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

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MG News | April 30, 2025 at 09:55 AM GMT+05:00

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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.

Condensed interim statement of profit and loss for the nine months ended 31 March 2025 in Rupees ('000) 2025 2024 %Change
Sales - net                      310,907,139                          348,163,713 -11%
Royalty                       (36,936,504)                           (40,425,715) -9%
Operating expenses                       (84,979,689)                           (87,244,118) -3%
Transportation charges                         (1,663,476)                             (1,937,333) -14%
Gross profit                      187,327,470                          218,556,547 -14%
Finance and other income                        64,691,950                             44,540,373 45%
Exploration and prospecting expenditure                       (14,670,682)                             (8,500,867) 73%
General and administration expenses                         (5,613,444)                             (6,546,143) -14%
Finance cost                         (4,474,754)                             (5,253,243) -15%
Workers' profit participation fund                       (11,742,094)                           (12,610,602) -7%
Share of profit (net) in associates                          7,581,349                               9,415,378 -19%
Profit before taxation                      223,099,795                          239,601,443 -7%
Taxation                       (93,493,887)                           (68,497,734) 36%
Profit for the period                      129,605,908                          171,103,709 -24%
Earnings per share - basic and diluted (Rupees) 30.13 39.78  

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