Fauji Fertiliser Ltd, Pakistan's largest fertiliser maker, said its fiscal third quarter profit rose 97 percent; Oil & Gas Development Co, and National Refinery by 59 percent and 79 percent, respectively. Fauji's profit in July-September rose to Rs 1.53 billion, or 6.19 rupees per share, from 779 million rupees or Rs 2.84 in the year-earlier period, the Karachi-based company said in a statement to Karachi Stock Exchange. Sales increased 23 percent to 5.8 billion rupees.
"Increased buying by farmers and cut in operating expenses helped boost earnings" a dealer said. The company plans to a third-quarter dividend of 4 rupees a share while last year in the same period it did not pay any dividend.
OGDC's nine-month profit rose 59 percent to 3.09 billion rupees, or 10.49 rupees a share, from 1.95 billion rupees, or 6.60 rupees a share, the company said.
Oil & Gas Development Co, Pakistan's largest state-controlled explorer, said its fiscal first quarter profit rose 59 percent on higher sales.
Profit in July-September rose to 7.466 billion rupees, or 1.74 rupees a share, from 4.688 billion rupees, or 1.09 rupees, the previous year, the Islamabad-based company said in a statement to Karachi Stock Exchange. Sales rose 33 percent to 15.25 billion rupees.
The explorer plans to pay a dividend of 1.5 rupees a share for the first quarter ended September 30 as compared with 1 rupee a year earlier.
Rising oil prices, higher production on the back of increased capacities and new discoveries 'boosted its earnings', analyst said.
Pakistan, which annually imports about 85 percent of the fuel it uses mostly from Saudi Arabia and Kuwait, is seeking to increase local gas production to cut its oil import bill. The country's oil import bill rose 3 percent to $3.16 billion in the year to June 30 from $3.06 billion because of a rise in crude prices, the government said.
National Refinery Ltd said its fiscal first quarter profit rose 79 percent. Profit in the July-September rose to 577 million rupees, or 8.66 rupees per share from 4870 million rupees, or 4.83 in the year-earlier period, the Karachi-based company said in a statement to Karachi Stock Exchange. Sales increased 73 percent to 14.93 billion rupees.
"Sales picked up after demand by electricity producers increased," dealers said. Higher oil prices also helped boost its revenue.
The Privatisation Commission last week invited bids to sell 51 percent stake in National Refinery. In April, Pakistan said it wanted to sell National Refinery within one year after it selected UK-based Citigroup Inc to advise the government on the sale.
National Refinery's profit in the year ended June 30 rose 37 percent to 1.85 billion rupees, or 27.75 rupees a share, from 1.35 billion rupees, or 20.29 rupees a share, the company said.
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