OGDCL is Pakistan’s largest E&P company with a diverse production base, with 70% of oil and gas output coming from 6 and 3 fields, respectively.
The firm, in general, contributes more than a quarter of the domestic natural gas production and over 50% of the domestic crude oil production.
The company recently reviewed its first quarter FY23 financial performance, reporting earnings of Rs. 53.3 billion, which is almost 58% greater than the net earnings of Rs. 33.63 billion in the prior fiscal year.
The increase in profit was brought on by a significant rise in increased dollar indexation, global oil prices, and depreciation of the Pakistani rupee, as per the report by Arif Habib Ltd.
A Closer Look at OGDCL’s 1QFY23 Performance:
- OGDC reported earnings per share of Rs. 12.39 in the first quarter of the fiscal year 2023—an increase from Rs. 7.82 in the first quarter of the previous year.
- Besides, there was a 10% and a 9% decline in oil and gas output, respectively. Net sales increased by 48 percent to Rs.106.01 billion from Rs. 71.53 billion.
- An interim cash dividend of Rs. 1.75 per share was also paid. However, it was the same as for the comparable period in the previous year.
- Exploration expenditures, meanwhile, decreased by 32% YoY to Rs. 1.545 billion. This occurred as a result of there being no dry well during that quarter.
The company’s other income increased by 70% year-on-year and ended up at Rs. 18.5 billion compared to Rs. 10.87 billion the previous year. Also up from 36% to 40% in the first quarter were effective taxes.