OGDC attains 55% expansion in net income for 2HFY18

MG News | February 22, 2019 at 12:34 PM GMT+05:00

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February 22, 2019 (MLN): Oil and Gas Development Company (OGDC) has declared a 55% expansion in half-yearly profits for the period ended December 2018, noting the net income at Rs.56.8 billon (EPS: Rs.13.2) up from Rs.36.7 billion recorded last year.

The company reported significant improvement of 32.2% in its top-line earnings, which paved way for a positive change in the gross profits by 44.5%.

Besides this, the general and administrative expenses of the company also fell by a considerable margin of 39%, whereas finance costs dropped by 11%, which led to further strengthening of the profitability of the company.

Meanwhile, the quarterly gains inflated by nearly 53% over the year, standing proudly at Rs.30 billion (EPS: Rs.6.98) up from Rs.19.7 billion recorded last year.

It is pertinent to mention that the announced results are consistent with the market’s expectation, while the estimate closest to the actual earnings was put forward by Next Capital.

The Board of Directors of the company also announced an Interim Cash Dividend for the quarter ended December 31, 2018, at Rs. 3 per share i.e. 30%. This is in addition to Interim Dividend paid at Rs. 2.75 per share i.e. 27.5%.

Profit and loss account for the six months ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Sales-net	126,897,761	95,960,267	32.24%
Royalty	(14,239,713)	(9,961,804)	42.94%
Operating expenses	(29,634,319)	(28,279,623)	4.79%
Transportation charges	(787,931)	(835,357)	-5.68%
Gross profit	82,235,798	56,883,483	44.57%
Other income	11,850,503	6,666,703	77.76%
Exploration and prospecting expenditure	(4,481,784)	(7,365,080)
General and administrative expenses	(1,787,272)	(2,016,400)	-39.15%
Finance cost	(829,631)	(846,724)	-11.36%
Workers' profit participation fund	(4,459,962)	(2,738,361)	-2.02%
Share of profit from associate-net of taxation	2,211,624	1,445,238	62.87%
Profit before taxation	84,739,276	52,028,859	53.03%
Taxation	(27,982,918)	(15,357,282)	82.21%
Profit after taxation	56,756,358	36,671,577	54.77%
Basic and diluted earnings per share	13.2	8.53	54.75%

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