OGDC Q1 profit falls 16% to Rs41bn
MG News | October 25, 2024 at 03:09 PM GMT+05:00
October 25, 2024 (MLN): Oil & Gas Development Company Limited (PSX: OGDC) recorded a decline of 16.4% in its first-quarter profit, significantly hurt by lower sales.
Pakistan's largest E&P posted a profit after tax of Rs41.02 billion [EPS: Rs9.54] during the quarter ending September 2024, down from the profit of Rs49.04bn [EPS: Rs11.40] in the same period last year (SPLY).
Along with the results, the company announced an Interim cash dividend for the quarter ended September 30, 2024 at Rs3 per share i.e. 30%.
The company's top line fell by 11.8% to Rs106.01bn as compared to Rs120.14bn in SPLY.
The cost of sales also decreased 4.7% but was less than proportionate to sales decline, which worsened the gross profit by 15.6% to Rs65.82bn in Q1 FY25.
The gross margins fell to 62.1% as compared to 64.9% in SPLY.
During the period under review, other income expanded 58.3% to stand at Rs25.73bn in Q1 FY25 as compared to Rs16.25bn in SPLY.
On the expense side, the company's administrative expenses fell 16.8% from a year ago to Rs1.83bn, other operating expenses fell 3.6% to Rs4.37bn, while selling and distribution expenses rose 46.4% YoY to Rs3.85bn.
The company’s finance cost slid by 4.1% and stood at Rs1.61bn as compared to Rs1.68bn in SPLY.
On the tax front, the company paid a higher tax worth Rs42.1bn against the Rs37.14bn paid in the corresponding period of last year, depicting a rise of 13.4%.
This translates to an effective tax rate of 50.6% as compared to 43.1% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 106,010,995 | 120,140,944 | -11.76% |
| Cost of sales | (40,195,315) | (42,157,661) | -4.65% |
| Gross Profit/ (loss) | 65,815,680 | 77,983,283 | -15.60% |
| Administrative Expenses | (1,830,597) | (2,199,791) | -16.78% |
| Selling And Distribution Expenses | (3,852,538) | (2,630,951) | 46.43% |
| Share Of Profit / (Loss) | 3,246,937 | 2,988,520 | 8.65% |
| Other Income | 25,726,888 | 16,251,149 | 58.31% |
| Other Operating Expenses | (4,374,620) | (4,535,496) | -3.55% |
| Finance Cost | (1,613,972) | (1,682,281) | -4.06% |
| Profit/ (loss) before taxation | 83,117,778 | 86,174,433 | -3.55% |
| Taxation | (42,097,867) | (37,136,829) | 13.36% |
| Net profit/ (loss) for the period | 41,019,911 | 49,037,604 | -16.35% |
| Basic earnings/ (loss) per share | 9.54 | 11.40 | - |
Amount in thousand except for EPS
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