OGDC reports a meagre decline in net profits for 1HFY20

News Image

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

0:00

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%

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 0.00
0.00
-390.00
-0.33%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 0.00
0.00
0.30
0.44%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 13, 2025 at 06:20 PM GMT+05:00

Pakistan, UK to sign Trade Dialogue ToRs


July 13, 2025 at 05:48 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


July 13, 2025 at 05:44 PM GMT+05:00

Inside NCCPL’s Rulebook Shift


July 13, 2025 at 01:57 PM GMT+05:00

Weekly Market Roundup


July 13, 2025 at 10:26 AM GMT+05:00

K-Electric dispels rumours of peak hour changes



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg