OGDC Q1 profit falls 16% to Rs41bn

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

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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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