Oilboy Energy Limited, a notable player in the energy sector, has released its financial statements for the fiscal year ending June 30, 2024. The results, which were officially communicated to the Pakistan Stock Exchange on November 13, 2024, reveal a challenging year for the company, marked by increased costs and substantial losses.
Dividend Declaration and Corporate Actions
In the notification addressed to the Pakistan Stock Exchange, Oilboy Energy Limited confirmed that the Board of Directors held a meeting on November 12, 2024, to review the financial performance. The following key points were highlighted:
- Cash Dividend: Nil
- Bonus Shares: Nil
- Right Shares: Nil
- Other Entitlement/Corporate Actions: Nil
- Other Price-Sensitive Information: Nil
The lack of dividend declaration reflects the company’s financial performance, as the board opted not to distribute any returns to shareholders due to the reported losses.
Revenue and Cost of Revenue
Oilboy Energy Limited reported a total revenue of Rs. 206,376,426 in 2024, marking a substantial increase compared to the Rs. 100,468,799 recorded in 2023. Despite the revenue growth, the cost of revenue surged significantly, reaching Rs. 211,163,489 in 2024, up from Rs. 98,137,544 in the previous year. This increase in the cost of revenue resulted in a gross loss of Rs. 4,787,063 in 2024, contrasting sharply with a gross profit of Rs. 2,331,255 in 2023.
Administrative and Operating Expenses
The company’s administrative expenses rose to Rs. 20,062,807 in 2024 from Rs. 13,314,882 in 2023, reflecting heightened operational costs. Additionally, other operating expenses amounted to Rs. 15,173, compared to Rs. 420,452 in the prior year. Consequently, the operating loss escalated to Rs. 24,865,043 in 2024 from Rs. 11,404,079 in 2023, more than doubling year-over-year.
Other Income and Expenses
The company reported other income of Rs. 4,220,761 in 2024, a notable increase from Rs. 449,222 in 2023. However, other expenses also rose to Rs. 292,571 from Rs. 1,435,529 in the previous year. The finance cost surged to Rs. 10,769,933 in 2024, compared to Rs. 6,337,661 in 2023, impacting the company’s overall financial stability.
Loss Before and After Tax
Due to the mounting expenses and high finance costs, Oilboy Energy Limited reported a loss before income tax and levies of Rs. 31,706,786 in 2024, compared to Rs. 18,728,047 in 2023. After accounting for levies of Rs. 758,670 (down from Rs. 1,472,696 in 2023), the loss before income tax stood at Rs. 32,465,456. Furthermore, the taxation burden amounted to Rs. 957,804 (in contrast to a tax rebate of Rs. 3,255,354 in 2023), leading to a total loss for the year of Rs. 33,423,260 compared to Rs. 16,945,389 in 2023.
Earnings Per Share
The losses translated to a loss per share of Rs. 1.34 in 2024, up from Rs. 0.70 in the previous year, indicating a deteriorating position for shareholders.