OGDC registers 2% rise in net earnings on the back of PKR depreciation
MG News | October 25, 2019 at 04:24 PM GMT+05:00
October 25, 2019 (MLN): With rising energy demand, Oil and Gas Development Company Limited (OGDC) has performed well in its upstream sector, E & P, as per financial results for the quarter which ended on September 30, 2019. The company has posted its net earnings of Rs 27 billion, up by 2.17%, as compared to the corresponding period of last year.
The profitability of the company was primarily driven by PKR depreciation against USD, however, oil flows and oil prices declined during the said period which kept the profitability in check.
The exploration expenses surged by 2 times YoY on the back of higher dry well costs. Moreover, finance cost also soared by 81% to Rs 744 million due to higher interest rate.
On the other hand, the other income of the company stood to Rs 2.8 billion, down by 30%, owing to the lack of exchange gains.
The company’s basic and diluted earnings per share have been reported to Rs 6.35 per share while those recorded last year were Rs 6.22 per share.
OGDC also announced an interim cash dividend for the quarter ended September 30, 2019, at Rs.2.5 per share i.e. 25%.
| Profit and Loss Account for the quarter ended September 30, 2019 ('000 Rupees)
| |||
|---|---|---|---|
|
| Sep-19 | Sep-18 | % Change |
| Sales - net | 66,203,989 | 61,799,189 | 7.13% |
| Royalty | (7,738,740) | (6,876,396) | 12.54% |
| Operating expenses | (14,885,516) | (14,861,819) | 0.16% |
| Transportation charges | (388,928) | (383,313) | 1.46% |
|
| (23,013,184) | (22,121,528) | 4.03% |
| Gross profit | 43,190,805 | 39,677,661 | 8.85% |
| Other income | 2,844,568 | 4,098,143 | -30.59% |
| Exploration and prospecting expenditure | (3,961,861) | (1,961,450) | 101.99% |
| General and administration expenses | (1,043,878) | (996,733) | 4.73% |
| Finance cost | (744,999) | (410,843) | 81.33% |
| Workers' profit participation fund | (2,088,861) | (2,071,761) | 0.83% |
| Share of profit in associate - net of taxation | 1492591 | 1028447 | 45.13% |
| Profit before taxation | 39,688,365 | 39,363,464 | 0.83% |
| Taxation | (12,372,015) | (12,628,467) | -2.03% |
| Profit for the quarter | 27,316,350 | 26,734,997 | 2.17% |
| Basic and diluted earnings per share - Rupees) | 6.35 | 6.22 | 2.09% |
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