February 27, 2024 (MLN): Oil and Gas Development Company Limited (PSX: OGDC) revealed its earnings for the first half of the fiscal year 2024, wherein the profit after tax clocked in at Rs123.3 billion [EPS: Rs28.67] compared to a profit of Rs95.01bn [EPS: Rs22.09] in the same period last year (SPLY).
Along with the results, the company announced an interim cash dividend of Rs2.5 per share.
This is in addition to the interim dividend already paid at Rs1.6 per share.
Going by the results made available by the company on the local bourse, the company's top line rose by 15.81% YoY to Rs235.38bn as compared to Rs203.24bn in SPLY.
The cost of sales, which includes royalty, operating expenses, and transport costs, also rose by 40.40% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 4.64% YoY to Rs146.2bn in 1HFY24.
The gross margins, however, worsened to 62.11% as compared to 68.75% in SPLY.
OGDC's finance and other income during the review period inched down by 1.69% YoY to stand at Rs27.27bn as compared to Rs27.74bn in the previous year.
On the expenses side, the company saw a decrease in exploration and prospecting expenditures by 24.42% YoY to Rs5.03bn as against Rs6.65bn in 1HFY23.
On the other hand, general and administrative expenses increased by 2.05x YoY, while the workers' profit participation fund rose by 3.58% YoY.
The company’s finance costs also inflated by 50.27% YoY and stood at Rs3.43bn as compared to Rs2.28bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax lower Rs35.02bn against the Rs57.84bn paid in the corresponding period of last year, depicting a fall of 39.45% YoY.
| Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 235,375,183 | 203,235,513 | 15.81% |
| Cost of sales | (89,179,802) | (63,520,597) | 40.40% |
| Gross Profit | 146,195,381 | 139,714,916 | 4.64% |
| Finance and other income | 27,269,502 | 27,737,820 | -1.69% |
| Exploration and prospecting expenditure | (5,025,618) | (6,649,292) | -24.42% |
| General and administration expenses | (4,631,395) | (2,265,158) | 104.46% |
| Finance cost | (3,432,259) | (2,284,030) | 50.27% |
| Workers' profit participation fund | (8,332,391) | (8,044,610) | 3.58% |
| Share of profit (net) in associates- net of taxation | 6,272,201 | 4,637,953 | 35.24% |
| Profit before taxation | 158,315,421 | 152,847,599 | 3.58% |
| Taxation | (35,019,405) | (57,835,928) | -39.45% |
| Net profit for the period | 123,296,016 | 95,011,671 | 29.76% |
| EPS | 28.67 | 22.09 | – |
Amount in thousand except for EPS
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Posted on: 2024-02-27T12:39:44+05:00
