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Karachi, Pakistan Petroleum Limited (PPL) announced a final cash dividend of 15 percent for both ordinary and convertible preference shares during its 72nd Annual General Meeting. This brings the total dividend payout for the fiscal year to 25 percent.
According to Pakistan Petroleum Limited, which took place at the Pearl Continental Hotel in Karachi, the company’s financial statements for the year ending June 30, 2023, were also approved along with the auditor’s report.
Chairman of the PPL Board of Directors, Mr. Shahab Rizvi, presided over the AGM and extended a warm welcome to the shareholders. While addressing the gathering, he lauded the efforts of the management and staff in attaining exceptional financial and operational results during the fiscal year 2022-23, particularly noting the challenging business conditions. Furthermore, Mr. Rizvi reiterated the board’s commitment to upholding the highest levels of safety, corporate governance, and accountability. He also expressed gratitude to the shareholders for their continued trust and support.
Detailing the year’s accomplishments, MD and CEO of PPL, Mr. Imran Abbasy, spotlighted the company’s record-breaking profit-after-tax, which amounted to Rs. 98 billion. He emphasized that the company made four significant discoveries, adding 226 Bcfe to its 1P reserves. Moreover, PPL secured four new blocks and advanced its exploration initiatives, particularly in Balochistan-based frontier assets.
The CEO also informed attendees about the PIOL consortium’s plans for drilling identified prospects in PPL-operated offshore Block 5 in Abu Dhabi during the 2023-24 fiscal year. Though the company encountered natural decline from mature fields, there was a production enhancement from the preceding year to approximately 815 MMscfde, primarily attributed to augmented offtakes from Kandhkot and development drilling. However, the escalating circular debt, leading to PPL’s receivables exceeding half a trillion rupees, has impacted the company’s liquidity substantially.
Diving into the mining sector, Mr. Abbasy announced PPL’s agreements regarding the Reko Diq project, boasting a 25 percent equity stake shared with OGDCL and GHPL. The inception of a new entity, Pakistan Minerals (Private) Limited, was also revealed, with the Reko Diq project’s detailed feasibility study in progress and an expected production commencement in 2028. The company’s mining arm, Bolan Mining Enterprises, saw an unparalleled net sales revenue of Rs. 1.8 billion, and strides are being made for the Baryte-Lead-Zinc (BLZ) project.
On the front of Corporate Social Responsibility (CSR), the company allocated Rs. 3 billion during 2022-23 for transformative community projects, making it one of the most significant corporate donations and earning PPL a commendation from the Pakistan Centre for Philanthropy for the 18th consecutive year.
Envisioning the future, PPL aims to bridge the national energy demand-supply discrepancy through potential hydrocarbon discoveries and expanding its global ventures. The company is also set on enhancing its foothold in the mining sector and delving into the energy value chain, including sustainable energy, to further its stature as an integrated energy magnate.
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