The 54th Annual General Meeting (AGM) of the PPL shareholders was held here on Thursday. Chairman M.A.K. Alizai announced that the financial year 2004-05 (July/June) had been phenomenal for the company with a substantial growth in the revenue and highest ever profit after tax earning in PPL's history. Managing Director Syed Munsif Raza was also present on the occasion.
The Rs 8.6 billion profit after tax achieved in 2004-05 is an improvement of 30 percent over last year. The earning per share rose to Rs 12.57 in 2004-05 from Rs 9.65 in 2003-2004.
A final cash dividend on ordinary and convertible preference shares at the rate of 30 percent and 5 percent respectively recommended by the Directors, was approved by the shareholders in the AGM.
An Interim dividend of 25 percent on both ordinary and convertible preference shares was paid in March, 2005.
The shareholders were informed that the company's excellent financial results in 2004-05 have heralded a new era of consistent strong growth.
PPL will continue to strengthen the solid foundation built over the past decades and will maintain its status as one of the leading exploration and production companies in Pakistan.
The AGM was attended by a large number of shareholders who took deep interest in getting information on PPL's operation activities.
Alizai and Raza gave candid answers to various questions posted by the shareholders.