OGDC posts around Rs130bn profit for 9MFY25, down 24%

April 30, 2025 (MLN): Oil & Gas Development Company Limited (PSX: OGDC) reported a profit of Rs129.6 billion for the nine months ended March 31, 2025, down 24% from Rs171.1bn in the same period last year, primarily due to a decline in sales and a sharp increase in taxation.

The board announced an interim cash dividend of Rs3 per share (30%) for the quarter ended March 31, 2025. This is in addition to the Rs7.05 per share (70.5%) interim dividend already paid during the fiscal year.

Earnings per share stood at Rs30.13 compared to Rs39.78 in the same period last year.

Net sales for the period fell 11% to Rs310.9bn from Rs348.2bn last year, reflecting lower volumetric offtake or pricing pressures.

Gross profit dropped 14% to Rs187.3bn, while royalty payments and operating expenses saw modest declines of 9% and 3%, respectively. Transportation charges also fell 14% year-on-year.

Despite the drop in revenue, finance and other income surged 45% to Rs64.7bn, helping offset higher exploration costs, which jumped 73% to Rs14.7bn.

General and administrative expenses decreased 14% to Rs5.6bn, while finance costs were down 15% to Rs4.5bn.

OGDC’s share of profit from associates dropped 19% to Rs7.6bn, and its workers' profit participation fund expense declined 7% to Rs11.7bn.

Profit before taxation came in at Rs223.1bn, down 7% year-on-year. However, the company’s tax expense rose significantly by 36% to Rs93.5bn, further squeezing net earnings.

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