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PPL's annual report 1990.

PPL's Annual Report 1990

Pakistan Petroleum Limited (PPL), the country's single largest producer of energy, showed vigorous activity in all spheres of its operations during the year ended 31st December, 1990. This was disclosed in the Chairman's Review and Report of the Directors in the PPL's Annual Report, 1990. Audited Financial Statements of the Company for the year were presented on behalf of the Board by the Chairman, Mr. J. R. Rahim, at the Company's 39th Annual General Meeting, held at the Karachi Head Office recently.

The volume of the gas sales from Sui Field in 1990 was 6,038 million cubic metres (214,328 million cubic feet) compared to 6,858 million cubic meters (243,414 million cubic feet) in 1989 due to lower demands for sup-ply from gas transmission companies. The volume of gas sales from Kandhkot field in 1990 was 688 million cubic metres (24,433 million cubic feet) compared to 418 million cubic metres (14,834 million cubic feet) in 1989.

Supply of natural gas from Sui and Kandhkot fields in 1990 and supplies of Liquefied Petroleum Gas (LPG) and Natural Gas Liquids (NGL) from Adhi - which altogether makes 125,000 bpd in oil equivalent - resulted in an estimated savings of foreign exchange equivalent to Rs. 9,285 million to the country. PPL also paid to the Government exchequer approximately Rs. 1,400 million during 1990 on account of taxes, royalties, excise duty, import duties and workers' fund.

Adhi LPG/NGL recovery plant was commissioned in early December 1990 and it is now operating at 100 per cent design capacity. The construction of SNGPL's Adhi-Islamabad pipeline was completed in July 1990 and gas supplies to Sui Northern Gas Pipelines Ltd. (SNGPL) commenced in mid-July 1990. Supplies of LPG to customers and natural gas liquids to Attock Refinery commenced in June last year.

Bolan Mining Enterprises (the 50:50 joint venture between PPL and the Government of Balochistan) sold a total of 21,882 tonnes of Barytes powder and made a profit before tax of Rs. 11.64 million of which PPL's 50 per cent share was Rs. 5.82 million. Most of the production is utilised within Pakistan, which has saved an amount of foreign exchange equal to Rs. 102.845 million, during 1990.

Exploration activities continued in the five Exploration licences under Burmah/ Premier/OGDC/PPL joint venture. These are Qadirpur, Kandra, Manjhu, Bakhshapur and Rojhan. Qadirpur has been declared a commercial discovery and necessary preparatory actions are in hand for its development.

Four other exploration blocks (Blocks 20, 22, 25 and 26) were granted by the Government to a joint venture between PPL, OMV (Austrian State Oil Company) and Hardy Oil (UK), one block (Block 34) to a joint venture between PPL, British Gas and Tullow Oil, and one block (Block 35) has been granted independently to PPL. OMV is the operator in Blocks 20, 22 and 26; PPL in Blocks 25 and 35; and British Gas in Block 34. Emphasis on safety training of employees and field audit was duly maintained. The Company-wide work-related lost work-day cases of injuries per million manhours worked have further dropped from 6.5 in 1989 to 5.0 in 1990, which is an all time low figure.

The Company's profit before tax decreased from Rs. 738.40 million in 1989 to Rs. 316.799 million in 1990. Profit after tax also decreased from Rs. 304.023 million in 1989 to Rs. 94.617 million in 1990 as in 1989 profit was made up of percentage return equal to Rs. 97 million plus cash generation of Rs. 207 million to finance repayment of borrowings. Whereas during 1990, only percentage returns amounting to Rs. 94.6 million was generated through the price under the provisions of Gas Price Agreement.

Table : Working Results Year Ended December 31,
 (Rs. in million)
 1990 1989
Paid-up Capital 328.57 328.57
Free Reserves and Surplus 2677.31 2677.33
Net Worth 3005.88 3005.90


LOANS:
a) Secured Long Term 210.62 315.10
b) Unsecured 8.98 12.87
c) Deferred Payable 12.86 -
d) Deferred Taxation 9.52 9.52
Sales 1273.30 1894.58
Cost of Sales 941.02 1050.03
Pretax Profit 316.80 738.41
Provision for Taxation 222.18 434.38


RATIOS:
a) Cost of Sales to Sales % 73.90 55.42
b) Pretax Profit to Sales % 24.88 38.97
c) Pretax Profit to Net Worth % 10.53 24.56
d) Current Ratio 1.56:1 1.45:1
e) Debt/Equity Ratio 7/93 9/91
Paid-up Value per share Rs. 100.00 100.00
Earnings after-tax per share Rs. 28.79 92.53
Dividend per share Rs. 28.80 30.00
Retained Earning per share Rs. 814.93 814.84
Break-up Value per share Rs. 914.83 914.84
COPYRIGHT 1991 Economic and Industrial Publications
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Company Affairs; Pakistan Petroleum Ltd.
Publication:Economic Review
Article Type:company profile
Date:Jul 1, 1991
Words:805
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