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Pakistan Oilfields; Good Payout

Pakistan Oilfields Limited (PSX:POL) reported its annual financial results for the year ending June 30, 2024.

The company earned a net income of Rs. 137.9 per share and declared a total cash dividend of Rs. 95 per share.

On an annual basis, POL's revenue increased by 7%, with profit before tax and profit after tax also rising by 7%. Financial charges decreased significantly by 65%, while the tax rate remained stable at 26%, compared to 27% last year.

The financials charges decline is probably due to inter-group borrowing and lending that at times turns financial charges to income.

In the last quarter (Q4 June 2024), POL earned a net income of Rs. 32.5 per share and declared a cash dividend of Rs. 70 per share. The profit after tax for the last quarter saw a modest increase of 3% compared to the average of the last four quarters.

POL is currently trading at a price-to-earnings ratio of 4.4, with a dividend yield of 15.8%.

POL owns a 25% stake in National Refinery (NRL) and a 7% stake in Attock Petroleum (APL). However, dividend income from these holdings does not constitute a significant portion of POL's overall income.

POL has a 3.19% exposure in the KSE100 Index, 4.59% in the KSE30 Index, and no exposure in the KMI30 Index.

POL is a subsidiary of the Attock Oil Company Limited, UK, with its ultimate parent company being Coral Holding Limited. Attock Oil Ltd holds approximately 53% of POL's shares.

POL owns a 25% stake in National Refinery (NRL) and a 7% stake in Attock Petroleum (APL). However, dividend income from these holdings does not constitute a significant portion of POL's overall income.

https://dps.psx.com.pk/download/document/236192.pdf



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