PPL Approves 25% Final Cash Dividend Amidst Strategic Growth Plans

Karachi: At Pakistan Petroleum Limited’s (PPL) 74th Annual General Meeting held in Karachi, shareholders approved a 25% final cash dividend on ordinary shares, culminating in a total dividend of 75% for the fiscal year ending June 30, 2025. The meeting, characterized by substantial shareholder participation, also saw the approval of the company’s financial statements and the auditor’s report.

Mr. Shahab Rizvi, Chairman of the PPL Board of Directors, led the meeting, expressing appreciation to shareholders for their trust and support during PPL’s Platinum Jubilee. He acknowledged the efforts of the staff in achieving key targets, such as a 2P Reserves Replacement Ratio of 129 percent and expedited production from new discoveries. Additionally, Mr. Rizvi introduced Mr. Sikandar Memon as the new Managing Director and CEO of PPL.

Mr. Memon provided an overview of the company’s performance for 2024-25, noting that PPL’s 75th-year milestone aligns with its transformation journey and new strategic direction. The strategy focuses on evolving into an energy and minerals company with an emphasis on sustainable growth and value creation.

Highlighting operational successes, Mr. Memon discussed recent discoveries, including the Pateji X-1 in Sindh and others in partner-operated assets. PPL commenced production from Pateji X-1 in less than five months, alongside commissioning other projects like Adhi South 8 and 9. The company maintained an average production of 632 MMscfde, despite challenges related to LNG supply and lower offtakes at Kandhkot.

PPL executed production optimization projects and development drilling to enhance recovery rates at multiple sites. With a 40 percent working interest, PPL signed agreements for its Offshore Block 5 in Abu Dhabi. The company is advancing its diversification efforts, notably with the BLZ project and the anticipated 2028-29 production start at Reko Diq’s copper and gold mines.

Reaffirming its commitment to sustainability, PPL contributed Rs. 4.6 billion to CSR initiatives in 2024-25 and plans to release its first ESG Report. The company aims to expand its reserves, explore new areas, and strengthen international partnerships while focusing on its mineral portfolio and fast-tracking production initiatives.

PPL remains committed to upholding its values and contributing to Pakistan’s prosperity as a responsible corporate leader.