Oil and Gas Development Company Ltd profits rise 22.2% to Rs. 36.671 billion

Oil and Gas Development Company Ltd announced financial results for the half year ending December 31st, 2017. The company reported net sales earned worth Rs. 95.960 billion during the half year against Rs. 81.081 billion same period last year; up 18.35% from last year.

Oil and Gas Development Company Ltd reported bottom-line profits worth Rs. 36.671 billion with an EPS of 8.53/share.

In addition to that, the company management during the board meeting held at Islamabad on February 19th, 2018 also approved a final cash dividend of rupees 3 per share i.e. 30%. The dividend is in addition to the interim dividend already paid of Rupees 1.75 per share i.e. 17.5%.

Comparison of Key Financials

Unconsolidated Profit and Loss Account – For the Half Year Ended, December 31st 2017

Key Financials

2017

2016

% Change

 

Amounts in PKR ‘000

Sales – net

95,960,267

81,081,129

18.35%

Royalty

9,961,804

8,827,940

12.84%

Operating Expenses

28,279,623

28,356,449

-0.27%

Transportation Charges

835,357

836,190

-0.10%

Gross Profit

56,883,483

43,060,550

32.10%

Other Income

6,666,703

9,308,749

-28.38%

Exploration and prospecting expenditure

7,365,080

8,189,364

-10.07%

General and Administration Expenses

2,016,400

1,652,716

22.01%

Finance Costs

846,724

815,240

3.86%

Profit before Taxation

52,028,859

40,502,683

28.46%

Taxation

15,357,282

10,494,279

46.34%

Profit for the period

36,671,577

30,008,404

22.20%

EPS – Basic and diluted

8.53

6.98

22.21%

Company release on Earnings Report can be accessed here.

Posted on: 2018-02-19T16:02:00+05:00