PPL - 3QFY23 Result Review, (AKD Off the Analyst's Desk Apr 27, 2023)
Pakistan Petroleum Limited (PPL) reported its 3QFY23 earnings earlier today, wherein the company posted Profit After Tax (PAT) of PkR32.90bn (EPS: PkR12.09) for the quarter, higher by 48%/61% on a QoQ/YoY basis—above our estimate of PkR10.51/sh.
- The company’s posted its highest ever quarterly topline, clocking in at PkR76.52bn (up 17%/50% QoQ/YoY), majorly driven by an appreciating US$ (↑17%/47% QoQ/YoY) and revised well-head gas prices despite lower hydrocarbon production during the outgoing quarter.
- Significant accretion in the bottom also majorly came from the ‘Other Income’ front, which clocked in at PkR8.23bn (up 3.2x), possibly due to appreciating short-term FX deposits during the period.
- Exploration expenses clocked in at PkR3.9bn during the quarter (down 50%QoQ), possibly due to higher 2D/3D seismic activity during the period.
- Company’s operating expenses remained relatively flat on a QoQ basis, ending the period at PkR12.58bn (vs. PkR12.23bn last quarter). Finally, effective taxes for the period clocked in at 35% (vs. 31% 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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