Oil and Gas Development Company Ltd profits rise 22.2% to Rs. 36.671 billion
By MG News | February 19, 2018 at 04:02 PM GMT+05:00
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%.
| 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.
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