KARACHI - The 57th Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) approved 10% bonus shares in addition to the two interim dividends of 155% on Ordinary Share Capital already paid to the shareholders during the year 2007-08. A large number of shareholders attended the AGM - held on Thursday at the local hotel. The Chairman, M.A.K. Alizai highlighted the significant events of the year 2007-08 and apprised the members on the impressive performance of the company. He said that the company has achieved record sales and earnings, which is reflective of the sound business management policies, which are rewarding for the investors. The Chairman expressed confidence that under the leadership of Mr. Khalid Rahman, the company would move forward at an accelerated pace reaching new heights of excellence. He also appreciated the services of the outgoing Managing Director Mr. S. Munsif Raza The Chief Executive Officer and Managing Director Mr. Khalid Rahman elaborated on the current year's performance with record profit after tax of Rs 19.7 billion translating into an all time high earnings per share of Rs 26.12. He also gave his thoughts on future outlook of the Company. Mr. Khalid Rahman further highlighted that efforts are required to upscale the company's core activity i.e. exploration, the pace of which had remained slow in the past due to the tribo-political situation in Balochistan. New discoveries need to be fast tracked and put on stream quickly to offset the decline in production from the company's mature fields. All these efforts are crucial to give a boost to the company's reserve-replenishment ratio.