OGDC maintains 57% progress in profits for 1QFY19

By MG News | October 25, 2018 at 04:24 PM GMT+05:00

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October 25, 2018 (MLN): Oil & Gas Development Company Limited’s (OGDC) profits for the quarter ended 30^th September 2018 have shown exceptional progress as they improved by 57.18%, due to an growth of both core and non-core income.

According to the notification issued to PSX, the top-line earnings for the company increased by 40.57%, exhibiting a greater absolute increase than any of the increases in Royalty and Operating expenses, which led to Gross profit increasing by 57.7%

Similarly, the non-core income of the company displayed progress as it increased by 31.74%, whereas the General and Administrative expenses decreased by 10.43%, leaving an overall positive impact on the company’s financial position.

While the Finance costs showed slight variation of 1.82%, the taxes for the company increased drastically by 71.12% i.e. Rs. 5.2 billion as compared to the corresponding period last year.

The Earnings per share of the company were stated at Rs. 6.22 for the quarter ended 30^th September 2018, 57.47% up from previous year.

Profit and loss account for the quarter ended September 30th 2018 (Rupees'000)
	Sep-18	Sep-17	% Change
Sales - net	61,799,189	43,962,395	40.57%
Royalty	-6,876,396	-4,431,932	55.16%
Operating expenses	-14,861,819	-13,954,404	6.50%
Transportation charges	-383,313	-415,551	-7.76%
Gross profit	39,677,661	25,160,508	57.70%
Other income	4,098,143	3,110,692	31.74%
Exploration and prospecting expenditure	-1,961,450	-1,523,981	28.71%
General and administration expenses	-996,733	-1,112,739	-10.43%
Finance cost	-410,843	-418,439	-1.82%
Workers' profit participation fund	-2,071,761	-1,283,643	61.40%
Share of profit in associate - net of taxation	1,028,447	456,810	125.14%
Profit before taxation	39,363,464	24,389,208	61.40%
Taxation	-12,628,467	-7,379,681	71.12%
Profit for the quarter	26,734,997	17,009,527	57.18%
Earnings per share - basic and diluted (Rupees)	6.22	3.95	57.47%

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