OGDC Q1 profit falls 16% to Rs41bn

News Image

MG News | October 25, 2024 at 03:09 PM GMT+05:00

0:00

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 138,412.25
167.69M
0.32%
447.43
ALLSHR 85,702.96
423.92M
0.15%
131.52
KSE30 42,254.84
82.09M
0.43%
180.24
KMI30 194,109.59
84.37M
0.15%
281.36
KMIALLSHR 56,713.67
217.03M
0.03%
16.37
BKTi 37,831.34
13.04M
1.62%
603.62
OGTi 27,440.63
3.93M
-0.09%
-23.70
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,015.00 119,740.00
116,460.00
-280.00
-0.24%
BRENT CRUDE 73.52 73.63
71.75
1.01
1.39%
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 70.38 70.51
68.45
1.17
1.69%
SUGAR #11 WORLD 16.46 16.58
16.37
-0.13
-0.78%

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