The Oil & Gas Development Company Limited (OGDCL) on Tuesday announced its financial results for the quarter that ended on September 30 of the fiscal year 2022-23.
The company reported a 58 percent year-on-year (YoY) increase in its profit, earning Rs. 53.3 billion in the first quarter of FY23 as compared to Rs. 33.63 billion in the same period last year.
The increase in profits was due to a sharp increase in international oil prices, higher dollar indexation, and exchange gain due to the devaluation of the Pakistani rupee, according to a report by Arif Habib Ltd.
The net sales clocked at Rs. 106.01 billion, up by 48 percent as compared to Rs. 71.53 billion due to a 43 percent increase in oil prices and 26 percent depreciation of the PKR. Oil and gas production depleted by 10 percent and 9 percent respectively during the quarter.
The company also announced an interim cash dividend of Rs. 1.75 per share, which was the same in the corresponding period last year.
Exploration costs declined by 32 percent YoY arriving at Rs. 1.545 billion during the quarter due to the absence of a dry well during the quarter. On a QoQ basis, exploration costs dropped by 74 percent due to the higher cost of the dry well (Bewato 01) in the previous quarter.
The other income of the company was up by 70 percent YoY and settled at Rs. 18.5 billion versus Rs. 10.87 billion last year amid foreign currency gains coupled with higher income from cash ad cash balances.
OGDCL booked effective taxation at 40 percent in 1QFY23 compared to 36 percent last year. The taxation during this quarter includes a 4 percent super tax imposed on company profits during the period.
Earnings per share of OGDC were reported at Rs. 12.39 in 1QFY23 as compared to Rs. 7.82 in 1QFY22.