,414 (939,262)
Share of other comprehensive (loss)/income of associated
companies (4,842) 7,276
Reversal of impairment loss/(impairment loss) against
investment in National Refinery Limited 1,625,412 (1,130,160)
Dividend received during the year (45,401) (104,771)
13,337,592 10,969,009
17.1 The Group's interest in associates are as follows:

Quoted

National Refinery Limited - note 18.3
19,991,640 (2020: 19,991,640) fully paid
ordinary shares including 3,331,940 (2020: 3,331,940)
bonus shares of Rs 10 each
Cost Rs 8,046,635 thousand (2020: 8,046,635 thousand)
Quoted market value as at June 30, 2021:
Rs 10,459,426 thousand (2020: Rs 2,144,703 thousand) 10,459,426 8,396,489

Attock Petroleum Limited (APL) - note 18.3
6,984,714 (2020: 6,984,714) fully paid
ordinary shares including 3,616,314 (2020: 3,616,314)
bonus shares of Rs 10 each
Cost Rs 1,562,938 thousand (2020: 1,562,938 thousand)
Quoted market value as at June 30, 2021:
Rs 2,242,303 thousand; (2020: Rs 2,131,735 thousand) 2,837,424 2,537,432

Unquoted

Attock Information Technology Services (Pvt) Limited (AITSL)
450,000 (2020: 450,000) fully paid
ordinary shares of Rs 10 each 40,742 35,088
13,337,592 10,969,009

All associated companies are incorporated in Pakistan. All associated companies have share capital
consisting solely of ordinary shares, which are held directly by the Group. Although the Group has
less than 20 percent shareholding in APL and AITSL, these have been treated as associates since the
Group has representation on their Board of Directors.

17.2 No investment was made in subsidiary and associated companies during the year.

212 PAKISTAN OILFIELDS LIMITED