PPL approves 55pc final dividend

The 55th Annual General Meeting (AGM) of Pakistan Petroleum Ltd (PPL) on Monday approved a final cash dividend of 55 per cent on Ordinary Share Capital for the fiscal year 2005-06.

This final cash dividend is in addition to the interim dividend of 35 per cent on Ordinary Share Capital and 30 per cent on Convertible Preference Shares Capital already paid to the shareholders in April this year, said a press release issued here.

Chairman PPL M A K Alizai said the company has been able to maintain the momentum of consistent and rapid growth in financial year 2005-06. He informed the meeting that the PPL’s sales revenue increased by 36 per cent to Rs31.8 billion.

“The profit after tax of Rs13.4 billion earned during the year is higher by 55 per cent over the previous year and translates into all-time high earnings per share of Rs19.54,” he added. Syed Munsif Raza, the managing director and chief executive of PPL, said the company has an ambitious exploration, development and reserve acquisition plan. “PPL is not just expanding its exploration portfolio in Pakistan, but also endeavouring to acquire exploration blocks abroad to ensure a robust growth.”

Source: The News