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OGDCL’s Profits Decline by 20.5% in H1FY21

Oil & Gas Development Company Limited (OGDCL) posted a profit after tax of Rs. 42.2 billion for the six months that ended on 31st December 2020, down by 20.5 percent from Rs. 53.11 billion last year.

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During the period, the sales of the country’s leading oil and gas company came down by 13 percent to Rs. 110.97 billion as compared to Rs. 127.45 billion. The decline in profitability has resulted due to lower production across the board amid a significant drop in Arab Light prices. Finance and other income also came down by almost 50 percent to Rs. 6.59 billion from Rs. 13.09 billion in the half-year due to exchange losses.


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However, it reported a 50 percent lower exploration cost during the half-year. It was reported at Rs. 5.22 billion as compared to Rs. 10.42 billion in the same period last year. This was due to a decline in dry well cost and lower prospecting expenditures.

The company also announced a cash dividend of Rs. 1.60 per share, i.e., 16 percent. This is an addition to the interim dividend already paid at Rs. 2 per share.

OGDC’s scrip at the bourse was closed at Rs. 107.51, down by 2.14 percent or 1.95 percent, with a turnover of 2.3 million shares on Wednesday.

Earnings per share of the company were reduced to Rs. 9.82 from Rs. 12.35.

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