OGDC adheres to market consensus as earnings grow by 50%

By MG News | September 18, 2019 at 04:20 PM GMT+05:00

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September 18, 2019 (MLN): Oil and Gas Development Company (OGDC) has announced its financial results for the year ended June 30, 2018, as per which the company has accumulated net earnings of Rs. 118.3 billion (EPS: Rs. 27.53), i.e. 50.3% higher than the earnings reported in last year.

The sales revenue of the company increased by 27.3% to Rs. 261 billion, on account of higher oil prices as well as depreciation of local currency. Moreover, the non-core income exhibited 101% growth owing to higher exchange gains and interest income earned during the period.

Surprisingly, the exploration and prospecting expenditure came down by 22.8%, despite substantial exploration costs incurred on Qadirpir Deep-X 1 and Kekra-01 wells.

The company announced a final Cash Dividend for the period at Rs. 2.5 per share i.e. 25%. This is in addition to interim dividends already paid at Rs. 8.5 per share i.e. 85%.

The company’s performance was in line with market consensus, wherein majority of the research houses expected the company to post PAT of Rs. 117 billion (EPS: Rs. 27).

Profit and Loss Account for the year ended June 30, 2019 ('000 Rupees)
	Jun-19	Jun-18	% Change
Sales - net	261,481,188	205,335,000	27.34%
Royalty	(29,335,927)	(21,970,947)	33.52%
Operating expenses	(63,455,844)	(60,213,460)	5.38%
Transportation charges	(1,627,854)	(1,670,850)	-2.57%
Gross profit	167,061,563	121,479,743	37.52%
Other income	32,288,249	16,008,118	101.70%
Exploration and prospecting expenditure	(12,499,324)	(16,190,496)	-22.80%
General and administration expenses	(4,129,249)	(4,087,862)	1.01%
Finance cost	(1,692,538)	(1,729,886)	-2.16%
Workers' profit participation fund	(9,294,706)	(5,927,724)	56.80%
Share of profit in associate - net of taxation	4,865,418	3,074,868	58.23%
Profit before taxation	176,599,413	112,626,761	56.80%
Taxation	(58,213,625)	(33,890,466)	71.77%
Profit for the year	118,385,788	78,736,295	50.36%
Basic and diluted earnings per share - Rupees	27.53	18.31	50.35%

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