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In the name of ALLAH, The Most
Gracious, The Most Merciful
The Directors of the Company take pleasure in
presenting Annual Report along with financial
statements for the year ended June 30, 2020.
Financial Results
These are summarized below:
Rs (000)
Profit for the year after providing for
all expenses including depreciation,
exploration, amortization and
workers’ funds.
21,734,396
Less: provision for taxation
(5,358,546)
Profit after tax
16,375,850
DIRECTORS’ REPORT
During the year, the Company made profit after
tax of Rs 16,375.9 million (2019: Rs 16,871.7
million), which is lower by 2.9 % as compared to
last year. The profit translates into earnings per
share of Rs 57.69 (2019: Rs 59.44 per share).
Overall net sales were lower by Rs 5,472 million
(12.5%), mainly because of 22.26% decrease
in average price of crude oil and 12.87% and
8.89% decrease in sales volumes of crude oil
and gas respectively, offset to some extend by
favourable US. dollar/ rupee parity. Cost of sales
has declined by 13.3% mainly due to lower
amortization, well workovers, and POLGAS
operating cost. Exploration cost decreased by
Rs 644 million as during the year no dry well was
charged to expense. Finance cost decreased
due to lesser exchange loss (due to rupee
devaluation) on decommissioning cost. Other
income decreased by 36.5%, mainly because
of lower exchange gain on foreign currency
accounts, offset to some extend by increased
income on bank deposits.
During the year the Company has made
consolidated profit after tax of
Rs 14,565 million (2019: Rs 13,282 million)
which translates into consolidated earnings per
share of Rs 51.23 (2019: Rs 46.77).
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PAKISTANOILFIELDS LIMITED