PPL’s 64th AGM approves 40 percent cash dividend 

Karachi, September 30, 2015: The 64th Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) was held on September 30, 2015. 

Shareholders of the company approved financial statements together with the auditor’s report for the fiscal year ended June 30, 2015 besides payment of final cash dividend of 40 percent on ordinary share capital. This is in addition to an interim cash dividend of 45 percent on ordinary share capital already paid to shareholders, bringing total distribution for the financial year 2014-2015 to 85 percent cash dividend.

Chairman of the Board of Directors Waqar A. Malik welcomed the new Managing Director and Chief Executive Officer (MD & CEO), Syed Wamiq Bokhari, who joined PPL in March 2015. He also appreciated the efforts of the outgoing MD & CEO, Arshad Mirza, adding that he remains part of the current Board.  

Malik mentioned that the Board and management has been working on a new strategy in view of the changing business environment and in order to safeguard the company’s long-term interests, this will focus on core operations and ensure that the exploration activity momentum is accelerated.

Bokhari expressed pleasure in initiating interface with the company’s shareholders and while apprising members on the company’s performance, shared that in order to bridge the supply demand gap the company is striving to optimize production and reserves replacement by drilling more wells and fast tracking development of new fields as well as enhancing production from mature assets.

He informed that the company has been restructured from a functional matrix to an asset-based hybrid for increased focus and delivery of ambitious business targets besides enabling staff development.    

Sharing significant achievements he stated that the company’s accelerated exploration efforts in the recent past have already started to give results. During fiscal year 2014-15, PPL drilled nine exploratory wells in company-operated areas and made four hydrocarbon discoveries. This success was supplemented by two more discoveries in partner-operated blocks, totaling six discoveries during the year.