OGDCL declares dividend of Rs1.75 per share

KARACHI: The Oil and Gas Development Company Limited (OGDCL) has declared an interim cash dividend of Rs1.75 per share for the quarter ended March 31, 2015, a company statement said on Thursday.
This is in addition to the interim dividend of Rs4.5 per share already paid to the shareholders, it said.
OGDCL posted a net profit of Rs20.178 billion, translating in the earnings per share (EPS) of Rs4.69 for the quarter ended March 31, 2015 as against the net profit of Rs23.711 billion and EPS of Rs5.51 in the same quarter last year.
The sales revenue for the quarter under review stood at Rs44.049 billion as against Rs64.192 billion in the corresponding quarter last year.
Shahbaz Ashraf at Arif Habib Limited said during the quarter, Oil and Gas Development Company Limited recorded earnings of Rs4.69/share, a rise of 3.4 percent Q-o-Q, taking 9MFY15 earnings to Rs15.81 per share.
The nominal increase on a Q-o-Q basis is due to lower exploration expense, higher-than-expected other income and lower taxation.
“The company posted net sales of Rs44.049 billion, a decline of 22 percent Q-o-Q attributable to 31 percent lower oil prices despite both oil and gas production exhibiting an uptick of one percent and two percent, respectively.
The exploration expense during the quarter dropped by 37 percent Q-o-Q on account of lower exploration and development activity witnessed during the period.”
For the nine-month period ended March 31, 2015, the company’s net profit stood at Rs68.006 billion, ie, EPS of Rs15.81 as compared to the profit of Rs90.938 billion and EPS of Rs21.14 in the same period last year.
DGKC posts profit of Rs1.98 billion
DG Khan Cement on Thursday announced a net profit of Rs1.98 billion, translating in the earnings per share (EPS) of Rs4.52 for the quarter ended March 31, 2015, a company statement said.
The company had posted a profit of Rs1.274 billion and EPS of Rs2.91 in the same quarter last year, it said.
The sales revenue for the quarter under review stood at Rs6.29 billion as against Rs7.202 billion in the corresponding quarter last year.
For the nine-month period ended March 31, 2015, the company’s net profit stood at Rs5.374 billion, ie, EPS of Rs12.27 as compared to the profit of Rs3.943 billion and EPS of Rs9 in the same period last year, it said.
Tahir Abbas at Arif Habib Limited said gross margins jumped by 200 percentage points Q-o-Q to 36 percent amid 12 percent Q-o-Q lower cost of sales, while gross profit declined by one percent Q-o-Q due to eight percent lower Q-o-Q sales, as dispatches declined by nine percent Q-o-Q.
In addition to lower gross profit, a 16 percent Q-o-Q drop in other income further dragged the profitability. DGKC did not announce any payouts along with the corporate results, it added.

Lucky Cement earns Rs4.269bln profit
Lucky Cement Limited has announced a net profit of Rs4.269 billion, translating in the earnings per share (EPS) of Rs12.46 for the quarter ended March 31, 2015.
The company had posted a profit of Rs3.313 billion and EPS of Rs9.78 in the same quarter last year.
The sales revenue for the quarter under review stood at Rs24.148 billion as against Rs25.051 billion in the corresponding quarter last year.
For the nine-month period ended March 31, 2015, the company’s net profit stood at Rs10.931 billion, ie, EPS of Rs31.84 as compared to the profit of Rs9.037 billion and EPS of Rs26.58 in the same period last year.
Lucky Cement did not announce any payouts along with the corporate results.
According to the director’s report, Lucky Cement was able to maintain its overall market share in the industry during the nine months under review at 19.52 percent.
Lucky achieved an overall growth of 4.03 percent to 5.03 million tons during the nine months period ended March 31, 2015 as compared to 4.84 million tons sold in the same period last year.
Local sales volume registered a growth of 6.85 percent to 3.18 million tons during the nine months as compared to 2.97 million tons in the same period last year, whereas export volumes declined by 0.48 percent to 1.85 million tons during the nine months as compared to 1.86 million tons in the same period last year.

K-Electric posts profits
K-Electric Limited (KEL) has announced a net profit of Rs3.006 billion, translating in the earnings per share (EPS) of Rs0.11 for the quarter ended March 31, 2015.
The company had posted a profit of Rs1.552 billion and EPS of Rs0.06 in the same quarter last year.
The revenues after tariff adjustment for the quarter under review stood at Rs38.655 billion as against Rs42.691 billion in the corresponding quarter last year.
For the nine-month period ended March 31, 2015, the company’s net profit stood at Rs16.281 billion, ie, EPS of Rs0.59 as compared to the profit of Rs6.27 billion and EPS of Rs0.23 in the same period last year. K-Electric did not announce any payouts along with the corporate results.