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
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 138,597.36 256.32M | -0.05% -68.14 |
ALLSHR | 85,286.16 608.38M | -0.48% -413.35 |
KSE30 | 42,340.81 77.13M | -0.03% -12.33 |
KMI30 | 193,554.51 76.19M | -0.83% -1627.52 |
KMIALLSHR | 55,946.05 305.11M | -0.79% -443.10 |
BKTi | 38,197.97 16.53M | -0.59% -225.01 |
OGTi | 27,457.35 6.73M | -0.94% -260.91 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 117,510.00 | 121,165.00 117,465.00 | -1780.00 -1.49% |
BRENT CRUDE | 69.36 | 70.77 69.14 | -0.16 -0.23% |
RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
ROTTERDAM COAL MONTHLY | 104.50 | 104.50 104.50 | -0.30 -0.29% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
CRUDE OIL - WTI | 66.16 | 67.54 65.93 | -0.07 -0.11% |
SUGAR #11 WORLD | 16.79 | 17.02 16.71 | 0.05 0.30% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|