Karachi, February 27, 2024 – The Oil and Development Company Limited (OGDCL) has delivered an impressive financial performance, announcing a significant 30% growth in net profit for the first half of fiscal year 2023-24.
According to the financial results submitted to the Pakistan Stock Exchange (PSX), OGDCL reported a profit after tax of Rs 123.29 billion for the half-year ended December 31, 2023, compared to Rs 95 billion in the same period of the previous fiscal year.
The earnings per share (EPS) for the first half of fiscal year 2023-24 stood at Rs 28.67, demonstrating substantial growth from Rs 22.09 in the corresponding half of the previous fiscal year. The positive financial results were revealed after the company’s board of directors convened on February 27, 2024, approving an interim cash dividend of Rs 2.50 per share for the quarter ended December 31, 2023. This interim dividend is in addition to the already paid interim dividend of Rs 1.60 per share.
OGDCL’s net sales witnessed a remarkable increase, reaching Rs 235.38 billion during the first half of the fiscal year 2023-24, compared to Rs 203.24 billion in the same period of the last fiscal year. The company also reported a growth in royalty payment, which surged to Rs 27.45 billion for the half-year ended December 31, 2023, compared to Rs 23.47 billion in the same period of the previous year.
However, the operating expenses of OGDCL saw a substantial rise, reaching Rs 60.45 billion in the half-year under review, compared to Rs 39.29 billion in the same period of the previous fiscal year. Despite the increase in expenses, the company declared a gross profit of Rs 146.20 billion for the first half of fiscal year 2023-24, compared to Rs 140 billion.
Exploration and prospecting expenditure decreased to Rs 5 billion, down from Rs 6.65 billion, while general and administrative expenses of the company rose to Rs 4.63 billion, compared to Rs 2.27 billion in the corresponding half of the previous fiscal year.
The profit before taxation for the half-year ended December 31, 2023, amounted to Rs 158 billion, showing growth from Rs 153 billion in the same period of the last year. OGDCL paid Rs 35 billion as income tax during the first half of fiscal year 2023-24, a decrease from Rs 58 billion in the corresponding half of the previous fiscal year.
For the quarter ended December 31, 2023, OGDCL reported a robust profit of Rs 74.26 billion, compared to Rs 41.71 billion in the same quarter of the last year.
The positive financial results reflect OGDCL’s resilience and strategic management in navigating the challenges of the dynamic energy sector. Investors and stakeholders are likely to view these results positively, reaffirming OGDCL’s position as a key player in the energy industry.
