Islamabad, Several Pakistani energy companies are scheduled to release their third-quarter fiscal year 2024 (3QFY24) earnings reports, with varied results expected across the sector. The reports will reflect changes in oil prices, exchange rates, and production trends.
According to AKD Securities Limited, the Oil and Gas Development Company Limited (OGDC) is set to announce its 3QFY24 earnings on April 29. The company is expected to report net profit after tax (NPAT) of PKR 42.67 billion (earnings per share, or EPS, of PKR 9.93), representing a 42% decrease quarter-on-quarter (QoQ) and a 34% decrease year-on-year (YoY). This drop is primarily due to lower average oil prices, which fell by 4.3% QoQ, and reduced foreign exchange gains amid an appreciating domestic exchange rate. Hydrocarbon production, however, is estimated to increase by 4% QoQ for oil and 12% QoQ for gas, driven by higher output from the Uch and Qadirpur fields. OGDC is expected to announce a cash dividend of PKR 2.5 per share.
Pakistan Petroleum Limited (PPL) is projected to post NPAT of PKR 27.1 billion (EPS: PKR 9.99) for 3QFY24, down 32% QoQ and 17% YoY. The quarterly decline is primarily due to a one-off tax adjustment in the previous quarter. Gas output is estimated to increase by 5% QoQ, with the Kandhkot and Qadirpur fields driving this growth. PPL is expected to post its highest nine-month earnings, totaling PKR 97 billion (EPS: PKR 35.64), representing a 19% YoY increase.
Mari Petroleum Company Limited (MARI) is expected to report NPAT of PKR 20 billion for 3QFY24 (EPS: PKR 150.2), indicating a 9% QoQ and 22% YoY increase. This improvement is primarily due to record-high quarterly gas production, reaching 840 mmcfd, driven by rebounds in production from the Mari field. The company expects higher exploration expenses due to ongoing drilling in several blocks. MARI's nine-month earnings are projected to be PKR 57.5 billion (EPS: PKR 431.3), a 43% YoY increase.
Pakistan Oilfields Limited (POL) is expected to post earnings of PKR 7.99 billion (EPS: PKR 28.1) for 3QFY24, largely flat QoQ but down 51% YoY. The annual decline is attributed to a lack of exchange gains and expected exchange losses. Hydrocarbon production is expected to stabilize at previous quarter levels, maintaining oil and gas outputs.
These mixed outcomes across the sector reflect the dynamic nature of Pakistan's energy industry and the varying factors influencing each company's performance.