OGDCL Announces Remarkable 68% Surge in Profits for FY23

OGDCL Announces Remarkable 68% Surge in Profits for FY23

Karachi, September 28, 2023 – In a remarkable financial performance, the Oil and Gas Development Company Limited (OGDCL) has announced a staggering 68 percent growth in net profit for the fiscal year ending June 30, 2023.

The company submitted its financial results to the Pakistan Stock Exchange (PSX) today, showcasing an impressive transformation in its financial standing.

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According to the released financial figures, OGDCL reported a net profit after tax of Rs 224.62 billion for FY23, a substantial leap from the previous fiscal year’s figure of Rs 133.78 billion. This significant boost in profit has also translated into a substantial increase in earnings per share (EPS), which now stands at Rs 52.23 for the year, compared to Rs 31.11 in the previous year.

The Board of Directors convened on Thursday, September 28, 2023, and proposed a final cash dividend for the year 2022-23 based on the accounts for the period ending June 30, 2023, at Rs 2.75 per share. This dividend is in addition to the interim dividends already disbursed at Rs 5.80 per share.

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The financial results further reveal that OGDCL’s net sales surged to Rs 413.59 billion during fiscal year 2022-23, compared to Rs 335.46 billion in the previous year. Additionally, the company’s royalty payment increased to Rs 48.39 billion for the fiscal year ending June 30, 2023, as opposed to Rs 37.95 billion in the previous year.

Operating expenses also witnessed a significant rise, reaching Rs 93.61 billion for FY23 compared to Rs 78.59 billion in the previous fiscal year. During this period, OGDCL allocated an amount of Rs 19.02 billion for exploration and prospecting expenditure, an increase from the Rs 15.58 billion spent in the previous year.

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OGDCL’s remarkable financial growth signifies the company’s commitment to its stakeholders and highlights its strong position in the oil and gas sector. These outstanding results are expected to have a positive impact on the overall economic landscape of Pakistan, showcasing OGDCL’s vital role in contributing to the nation’s prosperity.

Investors and analysts are eagerly anticipating further details and insights into OGDCL’s performance, which is sure to stimulate greater interest in the energy sector.

READ MORE: Pakistan Sets New Record with Skyrocketing Petroleum Prices for September 2023

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