Pakistan Petroleum : Financial Results for the Quarter Ended 31 March 2024

Our reference: PPL/CS/PSX-0074

Your reference:

Date: 29th April 2024

Mr. Syed Ahmad Abbas

Chief Listing Officer

Pakistan Stock Exchange Limited

Stock Exchange Building

Stock Exchange Road

Karachi

Dear Sir,

Re: Financial Results for the Third Quarter Ended 31st March 2024

The Board of Directors of the Company at its meeting held today has approved the unconsolidated and consolidated financial statements for the third quarter ended 31st March 2024. The unconsolidated and consolidated interim statements of Profit or Loss for the period are enclosed.

The Board of Directors approved 2nd interim cash dividend of Rs. 1.00 per share (10%) on Ordinary Shares and Rs. 0.50 per share (5%) on Convertible Preference Shares, for the year ending 30th June 2024. This is in addition to an interim cash dividend of Rs.

2.50 per share (25%) on Ordinary Shares and Rs. 2.50 per share (25%) on Convertible Preference Shares already paid during the year. The dividend will be paid to those members whose names appear in the register of members of the Company as at the close of business on 10th May 2024.

The Share Transfer Books of the Company will remain closed from Monday, 13th May 2024 to Wednesday, 15th May 2024 (both days inclusive). Those shares in respect of which transfer applications are received by the Share Registrar of the Company up to the close of business on 10th May 2024 shall be included in the distribution of dividend.

We will submit the half year's financial statements shortly.

Yours truly,

_____________

Ali Jaffar

Company Secretary

Enclosures: As above.

An ISO 9001, ISO 14001 & ISO 45001 certified company

PAKISTAN PETROLEUM LIMITED

CONDENSED UNCONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

	Quarter ended	Quarter ended	Nine months	Nine months
Note	March 31,	March 31,	ended	ended
2024	2023	March 31,	March 31,
			2024	2023
	--------------------------------	(Rupees in thousand) --------------------------------

Revenue from contracts with customers	11
Operating expenses	12
Royalties and other levies
Gross profit
Exploration expenses	13
Administrative expenses
Finance costs
Reversal of provision for doubtful debts	7.3
Share of loss of associates	6.2 & 6.3
Other charges	14
Other income	15
Profit before taxation
Taxation	16

Profit after taxation

74,905,549

(12,952,541)

(10,943,418)

(23,895,959)

51,009,590

(3,406,284)

(1,164,235)

(365,631)

33,854

(630,540)

(5,028,197)

40,448,557

3,805,674

44,254,231

(16,620,001)

27,634,230

76,518,440

(12,584,029)

(11,881,605)

(24,465,634)

52,052,806

(3,942,410)

(996,228)

(347,850)

-

(88,863)

(4,426,252)

42,251,203

8,235,055

50,486,258

(17,587,920)

32,898,338

224,660,499

(37,776,819)

(34,298,773)

(72,075,592)

152,584,907

(11,995,373)

(3,332,646)

(1,184,280)

33,854

(1,856,094)

(14,230,390)

120,019,978

11,537,606

131,557,584

(35,146,672)

96,410,912

214,174,982

(36,073,903)

(34,748,704)

(70,822,607)

143,352,375

(12,949,033)

(2,786,428)

(1,052,554)

-

(225,312)

(12,468,707)

113,870,341

14,898,393

128,768,734

(46,934,171)

81,834,563

Basic and diluted earnings per share (Rs)	18	10.16	12.09	35.43	30.08

PAKISTAN PETROLEUM LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

	Quarter	Quarter	Nine months	Nine months
Note	ended	ended	ended	ended
March 31,	March 31,	March 31,	March 31,
	2024	2023	2024	2023

----------------------------------------(Rupees in thousand)----------------------------------------

Revenue from contracts with customers	11
Operating expenses	12
Royalties and other levies
Gross Profit
Exploration expenses	13
Administrative expenses
Finance costs
Reversal of provision for doubtful debts
Share of loss of associates	6.1 & 6.2
Other charges	14
Other income	15
Profit before taxation
Taxation	16
Profit after taxation
Basic and diluted earnings per share (Rs)	18

75,506,190

(13,240,466)

(11,123,394)

(24,363,860)

51,142,330

(3,457,613)

(1,186,202)

(382,633)

33,854

(630,540)

(5,014,407)

40,504,789

3,962,737

44,467,526

(16,630,091)

27,837,435

-37.40%

10.23

76,919,388 226,523,512

(12,773,641) (38,620,143)

(11,960,331) (34,882,725)

(24,733,972) (73,502,868)

52,185,416 153,020,644

(4,080,135) (12,200,017)

(1,023,026) (3,424,176)

(365,239) (1,235,998)

• 33,854
  (88,863) (1,856,094)

(4,426,252) (13,767,897)

42,201,901 120,570,316

8,251,892 11,964,244

50,453,793 132,534,560

(17,604,872) (34,908,514)

32,848,921 97,626,046

-26.34%

12.0735.88

215,116,789

(36,616,662)

(34,965,825)

(71,582,487)

143,534,302

(13,616,268)

(2,842,583)

(1,100,454)

-

(225,312)

(12,468,707)

113,280,978

15,020,654

128,301,632

(46,954,023)

81,347,609

29.90