Islamabad: Pakistan Oilfields Ltd (POL) has announced a 7% increase in its profit after tax for fiscal year 2024, reaching PkR39.2 billion, or PkR137.9 per share, aligning with market expectations. The company also declared a substantial annual dividend of PkR95 per share, marking an increase from the previous year’s PkR80 per share.

According to AKD Securities Limited, the fourth quarter of FY24 saw POL achieve a net profit after tax of PkR9.2 billion, a 57% increase year-over-year, with earnings per share for the quarter at PkR32.5. This growth in quarterly earnings is primarily attributed to a robust increase in other income, which rose by 21% year-over-year, and a significant reduction in tax charges, with the effective tax rate dropping to 26% from 52% in the same quarter last year.

Despite a decrease in net revenue by 8% year-over-year to approximately PkR15 billion for the quarter, primarily due to reduced oil and gas production, the full-year earnings per share increased from PkR128.4 in the previous year to PkR137.9. Exploration expenses also saw a sharp decline, falling by 59% due to reduced prospecting activity.