OGDC's bottom-line improves by 50% despite fall in oil prices
MG News | April 26, 2019 at 06:06 PM GMT+05:00
April 26, 2019 (MLN): Oil and Gas Development Company Limited (OGDC) has announced bottom-line earnings of Rs. 85 billion for the nine months period ended March 31, 2019, signifying a growth of 50% as compared to earnings reported in the same period last year.
The company’s top-line benefited primarily from PKR devaluation as well as growth in gas production. However, fall in oil prices during the quarter exerted some pressure on the company.
The company’s exploration expense decreased by 41% as there was only one dry well to bear as opposed to two dry well in the same period last year.
The company also announced an Interim Cash Dividend of Rs. 2.75 per share i.e. 27.5%. This is in addition to Interim Cash Dividend already paid at Rs. 5.75 per share i.e. 57.50%
| Profit and Loss Account for the nine months Ended March 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Mar-19 | Mar-18 | % Change | |
| Sales - net | 192,047,091 | 147,712,496 | 30.01% |
| Royalty | (21,495,446) | (15,641,903) | 37.42% |
| Operating expenses | (45,037,207) | (44,241,080) | 1.80% |
| Transportation charges | (1,200,448) | (1,271,844) | -5.61% |
| Gross profit | 124,313,990 | 86,557,669 | 43.62% |
| Other income | 17,853,105 | 11,260,018 | 58.55% |
| Exploration and prospecting expenditure | (6,524,038) | (11,184,025) | -41.67% |
| General and administration expenses | (3,018,392) | (3,120,941) | -3.29% |
| Finance cost | (1,256,385) | (1,285,652) | -2.28% |
| Workers' profit participation fund | (6,736,507) | (4,219,196) | 59.66% |
| Share of profit in associate - net of taxation | 3,361,866 | 2,156,847 | 55.87% |
| Profit before taxation | 127,993,639 | 80,164,720 | 59.66% |
| Taxation | (42,681,604) | (23,343,468) | 82.84% |
| Profit for the year | 85,312,035 | 56,821,252 | 50.14% |
| Basic and diluted earnings per share – (Rupees) | 19.84 | 13.21 | 50.19% |
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