OGDC maintains 57% progress in profits for 1QFY19

October 25, 2018 (MLN): Oil & Gas Development Company Limited’s (OGDC) profits for the quarter ended 30th 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 30th 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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Posted on: 2018-10-25T16:24:00+05:00

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