OGDCL Profit Surges 69% in 9 Months of FY22

The Board of Directors of the Oil & Gas Development Company Limited met on 28 April at its Head Office in Islamabad and announced the financial results for the nine months ended March 31, 2022, of the fiscal year 2021-22. OGDC reported a profit after tax of Rs. 112.044 billion, showing an increase of 69 percent compared to a profit of Rs. 66.34 billion in the same period of last year. This impressive growth in earnings is mainly due to higher crude oil prices, the rupee’s devaluation against the US Dollar and an increase in other income. The net sales of the company clocked in at Rs. 240.26 billion, up by 36.25 percent from Rs. 176.38 billion. The finance and other income of the company were increased by 260 percent to Rs. 29.58 billion from Rs. 8.22 billion. The Board of Directors also approved the third interim cash dividend of Rs. 1.0 per share besides earlier interim dividends of Rs 3.75 per share. The Company paid Rs 27.092 billion as royalty which will ultimately be transferred to the Provinces besides Rs 57.906 billion as taxes during the nine-month period. Earnings per share of the company were increased to Rs. 26.05 as compared to Rs. 15.43. OGDCL continues to be the market leader in the Exploration and Production (E&P) sector and plans to accelerate its exploratory activities in the future as seismic work in newly awarded blocks will be undertaken.