Page 122 - Pakistan Oilfield Limited - Annual Report 2022

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PAKISTAN OILFIELDS LIMITED
Annual Financial Review

Analysis of
Statement of Profit or Loss

Sales: Other income:

Net sales increased by 44.1%. Volume variance is Other income increased by 660.1% to Rs 11,697 million
negative by Rs 4,079 million and price variance is (June 30, 2021: Rs 1,539 million) mainly because of
positive by Rs 19,982 million. Price variance has two higher income on bank deposits and exchange gain (due
components, one is exchange rate, which is positive to depreciation of Rupee against US$ (Rs 205.5 at June
by Rs 3,577 million (average exchange parity for the 30, 2022 vs Rs 157.80 at June 30, 2021).
year increased from Rs 160.71 to Rs 178.08 per US$)
and the other is price variance which is positive by Rs Taxation:
16,404 million. Increase in provision for taxation is due to increase in
profits and super tax charged for the year.
Cost of sales:

Cost of sales increased by 24.9% to Rs 17,997 million Profit for the year:
(June 30, 2021: Rs 14,409 million), mainly because of Profit after tax increased by 93.8% to Rs 25,935
higher royalty and amortization during the year. million (June 30, 2021: Rs 13,382 million) mainly due
Exploration costs: to higher sales and other income.

Exploration costs increased by 77.5% to Rs 877 million
(June 30, 2021: Rs 494 million) as in current year, cost
of Rs 450 million was incurred for 3D seismic data
acquisition for Taung Block.

Analysis of

Cash Flow Statement

Operating activities: Financing activities:

A total of Rs 47,572 million was available as cash and Cash outflow in financing activities related to
cash equivalents at the beginning of the year. Cash payment of dividends was Rs 14,162 million (2021: Rs
generated from operations in 2022 higher by 43.3% 14,163 million) and effect of exchange rate changes
to Rs 27,906 million (2021: Rs 19,480 million) mainly is Rs 7,327 million (2021: Rs 1,245 million of loss).
due to higher receipts from customers. Cash and cash equivalents at the end of year 2022
was Rs 67,723 million (2021: Rs 47,572 million).
Investing activities:
A total of Rs 921 million cash was used in from
investing activities (2021: Rs 452 million) which
consists outlay for addition in fixed assets of Rs 4,570
million (2021: Rs 1,733 million) and inflow of Rs 3,116
million (2021: Rs 2,088 million).