OGDC's bottom-line improves by 50% despite fall in oil prices

MG News | April 26, 2019 at 06:06 PM GMT+05:00

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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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