OGDC strikes it big in 1HFY23 with 38% YoY surge in profitability

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MG News | February 22, 2023 at 02:33 PM GMT+05:00

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February 22, 2023 (MLN): The profitability of the Oil and Gas Development Company Limited (PSX: OGDC) has increased by 38% YoY to clock in at Rs95 billion [EPS: Rs22.09] in 1HFY23, compared to Rs69bn [EPS: Rs16.02] in the same period last year.

Alongside financial results, the company also announced a cash dividend of Rs 2.25 per share i.e., 22.5%. This is in addition to the interim dividend already paid at 1.75 per share i.e., 17.50%.

Going by the financial statement, the topline of the company witnessed a jump of 34.45% YoY to Rs203bn in 1HFY23 compared to Rs151.16bn in 1HFY22.

On the expense front, the company’s operating expenses increased by 14.32% YoY to Rs39.29bn in the review period whereas transportation charges dropped by 28.66% YoY to Rs755mn.

Owing to the monetary tightening, the finance cost of the company doubled to Rs2.28bn in 1HFY23, compared to Rs1.14bn in 1HFY22.

On the upside, the company’s share of profit in associates ballooned by around 5x YoY to Rs4.64bn while the workers’ profit participation fund climbed up by 45.33% YoY to Rs8bn in 1HFY23.

 

Profit and Loss Account for the Half year ended December 31, 2022 ('000 Rupees)

 

Dec-22

Dec-21

% Change

Sales - net

        203,235,513

           151,163,257

34.45%

Royalty

        (23,474,451)

           (17,034,330)

37.81%

Operating expenses

        (39,290,769)

           (34,368,848)

14.32%

Transportation charges

              (755,377)

              (1,058,810)

-28.66%

 

        (63,520,597)

           (52,461,988)

21.08%

Gross profit

        139,714,916

              98,701,269

41.55%

Finance and Other income

          27,737,820

              21,236,928

30.61%

Exploration and prospecting expenditure

          (6,649,292)

              (6,892,542)

-3.53%

General and administration expenses

          (2,265,158)

              (2,133,690)

6.16%

Finance cost

          (2,284,030)

              (1,141,211)

100.14%

Workers' profit participation fund

          (8,044,610)

              (5,535,355)

45.33%

Share of profit in associate - net of taxation

            4,637,953

                    936,342

395.33%

Profit before taxation

        152,847,599

           105,171,741

45.33%

Taxation

        (57,835,928)

           (36,288,949)

59.38%

Profit for the period

          95,011,671

              68,882,792

37.93%

Basic and diluted earnings per share - Rupees)

                     22.09

                        16.02

37.89%

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