OGDCL Posts Highest Ever Profit in First Half of FY23

Oil & Gas Development Company Limited (PSX: OGDC) posted its highest-ever profit of Rs. 95 billion during the half-year that ended on December 31st, the financial year 2022-23 (1HFY23)

The company reported a 38 percent increase in its profit as compared to Rs. 68.8 billion in 1HFY22.

This was fueled by a jump in oil prices by 27 percent year-on-year (YoY) and 24 percent YoY rupee depreciation, according to a report by Arif Habib Ltd.

During the quarter October-December FY23, profit clocked in at Rs. 41.7 billion, up 18.3 percent from Rs. 35.2 billion in 2QFY22.

Along with the result, the Board of Directors announced an interim cash dividend to its shareholders at the rate of Rs. 2.25 per share. i.e. 22.5 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 net sales revenue clocked at Rs. 203 billion, up by 34.4 percent as compared to Rs. 151.2 billion.

The other income of the company saw an increase of 30.6 percent to Rs. 27.7 billion compared to Rs. 21.2 billion in the same period last year on account of exchange gain on foreign currency accounts tagged with higher interest income on cash and cash equivalents.

OGDCL paid Rs. 57.8 billion on account of taxation during the period under review. Meanwhile, the finance cost of the company jumped 100 percent from Rs. 1.14 billion to Rs. 2.28 billion during the half year.

Exploration and prospecting expenditure clocked in at Rs. 6.65 billion while the general and administrative expenses were Rs. 2.26 billion during 1HFY23.

Earnings per share of OGDC were reported at Rs. 22.09 as compared to Rs. 16.02 during the half year.

The company’s scrip at the bourse closed at Rs. 90.7, down 0.58 percent or Rs. 0.53 with a turnover of 10,048,090 shares on Wednesday.



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