Page 232 - Pakistan Oilfield Limited - Annual Report 2022

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PAKISTAN OILFIELDS LIMITED

Notes to and Forming Part of the -
Consolidated Financial Statements

For the year ended June 30, 2022

2022 2021
Rupees ('000)
17. LONG TERM INVESTMENTS IN ASSOCIATED COMPANIES -
EQUITY BASIS
Beginning of the year 13,337,592 10,969,009
Share of profit of associated companies 3,577,350 793,414
Share of other comprehensive (loss) of associated companies (12,305) (4,842)
(Impairment loss) / reversal of impairment loss against
investment in National Refinery Limited (1,981,825) 1,625,412

Dividend received during the year (475,812) (45,401)
14,445,000 13,337,592

17.1 The Group's interest in associates are as follows:
Quoted

National Refinery Limited (NRL) - note 17.3
19,991,640 (2021: 19,991,640) fully paid
ordinary shares including 3,331,940
(2021: 3,331,940) bonus shares of Rs 10 each
Quoted market value as at June 30, 2022:
Rs 5,049,289 thousand (2021: Rs 10,459,426 thousand) 10,535,594 10,459,426
Attock Petroleum Limited (APL) - note 17.3
6,984,714 (2021: 6,984,714) fully paid
ordinary shares including 3,616,314
(2021: 3,616,314) bonus shares of Rs 10 each
Quoted market value as at June 30, 2022:
Rs 2,242,258 thousand; (2021: Rs 2,242,303 thousand) 3,861,854 2,837,424
Unquoted

Attock Information Technology Services (Pvt) Limited (AITSL)
450,000 (2021: 450,000) fully paid
ordinary shares of Rs 10 each 47,550 40,742

14,445,000 13,337,592

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.
17.3 The tables below provide summarised financial information for associated companies. The
information disclosed reflects the amounts presented in the audited financial statements of the
relevant associated companies, for the year ended June 30, 2022 (2021: June 30, 2021) and not the
reporting entity’s share of those amounts.