The Board of Directors of the Oil & Gas Development Company Limited (OGDCL) on Wednesday announced the financial results for the six months that ended on December 31 of the fiscal year 2021-22.
The company reported a 63.20 percent increase in its profit, earning Rs. 68.88 billion in the first half of FY2021-22 as compared to Rs. 42.22 billion in the same period of the last year.
The increase in profits was due to higher oil and gas production, a sharp increase in international oil prices, higher dollar indexation, and exchange gain due to the devaluation of the Pakistani rupee.
The net sales revenue clocked at Rs. 151.163 billion, up by 36.25 percent as compared to Rs. 110.97 billion as realized prices of oil and gas improved on the basis of higher oil prices.
The Board of Directors announced the first interim cash dividend to its shareholders at the rate of Rs. 2.00 per share. i.e. 20 percent. This is in addition to the interim dividend already paid at the rate of Rs. 1.75 per share i.e. 17.50 percent to them.
The finance and other income of the company saw an increase of 222.15 percent or 2x as it was reported at Rs. 21.23 billion. The company had reported Rs. 6.59 billion in the same period last year.
OGDCL paid Rs. 36.288 billion on account of taxation during the period under review. On the exploration and development side, the company recorded significant enhancement in seismic efforts and drilling activities.
Earnings per share of OGDC were reported at Rs. 16.02 as compared to Rs. 9.82.
