OGDCL Demonstrates 58% Increase in Profit During First Quarter of FY2023

Islamabad, The Gulf Observer: The Oil & Gas Development Company Limited (OGDCL) has announced its financial results for the quarter that ended on September 30 of the fiscal year 2022-23. While continuing its growth journey, the company has registered a 58 percent increase in its profit compared to the fiscal year 2021-22.

The OGDCL Board of Directors, in its meeting has approved the Financial Results for the quarter.

The OGDCL Financial Results show the company demonstrated a 58 percent year-on-year (YoY) increase in its profit, earning Rs. 53.3 billion in the first quarter of the fiscal year 2022-23 as compared to Rs. 33.63 billion in the same period last year. The company’s net sales clocked at Rs. 106.01 billion, up by 48 percent compared to Rs. 71.53 billion during FY22.

The company also announced an interim cash dividend of Rs. 1.75 per share, i.e., 17 percent for the quarter that ended on September 30, according to OGDCL’s Financial Results.

During the quarter, the company’s exploration costs declined by 32 percent on a year-on-year basis, arriving at Rs. 1.545 billion during the quarter as compared to 2.282 billion in the same period of the last year.

The finance and other income of the company was up by 70 percent year-on-year basis and settled at Rs. 18.5 billion versus Rs. 10.87 billion last year.

The company booked effective taxation at 40 percent in the first quarter of FY23 compared to 36 percent last year. The taxation during this quarter includes a 4 percent super tax imposed on company profits during the period.

The Financial Results reported the company’s earnings per share at Rs. 12.39 in the first quarter of FY23 compared to Rs. 7.82 in the first quarter of FY22.