OGDCL: Margins stay flat

MG News | April 24, 2020 at 10:51 AM GMT+05:00

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April 24, 2020 (MLN): Oil and Gas Development Company Limited (OGDCL) has announced its financial results for nine months ended March 31, 2020. According to the results, the company has posted its net profits of Rs 83 billion (EPS: Rs 19.45) i.e. lower by only 2% when compared to the net profits of Rs 85 billion (EPS: Rs 19.84) of the corresponding period last year.

The slender decrease in profitability came on the back of the drop in oil prices and fall in oil and gas production during the said period.

As per the financial statement issued by the company to PSX, the company’s revenue went up by 3.3% YoY to Rs 198 billion but more than a proportionate increase in the cost of royalty, operating expenses and transportation charges caused gross profits to increase marginally by 3.25% YoY to Rs 128 billion.

The exploration and prospecting cost of the company reached to Rs 13 billion, up by 2 times higher than YoY on an account of three dry wells (Katiar-01, Rangunwari-01, and Nashpa-5A), as per Arif Habib research.

More notably, the colossal increase in finance cost by 86% YoY, from Rs 1.25 billion to Rs 2.33 billion dented the company’s performance owing to higher interest rates.

However, the decline in earnings was restricted by PKR depreciation, higher contribution of earnings from MARI, revealed a research report by IGI securities.

Profit and Loss Account for the nine-months ended March 31, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Sales - net	198,412,871	192,047,091	3.31%
Royalty	(22,360,258)	(21,495,446)	4.02%
Operating expenses	(46,382,806)	(45,037,207)	2.99%
Transportation charges	(1,314,928)	(1,200,448)	9.54%
	(70,057,992)	(67,733,101)	3.43%
Gross profit	128,354,879	124,313,990	3.25%
Other income	16,713,644	17,853,105	-6.38%
Exploration and prospecting expenditure	(13,502,181)	(6,524,038)	106.96%
General and administration expenses	(3,846,426)	(3,018,392)	27.43%
Finance cost	(2,339,520)	(1,256,385)	86.21%
Workers' profit participation fund	(6,490,241)	(6,736,507)	-3.66%
Share of profit in associate - net of taxation	4424427	3361866	31.61%
Profit before taxation	123,314,582	127,993,639	-3.66%
Taxation	(39,669,697)	(42,681,604)	-7.06%
Profit for the period	83,644,885	85,312,035	-1.95%
Basic and diluted earnings per share - Rupees)	19.45	19.84	-1.97%

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