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September 19, 2019

OGDCL yearly profit up 50pc

Business

September 19, 2019

KARACHI: Oil and Gas Development Company Limited (OGDCL) profit increased 50 percent to Rs118.385 billion for the year ended June 30, 2019, translating into earnings per share (EPS) of Rs127.53, a bourse filing said on Wednesday.

OGDCL earned Rs78.736 billion with EPS of Rs18.31 last year. The company announced final cash dividend for the year ended June 30, 2019 at Rs2.50/share, which was equivalent to 25 percent. This was in addition to interim cash dividend already paid at Rs8.5/share, equivalent to 85 percent, the notice to the Pakistan Stock Exchange (PSX).

Exploration and prospecting expenditure of the company fell 22.79 percent to Rs12.499 billion in fiscal year 2018/19 compared to Rs16.190 billion spent in the preceding fiscal.

General and administration expenses of the company increased only 1.02 percent to Rs4.129 billion from Rs4.087 billion in the previous fiscal year.

Finance cost decreased 2.0 percent to Rs1.692 billion in FY19 from Rs1.729 billion in FY18, the notice to the PSX said.

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