POL Q1 profit up 28pc on better sales

KARACHI: Pakistan Oilfields Limited (POL) profit increased 28 percent to Rs4.73 billion for the quarter ended September 30, owing to an increase in company sales.

In a statement to the Pakistan Stock Exchange (PSX) on Friday, the company reported a net profit of Rs4.73 billion for the quarter ended September 30, up from Rs3.69 billion in the previous year. POL skipped a dividend for this period.

Earnings per share (EPS) came in at Rs16.65, compared with Rs13.05 last year.

The company said its revenue for the year rose to 13.37 billion, compared with Rs9.85 billion a year earlier. The company said its other income increased to Rs2.52 billion, compared to Rs295.62 million during the same period last year.

Shell Q1 profit declines 84pc

Shell Pakistan Limited (SPL) profit declined 84 percent to Rs296.572 million during the quarter ended September 30, 2021, translating into EPS of Rs1.39, a bourse filing said.

The company posted Rs1.812 billion profit with EPS of Rs11.72 during July-September 2020. Shell did not announce any dividend.

According to a company statement, the nine months of 2021 saw a significant recovery compared to a very tough last year. The encouraging turnaround was mainly driven by improved business performance focusing on strategic priorities such as differentiated fuels and lubricants, cost efficiencies and safety for employees and customers.

Net profit was Rs2.447 billion during the nine months of 2021, compared to a loss of Rs6.061 billion during the same period in 2020.

During this period, the mobility business successfully launched Shell Recharge, an electric-vehicle charging station in Karachi, in collaboration with K-Electric Limited, aiming to lead the energy transition and provide the best-in-class customer value proposition in Pakistan. The lubricants business was expanding its product offering through the diesel engine oil segment, which would help the company grow further, the statement said.

Engro Corp Q3 profit down 34pc Engro Corporation reported a 34 percent fall in its third-quarter net profit, owing to an increase in the operating expenses.

In a statement to the PSX, the company reported a net profit of Rs6.11 billion for the quarter ended September 30, down from Rs9.28 billion the previous year. An interim dividend of Rs5/share was also announced, which was in addition to the interim dividend already paid at Rs19/share.

EPS came in at Rs10.62, compared with Rs16.12 last year.

Revenue for the year rose to Rs84.26 billion, compared with Rs75.33 billion a year earlier, while the cost of sales for the period rose to Rs61.26 billion, compared with Rs53.51 billion during the previous year.

For the nine months ended September 30, the company recorded a profit of Rs23.17 billion, up from Rs18.34 billion during the same period last year.

EPS for this period was recorded at Rs40.22 up from Rs32.31 last year.

According to Arif Habib Limited, on the fertilizer business front, Engro Fertilizer Limited profitability clocked in at Rs4,412 million (EPS: Rs3.30), down by 37 percent YoY during Q3CY21. This happened due to fall in urea and DAP offtake by 9 percent and 46 percent YoY, respectively, as well as 324bps YoY drop in gross margin, which settled at 25.72 percent since the concessionary gas period ended on June 30, 2021.

Bottom-line of Engro Polymer and Chemicals Limited arrived at Rs3,107 million (EPS: Rs3.42), up 65 YoY in Q3CY21 amid higher PVC volumetric sales (64,000 tonnes) and historic PVC prices.

Engro Powergen Qadirpur Pakistan Limited posted a net profit of Rs558 million (EPS: Rs1.72) in Q3CY21 against Rs722 million (EPS: Rs2.23) during the same period last year, declining 23 percent YoY due to the absence of the debt portion.

Additionally, Friesland Campina Engro Pakistan Limited posted a bottom-line of Rs545 million (EPS: Rs0.71) in Q3CY21, showcasing a hefty jump of 19x YoY, on the back of growth in gross margins by 434bps, clocking in at 16 percent given higher sales volumes.