OGDC reports a meagre decline in net profits for 1HFY20

MG News | February 26, 2020 at 01:06 PM GMT+05:00

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February 26, 2020 (MLN): Oil and Gas Development Company (OGDC) has announced the financial results for six months ended December 31, 2019, whereby it has reported net profits of Rs. 53.1 billion (EPS: Rs. 12.37), almost 6% lower than the profits of the same period last year.

The company also announced an Interim Cash Dividend for the quarter ended December 31, 2019, at Rs. 1.75 per share i.e. 17.5%. This is in addition to interim dividend already paid at Rs. 2.5 per share i.e. 25%.

The sales were up by 5.16% owing to the higher selling price resulting from the devaluation of PKR. On the other hand, the non-core income fell by 33% as there no one-off exchange gains present during the period. According to a search note by IGI Securities, the decline in non-core earnings was limited by the retrospective impact of revision in Uch field gas price notified by OGRA.

The company’s exploration costs depicted a 1.3x increase due to costs pertaining to one dry well and higher prospecting expense.

The finance costs also showed a substantial increase of 81% on the back of high-interest rates prevailing in the market.

Profit and Loss Account for the six months ended December 31, 2019 ('000 Rupees)
	Dec-19	Dec-18	% Change
Sales - net	133,441,268	126,897,761	5.16%
Royalty	(15,215,640)	(14,239,713)	6.85%
Operating expenses	(30,559,838)	(29,634,319)	3.12%
Transportation charges	(812,515)	(787,931)	3.12%
Gross profit	86,853,275	82,235,798	5.61%
Other income	7,927,013	11,850,503	-33.11%
Exploration and prospecting expenditure	(10,425,171)	(4,481,784)	132.61%
General and administration expenses	(2,819,495)	(1,787,272)	57.75%
Finance cost	(1,499,901)	(829,631)	80.79%
Workers' profit participation fund	(4,149,267)	(4,459,962)	-6.97%
Share of profit in associate - net of taxation	2,949,618	2,211,624	33.37%
Profit before taxation	78,836,072	84,739,276	-6.97%
Taxation	(25,651,628)	(27,982,918)	-8.33%
Profit for the year	53,184,444	56,756,358	-6.29%
Basic and diluted earnings per share - Rupees)	12.37	13.20	-6.29%

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