PPL approves 25pc final cash dividend

KARACHI: Pakistan Petroleum Limited (PPL) approved a final cash dividend of 25 per cent on ordinary shares during its 73rd Annual General Meeting (AGM) held at a local hotel in Karachi on Friday. This decision brings the total dividend for the fiscal year to 60 per cent.

Shareholders also approved the financial statements for the fiscal year ending June 30, 2024, along with the auditor’s report. The meeting was chaired by Shahab Rizvi, chairperson of the PPL Board of Directors, who expressed gratitude to the shareholders for their continued trust and support.

Rizvi acknowledged the challenges posed by the current business environment but emphasised PPL’s resilience and agility. “Despite external headwinds, PPL has demonstrated remarkable strength, thanks to the dedication and hard work of our employees,” he stated.

Imran Abbasy, managing director and CEO, highlighted the company’s significant accomplishments during the fiscal year 2023-24. PPL recorded its highest-ever profit after tax of Rs114 billion and achieved unprecedented collections from customers. He further noted the successful discovery of gas and condensate at Jhim East X-1 in the Shah Bandar Block, along with four other partner-operated discoveries, underscoring PPL’s robust exploration capabilities.

PPL’s exploration portfolio continues to thrive, boasting 48 assets, including offshore blocks in Pakistan and Abu Dhabi, as well as an onshore lease in Yemen. Abbasy reported substantial progress in Abu Dhabi’s Offshore Block-5, where two successful appraisal wells have been completed, and drilling of the first exploration well is currently underway.

On the production side, PPL maintained production at 713 MMscfd despite natural declines in mature fields, excess LNG line pressure, and lower offtakes by GENCO-II. This performance was bolstered by the drilling of seven development wells and the implementation of successful rig-less production enhancement initiatives.

In the minerals sector, PPL is advancing through strategic partnerships, such as the joint venture with Degan Exploration Works to develop resources in Balochistan. The Barite, Lead & Zinc (BLZ) Project, under Bolan Mining Enterprises, is positioned for substantial long-term growth. The Reko Diq project is also progressing, with the feasibility study expected by December 2024 and production anticipated by 2028.