PPL AGM approves 15 percent cash dividend

Pakistan Petroleum Limited Board of Directors and management at 67th Annual General Meeting on October 26 2018 at Karachi

PPL AGM approves 15 percent cash dividend

Karachi, October 26, 2018: The 67th Annual General Meeting of Pakistan Petroleum Limited (PPL) was held on October 26 at Pearl Continental Hotel, Karachi. Members approved financial statements for the fiscal year ended June 30, 2018 together with the auditor’s report as well as a final cash dividend of 15 percent on ordinary shares together with 15 percent bonus shares.

Chairman, Board of Directors Salman Akhtar presided over the proceedings and shared that PPL continues an aggressive exploration and development strategy in line with the national imperative of replenishing reserves and enhancing production. He acknowledged management and staff’s efforts towards attaining company objectives.

MD & CEO Saeed Ullah Shah highlighted the company’s progress during 2017-18 with a focus on significant achievements, notably earning the second highest profit after tax in its history which stood at Rs 45.7 billion.

Sharing key operational highlights of the year, Shah mentioned drilling of 33 wells, including 18 exploratory wells and the exploration activities leading to a discovery in Adhi South along with seven oil and gas discoveries subsequent to the reporting year.

Shah elaborated on improvement in production efficiencies, particularly arresting decline from mature fields as well as increasing output from new and existing assets to achieve 988 MMscfde in 2017-2018. He also highlighted the highest-ever production of 206,921 metric tonnes barytes from Bolan Mining Enterprises.

He reaffirmed PPL’s resolve to raise the profile of deserving stakeholder communities in operational and urban areas through need-based CSR projects. Shah also mentioned staff development initiatives through in-house capacity building programmes.

Moving forward, he stressed on continuing aggressive exploration activities and expanding the portfolio through participation in upcoming bidding round. Shah also emphasised on enhancing output from producing fields and bringing new discoveries online, including tight-gas reserves along with renewed focus on exploring shale gas potential.