April 29, 2024 (MLN): Oil and Gas Development Company Limited (PSX: OGDC) experienced a fall of 26.0% YoY in its profits, earning a profit after tax of Rs47.81 billion [EPS: Rs11.12], compared to a profit of Rs64.63bn [EPS: Rs15.03] in the same period last year (SPLY).
Along with the results, the company announced an interim cash dividend of Rs2 per share.
This is in addition to the interim dividends already paid at Rs4.1 per share.
Going by the results, the company's top line expanded by 6.5% YoY to Rs112.79bn as compared to Rs105.91bn in SPLY.
The cost of sales, which includes royalty, operating expenses, and transportation charges, rose by 20.4% YoY. The gross profits remained stable at Rs72.36bn in Q1 2024.
The gross margins, however, worsened to 64.16% as compared to 68.29% in SPLY.
During the period under review, other income shrank 53.9% YoY to stand at Rs17.27bn in Q1 2024 as compared to Rs37.45bn in SPLY.
On the expense side, the company's administrative expenses rose 19.7% YoY to Rs1.91bn, selling and distribution expenses fell 18.1% YoY to Rs3.48bn, and other operating expenses fell 18.1% YoY to Rs4.28bn.
The company’s finance cost went up by 51.6% YoY and stood at Rs1.82bn as compared to Rs1.2bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs33.48bn against the Rs35.14bn paid in the corresponding period of last year, depicting a fall of 4.7% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 112,788,530 | 105,912,876 | 6.49% |
| Cost of sales | (40,427,364) | (33,583,105) | 20.38% |
| Gross Profit/ (loss) | 72,361,166 | 72,329,771 | 0.04% |
| Administrative Expenses | (1,914,748) | (1,600,122) | 19.66% |
| Selling And Distribution Expenses | (3,475,249) | (4,245,571) | -18.14% |
| Share Of Profit / (Loss) | 3,143,177 | 2,294,329 | 37.00% |
| Other Income | 17,270,871 | 37,446,018 | -53.88% |
| Other Operating Expenses | (4,278,211) | (5,251,169) | -18.53% |
| Finance Cost | (1,820,984) | (1,201,063) | 51.61% |
| Profit/ (loss) before taxation | 81,286,022 | 99,772,193 | -18.53% |
| Taxation | (33,478,329) | (35,144,960) | -4.74% |
| Net profit/ (loss) for the period | 47,807,693 | 64,627,233 | -26.03% |
| Basic earnings/ (loss) per share | 11.12 | 15.03 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-29T13:16:57+05:00
