Daily Times

Oil and Gas Development Company Limited (OGDCL), the country’s largest exploration and production (E&P) company, reported a profit-after-tax (PAT) of Rs41.02 billion for the quarter ended September 30, 2024. Earnings registered a decline of over 16% as compared to Rs49.03 billion in the same period of the previous year (SPLY), showed the E&P’s latest financial results provided to the Pakistan Stock Exchange (PSX) on Friday. The board of directors met on October 25 to review the company’s financial and operational performance and also approved an interim cash dividend of Rs3 per share i.e. 30%. Earnings per share (EPS) were recorded at Rs9.54 in 1QFY25 as compared to EPS of Rs11.40 in SPLY. The decline in profit comes amid a decline in sales during the period. During the period, ODGCL’s revenue from contracts with customers declined to Rs106.01 billion compared to Rs120.1 billion in SPLY, which is down by nearly 12%. The E&P’s gross profit registered a drop of 16%, clocking in at Rs65.8 billion in 1QFY25, compared to Rs77.9 billion in FY23. During the period, the E&P’s saw a significant improvement of over 58% in its other income, which stood at Rs25.7 billion in 1QFY25, as compared to Rs16.3 billion in 1QFY24. The company’s exploration and prospecting expenses increased by over 46%.