KARACHI: The 66th annual general meeting of Pakistan Petroleum Limited (PPL) here on Friday approved a final cash dividend of 60 percent on ordinary shares.

The meeting presided by Chairman, PPL Board of Directors, Abid Saeed extensively discussed the company performance for the fiscal year that ended on June 30, 2017 and approved financial performance for the given period.

PPL's Managing Director and Chief Executive Officer, Syed Wamiq Bokhari in his detailed presentation said the company earned a profit, after tax, of Rs.36 billion during fiscal year 2016-2017, a more than double profit compared to previous fiscal year.

He also mentioned that record 43 wells were drilled in operated and partner-operated assets while deploying highest-ever 13 rigs operation with remarkable reduction in drilling time and cost.

Focusing on business operations, he said PPL's efforts in production enhancement has helped the company to cross the 1 Bcfde mark in 2016-2017, leading to eight percent growth over the previous year, besides 108 percent reserves replacement.