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

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

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%

 

 

Copyright Mettis Link News

Posted on: 2019-04-26T18:06:00+05:00

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