OGDC’s Profits for the Year Grows By 23%

Oil & Gas Development Company (OGDC)’s profits for the year ended on June 30th, 2018, grew by 23% to Rs.78.7 billion as compared to Rs. 63.8 billion in the same period last year.

The Company’s net sales revenue was registered as Rs. 205.335 billion which was up by 19.50% from Rs. 171 billion.

The company also reported 23.5% increase in basic and diluted earnings per share, as it logged in at Rs. 18.31 per share

During the period under review, the Company paid Rs. 33.890 billion as taxes. On the exploration and development side company recorded significant enhancement in seismic efforts and drilling activities, said a press release. OGDC’s tax provisions increased by 33.7%, yet the overall profits for the year increased by 23.4%.

The Board of Directors (BoD) appreciated the efforts of the management for ensuring production enhancement and significant exploratory work during the period.

The Board of Directors announced Final Cash Dividend for the year 2017-18 @ Rs. 2.5 per share. The dividend will be paid to the shareholders whose names will appear in the Register of Members Wednesday, October 17, 2018.

OGDC witnessed 19.5% increase in its top-line earnings which led to 27% increase in gross profits. Although outflows such as exploration and prospecting expenditure and finance costs registered increments during the year, the pretax profits still went up by 26%.

OGDC’s script at the bourse was closed at Rs. 150.50, down by Rs. 1.75 with s turnover of 1.4 million shares.

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