Daily Times

The 73rd Annual General Body Meeting (AGM) of Pakistan Petroleum Limited (PPL) was held here at a local hotel on Friday, where shareholders approved the financial statements for the fiscal year ending June 30, 2024, along with the auditor’s report.

A final cash dividend of 25% on ordinary shares was also ratified, bringing the total dividend for the year to 60%.

The meeting was chaired by Shahab Rizvi, Chairman of the PPL board of Directors, who expressed his gratitude to the shareholders for their continued trust and support.

He acknowledged the challenges posed by the current business environment but emphasized PPL’s resilience and agility. “Despite external headwinds, PPL has demonstrated remarkable strength, thanks to the dedication and hard work of our employees,” Rizvi stated.

Managing Director and CEO Imran Abbasy, highlighted the company’s significant accomplishments during the fiscal year 2023-24.

PPL recorded its highest-ever profit-after-tax of Rs. 114 billion and achieved unprecedented collections from customers. He further noted the successful discovery of gas and condensate at Jhim East X-1 in the Shah Bandar Block, alongside four other partner-operated discoveries, underscoring PPL’s robust exploration capabilities.

PPL’s exploration portfolio continues to thrive with 48 assets, including offshore blocks in Pakistan and Abu Dhabi, and an onshore lease in Yemen. Abbasy reported substantial progress in Abu Dhabi’s Offshore Block-5, where two successful appraisal wells have been completed, and drilling of the first exploration well is underway.

On the production side, PPL sustained production at 713 MMscfde, despite natural declines in mature fields, excess LNG line pressure, and lower offtakes by GENCO-II.