POL - 3QFY23 Result Review, (AKD Off the Analyst's Desk Apr 27, 2023)
Pakistan Oilfields Ltd (POL) reported its 3QFY23 earnings earlier today, wherein the company posted Profit after Tax (PAT) of PkR 16.24bn (EPS: PkR57.2) for the quarter, higher by 1.73x—higher than our estimate of PkR3/sh
- The said growth in earnings is majorly currency driven (PkR/USD: up 17%/47% QoQ/YoY), resulting in increased revenues (up 11%/17% QoQ/YoY), clocking in at PkR15.88bn (up 13%/19% QoQ/YoY) alongside healthy exchange gains on the non-operating front.
- Exploration expenses clocked in at PkR0.85bn (down 11%QoQ), on account of no significant dry wells costs during the period. To recall, the company posted PkR4.35bn in dry well costs during the 9MFY23 overall, on account of DGK-1 (DG Khan Block), taking total exploration expenses to PkR6.33bn for the period.
- Other income for the period remained robust, clocking in at PkR14.33bn, up 5.8x, amidst sharp instances of currency depreciations and higher interests on earning assets during the quarter. To note, company’s cash and ST investments stood at PkR91.65bn as per Mar’23 accounts (vs. 69.9bn in June’22)
- Another major deviation came from the taxation front, where effective tax clocked in at 9.5% during the period (vs. 36% in the quarter before)
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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