OGDC profit up 59pc in FY23

KARACHI: Oil & Gas Development Company Limited (OGDCL), Pakistan's largest oil and gas exploration and production company, on Thursday reported a 59 percent increase in its net profit for the year ended June 30, 2023.

The company posted a net profit of Rs224.617 billion or Rs52.23 per share, for the fiscal year 2022-23, compared with Rs133.783 billion, or Rs31.11 per share, a year earlier.

Net sales revenue rose to Rs413.594 billion from Rs279.408 billion in the previous year, driven by higher oil and gas prices and increased production. During the year under review, the company paid Rs159.154 billion on account of taxation.

The board of directors announced a final cash dividend of Rs2.75 per share, or 27.5 percent, for the year 2022-23, in addition to interim dividends of Rs5.80 per share, or 58 percent, already paid to its shareholders.

"The dividend will be paid to the shareholders whose names will appear in the register of members on Oct. 18, 2023," the company said in a statement. "The share transfer books of the company will be closed from Oct. 19 to Oct. 26, 2023."

The company's annual general meeting will be held on Oct. 26, 2023 in Islamabad. The statement said the company also recorded significant enhancements in its seismic efforts and drilling activities, as part of its aggressive exploration program.

"The board of directors appreciated the efforts of the management for taking effective steps to implement the company's strategy and achieve its targets."