Oil & Gas Development Company profits rise by 19.39 percent to Rs. 56.821 billion

By MG News | April 27, 2018 at 02:29 PM GMT+05:00

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Oil & Gas Development Company (OGDCL) today announced financial results for the nine months period ending 31 March, 2018 reporting Sales at Rs. 147.712 billion; up 16.65 percent from same period last year. Furthermore, the company’s Gross Profit rose to Rs. 86.557 billion from Rs. 68.399 billion last year during the outgoing nine months.

On the expenses front, OGDCL reported 7.74 percent decrease in Exploration and Prospecting Expenditure Expenses, 10.61 percent increase in General & Administrative Expenses, whereas, Finance Costs incurred by the company went up by 4.05 percent during the period.

Furthermore, OGDCL also reported a 10.42 percent decrease in Other Income reaching Rs. 11.260 billion during the nine months.

Oil & Gas Development Company reported profit after taxation at Rs. 56.821 billion against Rs. 47.594 billion during the same period last year translating into an EPS of Rs. 13.21 vs. an EPS of Rs. 11.07 during the nine months ending March, 2017.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Nine Months Ended, March 30^th 2018
Key Financials	March, 2018	March, 2017	% Change
	Amounts in PKR’ 000
Sales - Net	147,712,496	126,629,700	16.65%
Royalty	15,641,903	13,761,338	13.67%
Operating Expenses	44,241,080	43,168,524	2.48%
Transportation Charges	1,271,844	1,300,236	-2.18%
Gross Profit	86,557,669	68,399,602	26.55%
Other Income	11,260,018	12,569,839	-10.42%
Exploration and Prospecting Expenditure	11,184,025	10,380,418	7.74%
General and Administration Expenses	3,120,941	2,821,561	10.61%
Finance Costs	1,285,652	1,235,626	4.05%
Profit before Taxation	80,164,720	64,519,698	24.25%
Taxation	23,343,468	16,924,890	37.92%
Profit after Taxation	56,821,252	47,594,808	19.39%
EPS - Basic and diluted	13.21	11.07	19.33%

Company release on Earnings Report can be accessed here.

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