KARACHI: Pakistan Oilfields Ltd posted earnings of Rs10.9 billion for the first half of 2021-22, up 64 per cent from a year ago, a stock filing showed on Friday.

The result was in line with market expectations, said AKD Securities in a note to investors. Along with the result, the company also announced a semi-annual dividend of Rs20 per share.

Net sales for the six-month period were Rs23.7bn, up 35pc from a year ago. The production of both oil and gas was down 10pc year-on-year largely due to falling production from TAL Block and Adhi field, the brokerage said.

However, higher international crude oil prices, which went up 71pc year-on-year, along with currency depreciation of 4pc over the same period allowed the company to show robust growth in revenue.

NRL posts profit of Rs2.5bn

National Refinery Ltd announced on Friday it made a profit of Rs2.55bn in the first six months of 2021-22 as opposed to a net loss of Rs822 million in the same period of the preceding fiscal year. No dividend announcement accompanied the earnings filing.

Revenue for the half year went up 72.45pc to Rs102.8bn. The increase in profitability was despite a year-on-year jump of almost 13 times in finance cost, which clocked in at Rs3.17bn.

ARL records Rs1.68bn earnings

Attock Refinery Ltd registered a net profit of Rs1.68bn in July-Dec versus a net loss of Rs788.77m in the corresponding period of the preceding fiscal year.

The company didn’t announce any dividend. Net sales increased 84.33pc to Rs99.75bn for the six-month period.

APL profit up three times

Attock Petroleum Ltd posted earnings of Rs6.61bn for the first six months of 2021-22, which was 208pc higher than the year-ago period.

The company also announced a cash dividend of Rs15 per share. Net sales surged 1.7 times over the same period on an annual basis.

Published in Dawn, February 5th, 2022