Improved top-line earnings boost OGDC's bottom-line gains

MG News | September 07, 2018 at 01:45 PM GMT+05:00

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Oil & Gas Development Company (OGDC)’s annual profits for the year ended on June 30^th 2018, grew by 23% as the profits went up from Rs.63.8 billion to Rs.78.7 billion, YoY.

The company’s board of Directors meeting took place on September 7, 2018 in which the earning for the year were reviewed and compared with the previous year’s earnings.

As per the report issued to PSX, OGDC witnessed 19.5% increase in its top-line earnings which led to 27% increase in gross profits.

Although outflows such as exploration and prospecting expenditure and finance costs registered increments during the year, the pretax profits still went up by 26%.

OGDC’s tax provisions increased by 33.7%, yet the overall profits for the year increased by 23.4%.

The company also reported 23.5% increase in basic and diluted earnings per share, as it logged in at Rs.18.31 per share.

Apart from this, the board recommended final cash dividend for the FY-18 at Rs.2.5 per share, i.e. 25%.

Profit and Loss Account for the Year Ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% Change
Sales - net	205,335,000	171,829,364	19.50%
Royalty	(21,970,947)	(18,518,982)	18.64%
Operating expenses	(60,213,460)	(56,585,214)	6.41%
Transportation charges	(1,670,850)	(1,720,982)	-2.91%
	(83,855,257)	(76,825,178)
Gross profit	121,479,743	95,004,186	27.87%
Other income	16,008,118	16,020,333	-0.08%
Exploration and prospecting expenditure	(16,190,496)	(13,268,575)	22.02%
General and administration expenses	(4,087,862)	(4,239,642)	-3.58%
Finance cost	(1,729,886)	(1,514,634)	14.21%
Workers' profit participation fund	(5,927,724)	(4,691,445)	26.35%
Share of profit in associate - net of taxation	3,074,868	1,827,239	68.28%
Profit before taxation	112,626,761	89,137,462	26.35%
Taxation	(33,890,466)	(25,334,060)	33.77%
Profit for the year	78,736,295	63,803,402	23.40%
Basic and diluted earnings per share - Rupees)	18.31	14.83	23.47%

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