Page 57 - Pakistan Oilfield Limited - Annual Report 2022

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Annual Report 2022
Directors’ Report

In the name of ALLAH, the most Gracious, the most Merciful

The Directors of the Company take pleasure in Contribution Towards The
presenting Annual Report along with financial Economy
statements for the year ended June 30, 2022.
The Company continues to play a vital role in the
Financial Results oil and gas sector of the Country. During the year,

the Company saved foreign exchange in excess
These are summarized below:
of US$ 538 million (2021: US$ 344 million) for
Rs (000) the country. The contribution to the national
Profit for the year after providing for exchequer, in the shape of royalty and other
all expenses including depreciation, government levies, was Rs 25,231 million (2021:
exploration, amortization and Rs 16,864 million).
workers’ funds. 36,987,380
Less: provision for taxation (11,052,267) Dividend
Profit after tax 25,935,113 The Directors have recommended a final cash

During the year, the company made profit after dividend @ 500% (Rs 50 per share). This is in
tax of Rs 25,935.1 million (2021: Rs.13,382.3 addition to the interim cash dividend @ 200 %
million), which is higher by 93.8% as compared (Rs 20.00 per share) already declared and paid to
the shareholders thereby making it a total cash
to corresponding period last year. The profit dividend of Rs 70 per share for the year 2021-22
translates into earnings per share of Rs 91.37 (2020-21: Total cash dividend of Rs 50.00 per
(2021: Rs 47.14 per share). The increase in share).
profit is mainly related to increase in average
price of Crude Oil by 70.3%, Gas average price Production
increased by 16.2%, notional exchange gain on
bank balances, higher income on bank deposits Comparative Production figures from the
because of higher deposits and profit rates. Company’s fields including proportionate
During the year productions of Crude Oil, Gas operated and non-operated joint ventures are
and LPG were lower by 10.9% and 9.6% and 2.2% given below:
respectively in comparison to last year mainly June 30, June 30,
due to natural decline. 2022 2021

During the year the Company has made Crude Oil (US Barrels) 2,017,581 2,264,413
consolidated profit after tax of Rs 26,777 million Gas (Million Cubic Feet) 25,825 28,595
(June 30, 2021: Rs. 15,402 million) which translates LPG (Metric Tonnes) 55,418 56,660
into consolidated earnings per share of Rs 94.28 Sulphur (Metric Tonnes) 475 428
(June 30, 2021: Rs. 54.24). Solvent Oil (US Barrels) 18,605 16,658

Details of the exploration activities are covered in The Company’s share in production, including
detail geographical area wise later in subsequent that from joint ventures, for the year under
paras. review averaged 5,528 barrels per day (bpd) of

Cash Flows crude, 70.75 million standard cubic feet per day
(mmscfd) of gas, 151.83 metric tonnes per day
Cash and cash equivalents increased by Rs 20,150.4 (MTD) of LPG, 1.30 MTD of Sulphur and 51 bpd of
million during the year (2021: Rs 4,524 million). solvent oil.
Cash flows provided from operating activities were
Rs 27,906 million (2021: Rs 19,480 million).