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POL: Notes from Directors Report - Annual 2022

For full year Jun 2022, Pakistan Oilfields Ltd (PSX:POL) earned profit after tax of Rs 25.93 billion (2021: Rs.13.38 billion), which is higher by 93.8% on last year.

The profit translates into earnings per share of Rs 91.37 (2021: Rs 47.14 per share). 

The increase in profit is mainly related to increase in average price of Crude Oil by 70.3%, Gas average price increased by 16.2%, notional exchange gain on bank balances, higher income on bank deposits because of higher deposits and profit rates.

During the year productions of Crude Oil, Gas and LPG were lower by 10.9% and 9.6% and 2.2% respectively in comparison to last year mainly due to natural decline.

POL share in production, including that from joint ventures, for the year under review averaged 5,528 barrels per day (bpd) of crude, 70.75 million standard cubic feet per day (mmscfd) of gas, 151.83 metric tonnes per day (MTD) of LPG, 1.30 MTD of Sulphur and 51 bpd of solvent oil.

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