KARACHI - The financial report of PPL for the year 2008 has shown impressive performance; providing a fresh impetus to its future ambitious plans. During the year, the company successfully exploited the profitable business opportunities and capitalized on successes of the past years. Company's sales and profitability continued to register rising trends. The sales revenue of the Company increased to Rs 45.7 billion, an increase of 19% over the previous year. The profit after tax of Rs 19.7 billion earned by the Company for the year was all time high, up 18% from the previous year's profit. Pakistan Petroleum Limited has pointed out these financial achievements in its annual report 2008, provided to The Nation on Friday. The increased profitability was mainly due to high international oil prices, increase in production from Kandhkot, Adhi, Qadirpur, Sawan and Tal fields which more than offset the decline in production of gas from Sui, Mazarani and Miano fields and commencement of production of gas and crude oil from Mela-1 and Mela-2 wells in Nashpa Block. The earnings per share of the Company stood at Rs 26.12 up from Rs 22.23 in 2006-07. The field expenditure increased by 15% mainly due to extensive exploration activities carried out by the Company during the year which included acquisition of 20 seismic data in Umarkot Rajar, Mithi, Kirthar and Block-22, acquisition of 3D seismic data in LatilGambat and Offshore Indus C, geological fieldwork at Tal, Bahawalpur East and Offshore Indus N, drilling of Dinan Shah in South West Miano II Block, well in Tal Block and offshore Anne X-1 in Indus E Block. Other operating income rose to an impressive Rs 3.0b, an increase of 26% over the last mainly due to effective fund management policy followed the Company in managing its liquidity. Cash Flow Strategy During the year an amount of Rs 21.6 billion was generated operating activities of the Company which was spent mainly for meeting expenditures on capital projects, operational requirements, payment of dividends to the shareholders investments (short and long-term). At the end of the year the Company had a liquid fund position comprising of cash / bank balance and short-term investments amounting to Rs 22.1 billion. Company is comfortably placed meet its existing short-term and long-term commitments and financing requirements of future exploration and development expansion plans. The Company has paid a second interim dividend of 105% (2006-07: nil) on ordinary shares in June, 2008 in addition to the 1st interim dividend of 50% (2006-07: 45%) on ordinary shares and 30% (2006-07: 30%) on convertible preference shares paid to the shareholders in March 2008. This makes the total cash dividend, payout to the ordinary shareholders during the year to 155% (2006-07: 110%) which is the highest ever annual dividend paid to the ordinary shareholders. In addition, the Directors have recommended issue of bonus shares to the ordinary shareholders in the proportion of 1 share for every 10 ordinary shares held i.e. 10% (2006-07: 10%) by capitalization of free reserves of the Company. PPL is the pioneer natural gas producer in the country and has been playing crucial role in augmentation of indigenous hydrocarbon resources since 1955. Presently PPL contributes 25% of total natural gas production in the country and they aim to enhance their operations in future.