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Karachi, Three major companies – Pakistan Petroleum Limited (PPL), Pioneer Cement Limited (PIOC), and Lucky Cement Limited (LUCK) – revealed their first-quarter results for fiscal year 2024 today, demonstrating varying degrees of financial performance.
According to AKD Securities Limited, PPL reported a Profit After Tax (PAT) of PkR29.62bn for the quarter, reflecting an increase of 87% from the previous quarter and 13% from the same period last year. This was slightly above the estimated PkR10.25 per share. PPL’s record-breaking quarterly topline reached PkR77.45bn, which can be attributed to the lack of retrospective super tax during this period, coupled with a modest appreciation in the US$/PkR exchange rate and surging crude prices. Notably, PPL’s other income rose significantly, largely due to short-term investments in local and foreign currency. Operating and exploration expenses displayed minor fluctuations, with the latter reducing because of the absence of significant dry wells during this period.
PIOC disclosed its results with a notable Net Profit After Tax (NPAT) of PkR934mn, a substantial shift from the loss of PkR100mn in the prior quarter, a downturn previously affected by the retrospective implementation of super tax and deferred taxation. The firm’s net sales showed a 4% quarterly increase, primarily driven by heightened retention prices, even though sales volume declined slightly. Additionally, the reduced coal prices played a significant role in boosting the gross margins, especially considering that half of PIOC’s power comes from coal-fired plants. However, rising fuel prices and inflation resulted in increased operating expenses.
LUCK declared unconsolidated earnings of PkR6.9bn, a drastic increase from PkR2.6bn in the preceding quarter, driven largely by enhanced gross margins, higher retention prices, and the non-recurrence of super tax impacts. On the consolidated front, the earnings for the quarter stood at PkR56.5 per share, somewhat below anticipations. LUCK’s topline exhibited impressive growth, primarily fueled by the surge in sales volume and retention prices. There was a noticeable elevation in other income, chiefly due to dividend inflow from Lucky Core Industries after their divestment in Morinaga. The quarterly and annual increases in consolidated earnings were largely shaped by factors such as the retrospective implementation of super tax and earnings from Lucky Electric Power Company Ltd.
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