KARACHI: Pakistan Oilfields Ltd reported on Friday quarterly earnings of Rs5.25 billion in the first three-month period of 2021-22, up 45 per cent from a year ago.

A bourse filing by the company showed sales increased 26pc to Rs11.08bn. The rise in sales was attributable to a 68pc surge in realised oil prices, said Arif Habib Ltd.

Oil and gas production dropped 8pc and 9pc year-on-year, respectively, during the quarter under review. Exploration costs escalated five times, clocking in at Rs451m against Rs76m a year ago mainly on the back of higher seismic activity at Taung Block.

The effective tax rate of the company was 29pc versus 28pc last year.

Maple Leaf Cement net income up 51pc

Maple Leaf Cement Factory (MLCF) posted a net income of Rs839m in July-September, up 51pc from a year ago, a regulatory filing showed on Friday.

On a sequential basis, however, the quarterly profit of the cement maker took a dip of 14pc.

The result was higher than industry expectations, according to Topline Securities, mainly because of better gross margins.

Net sales of the company increased 32pc year-on-year to Rs9.9bn. The increase was despite a decline in cement despatches, which went down 5pc on an annual basis amidst a 25pc hike in retail prices.

Its finance cost dropped 27pc owing to low debt borrowings and lower interest rates.

Selling and distribution costs increased 136pc year-on-year on the back of higher fuel prices and despatches.

Engro Corp earnings drop 34pc

Earnings of Engro Corporation Ltd amounted to Rs6.1bn in the July-September quarter, down 34pc on a year-on-year basis, according to a stock filing on Friday.

Its profit in the first nine months of 2021 clocked in at Rs23.2bn, showing an increase of 26pc from the same period a year ago.

The company also announced a cash dividend of Rs5 per share, which took the nine-month payout to Rs24 per share. According to Arif Habib Ltd, the holding company’s quarterly profitability from the fertiliser business amounted to Rs4.41bn, down 37pc from last year.

Published in Dawn, October 23rd, 2021