Pakistan Petroleum Limited’s financial results for the half year ended 31 December, 2011

Karachi: We have to inform you that a meeting of the Board of Directors of our company was held today 25 January, 2012 at 11:00 A.M. at PPL Head Office, PIDC House, Dr. Ziauddin Ahmed Road, Karachi.

Cash Dividend

The Board in the above meeting has approved the payment of an interim dividend for the year ending 30 June, 2012 at It 5.00 per share (i.e. 50%) on fully paid Ordinary Share Capital and Rs. 3.00 per share (i.e. 30%) on fully paid Convertible Preference Share Capital.

The financial results of the Company are as follows:

 

Quarter Quarter  Half Year  Half Year
   Ended   Ended  Ended  Ended
 31 Dec 2011 31 Dec 2010 31 Dec 2011 31 Dec 2010

Rs.000

Sales – net    22,609,522  19,197,085  45,256,607 37,415,707
Field expenditures  (6,475,253)  (5,573,430) (12,167,851)  (9,978,856)
Royalties (2,693,351) (2,270,975) (5,386,948)  (4,433,828)
 ———— ———— ———— ————
 (9,168,604) (7,844,405)  (17,554,799)    (14,412,684)
———— ————  ————  ————
 13,440,918 11,352,680  27,701,808  23,003,023
Share of profit in equity – accounted investment in

joint venture

  4,000 13,206   10,000   21,000
Other operating income 1,871,638  959,200 3,456,458   1,909,989
Other operating Expenses (1,053,556)  (841,962)   (2,144,056)    (1,715,090)
Finance costs   (44,825) (57,261) (87,942)  (109,861)
 ———— ————   ————  ————
Profit before taxation   14,218,175 11,425,863 28,936,268  23,109,261
Taxation  (3,991,402) (2,597,081) (8,822,946)  (6,490,907)
  ————  – ———– ————  ————
Profit after taxation 10,226,773  8,828,782 20,113,322  16,618,354
   ———— ————  ————  ————
(Restated)  (Restated)
Basic and diluted earnings
 per share (Rs)   7.78 6.72  15.30   12.64

 

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members at the close of business on 29 February, 2012.

 

The Share Transfer Books of the Company will be closed from 1 March, 2012 to 8 March, 2012 (both days inclusive). Transfers received at the, office of our Share Registrars, M/s FAMCO Associates (Pvt.) Ltd, 1st Floor, State Life Building No.1-A; I.I. Chundrigar Road, Karadhi-74000 at the close of the business on 29 February, 2012 will be treated in time for the purpose of above entitlement to the transferees.

Notice of Book Closure and Declaration of Interim Dividend 2011-12

We enclose herewith a copy of the notice to shareholders of the Company regarding book closure and declaration of interim dividend 2011-12. The notice will be published in daily “Dawn” and daily “Jang” having circulation in Karachi, Lahore and Islamabad on Thursday, 26 January, 2012.

The above is submitted for information of the Exchange in compliance with clause 18(2) of the Listing Regulations.

Notice of Book Closure and Declaration of Interim Dividend 2011-12

The Directors of Pakistan Petroleum Limited in their meeting held on Wednesday, 25 January, 2012 have declared an interim dividend for the year ending 30 June, 2012 at Rs. 5.00 per share (50%) on fully paid Ordinary Shares and Rs.3.00 per share (30%) on Convertible Preference Shares of Rs 10/- each. This dividend will be paid to the Members, whose names appear on the Register of Members at the close of business on 29 February, 2012.

The Share Transfer Books of the Company will be closed from 1 March, 2012 to 8 March, 2012 (both days inclusive).

Members are requested to promptly notify Company’s Share Registrars M/s FAMCO Associates (Pvt.) Limited 1st Floor, State Life Building No.1-A, I.I. Chundrigar Road, Karachi – 74000 of any change in their address in order that the dividend warrants may be dispatched to their correct addresses.

For more information, contact:
Pakistan Petroleum Limited
PIDC House,
Dr Ziauddin Ahmed Road,
Karachi-75530, Pakistan
Tel: (021) 35651480-98
UAN: (021)111-568-568
Fax: 92-21-35680005

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