KARACHI: Pakistan Petroleum Ltd reported on Monday its net earnings for October-December amounted to Rs22.17 billion, up 55 per cent from a year ago.

The result was in line with market expectations, said AKD Securities.

The oil and gas exploration company posted its highest-ever half-yearly top line, which clocked in at Rs138.2bn, up 53pc from a year back, driven by an appreciating dollar alongside higher crude prices.

It also announced an interim cash dividend of Re1 per share.

Meanwhile, the Hub Power Company Ltd told investors its net profit for the second quarter of 2022-23 remained Rs13.3bn, up 177pc from last year.

This was its highest-ever quarterly profit, taking the cumulative earnings for the half year to Rs22.4bn, up 83pc on a year-on-year basis.

Earnings of Hub Power and Nestle rise; APL’s income dips; KE posts losses

Net sales for the quarter clocked in at Rs25.1bn, down 15pc from the preceding three-month period as the Hub plant remained non-operational. However, the new TEL plant contributed “heavily to the company’s top line,” said AKD Securities.

The company also announced a dividend of Rs5.75 per share for the quarter, which is likely on the back of a pay-out received by China Power Hub Generation Company Ltd from Central Power Purchase Authority-Guarantee on its outstanding receivables.

Attock Petroleum Ltd also announced its quarterly results on Monday, showing its earnings went down 70pc to Rs1.25bn on an annual basis. Its half-yearly income dropped 16pc to Rs5.54bn.

The company also declared an interim cash dividend of Rs12.50 per share in the October-December quarter.

Profit after tax of Nestle Pakistan for 2022 clocked in at Rs15bn, up 17.9pc from 2021, a stock filing showed on Monday.

Its final cash dividend was Rs95 per share, which follows the interim cash dividend of Rs240 per share.

The company said in a statement it maintains a “cautious outlook” for 2023 owing to the restriction on imports, low foreign exchange availability, pressure on the local currency and rising taxes.

K-Electric Ltd told investors on Monday the energy provider posted a net consolidated loss of Rs10.7 billion in October-December versus a net profit of Rs395.1m a year ago.

Published in Dawn, February 28th, 2023