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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Posted on: 2025-04-30T09:55:28+05:00
