MPCL Wins Two Prestigious Awards at 30th RCCI International Achievement Awards 2017
MPCL has been awarded “Company of the Year” and “Fastest Growing Company of the Year” awards at 30th Rawalpindi Chamber of Commerce and Industry (RCCI) International Achievement Awards 2017. The awards were conferred at a prestigious ceremony held on August 10, 2017 in Istanbul, Turkey.
This is the second year in a row that MPCL has won “Company of the Year” award. In addition, this year the Company has also grabbed “Fastest Growing Company of the Year” trophy.
The Awards are organized by the RCCI to recognize the performance of local businesses and businessmen and their contributions in strengthening the Country’s economy. The Awards also promote healthy competition among local businesses and act as catalyst for trade activities. Arranging awards ceremonies in other countries also help in improving bilateral trade and promoting soft image of Pakistan.
The awards won by MPCL are a testament of the resilience shown by the Company in present tumultuous oil market. During FY 2016-17, the Company continued following a progressive trajectory climbing the path of corporate success.
The Company produced 32.32 million barrels of oil equivalent (BOEs) energy compared with 30.48 million BOEs produced in the last year. Gross Sales reached the highest ever level of Rs. 96.78 billion from 94.99 billion in the last year. Similarly, Net Sales, which is true reflection of the Company’s operational performance, reached unprecedented level of Rs. 28.18 billion from Rs. 21.71 billion in the last year. The impact of increase in Net Sales was exponentially reflected in Net Profit which jumped by 51% to reach a whopping Rs. 9.14 billion compared with Rs. 6.05 billion of the last year. Earnings Per Share also increased from Rs. 54.89 to Rs. 82.87 per share and after payment of final dividend, total dividend to the shareholders will amount to 52% (Rs. 5.2 per share).
During FY 2016-17, the Company also contributed Rs. 74.3 billion to the Government exchequer in the form of royalty, taxes, levies and duties. It is worth mentioning that around 80% of the Company’s Gross Revenues are contributed to the Government exchequer.
During the year, the Company made 4 new hydrocarbon discoveries and also successfully completed 2 appraisal and 1 development wells as gas producers. The Company also acquired additional exploration acreage in two blocks, and after becoming operator, started fast paced exploration activities in Bannu West Block which was lying dormant since 2005 due to security situation.
The Company’s performance is also duly recognized by the market participants. MPCL share price closed at Rs. 1,575 on June 30, 2017 compared with Rs. 908 at the close of the last year. Currently the share price has crossed Rs. 1,800 mark which is unprecedented in the history of the Company and shows the confidence of the shareholders in the Company’s business strategy and Management’s performance.