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Karachi, August 15, 2013 (PPI-OT): We have to inform you that the Board of Directors of our company in their meeting held on August 14, 2013 at POL House Morgah, Rawalpindi recommended the following:
i. Cash Dividend
A final Cash Dividend for the year ended June 30, 2013 at Rs. 25.00 per share of Rs. 10 each i.e. 250%. This is in addition to interim cash dividend of Rs. 20.00 per share of Rs. 10 each i.e. 200% already paid to the shareholders.
ii. Bonus Share
It has been recommended by the Board of Directors to issue bonus shares in proportion of-Nil- shares for every -Nil- share(s) held i.e. -Nil- %.
iii. Right Shares
The Board has recommended to issue -Nil-% Right shares at par/ at a discount/ premium of Rs. -Nil- per share in proportion of -Nil- share(s) for every -Nil- share(s).
iv. Corporate Action
The Annual General Meeting of the Company will Insha Allah be held at 1045 hours on Friday, September 27, 2013 at Attock House, Morgah, Rawalpindi.
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on September 18, 2013.
The Share Transfer Books of the Company will be closed from September 19, 2013 to September 27, 2013 (both days inclusive). Transfer received on under mentioned address of the Company at the close of business on September 18, 20 3 will be treated in time for the purpose of above entitlement to the transferees.
The Financial Results of the Company are as follows:
Profit and Loss Account for the Year Ended June 30, 2013 (Restated)
For the year For the year
ended June ended June
30, 2013 30, 2012
Rs. (000) Rs. (000)
Sales 30,954,539 30,822,659
Sales tax (2,076,402) (2,198,604)
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Net Sales 28,878,137 28,624,055
Operating costs (7,565,725) (6,262,362)
Excise duty and development surcharge (265,009) (317,532)
Royalty (2,734,190) (2,730,542)
Amortisation of development and
decommissioning costs (2,051,490) (1,807,191)
--------- ---------
(12,616,414) (11,117,627)
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Gross Profit 16,261,723 17,506,428
Exploration costs (1,792,468) (593,554)
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14,469,255 16,912,874
Administration expenses (93,211) (99,483)
Finance cost (830,372) (684,576)
Other charges (948,911) (1,287,544)
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(1,872,494) (2,071,603)
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12,596,761 14,841,271
Other income 1,953,965 2,547,207
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Profit before Taxation 14,550,126 17,388,478
Provision for taxation (3,722,372) (5,529,285)
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Profit for the Year 10,828,354 11,859,193
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Earnings per share-Basic and diluted (Rupees) 45.78 50.13
We will be sending you 300 copies of printed accounts for distribution amongst the members of the stock exchange.
Kindly inform the members of your exchange accordingly.
For more information, contact:
Syed Khalid Nafees Zahid
Company Secretary
Pakistan Oilfields Limited
P.O.L. House, Morgah,
Rawalpindi 46600 Pakistan
Tel: +92-51-5487589-97(9 Lines)
Telefax: +92-51-5487598-99(2 Lines)
Email: polcms@isb.paknet.com.pk
Web: www.pakoil.com.pk