OGDCL profits disappoint as increase of 6.3pc reported for FY 2016-17

Karachi: In a notification sent to the bourse on Friday, Oil and Gas Development Company Ltd announced its results for the financial year 2016-17, ended 30th June.

OGDCL reported a slight rise in sales of 5.5pc to touch Rs171.82b for FY 2016-17 against Rs162.86b in same period last year (SPLY). Gross profits increased 8.0pc to touch Rs95b during FY 2016-17 against Rs87.8b in SPLY.

Other income rose by 8.95pc for FY 2016-17 to reach Rs16.02b for FY 2016-17 against Rs14.70b in SPLY. Exploration expenditure recorded a decline of 9.64pc to reach Rs13.268b against Rs14.54b in SPLY.

Its admin expenditures went up by 12.43pc to touch Rs4.23m for FY 2016-17 against Rs3.77m in SPLY. Finance cost also fell by 13.42pc to reach Rs1.514m for FY 2016-17 against Rs1.717m in SPLY.

OGDCL reported a meagre 6.39pc increase in net profits for FY 2016-17 to touch Rs63.803b for FY 2016-17 against Rs59.97b in SPLY.

It reported earnings per share of Rs14.83 for FY 2016-17, registering a 6pc rise against Rs13.94 per share a year ago. OGDCL’s share price recorded a 2pc increase to reach Rs140.69 at end of FY 2016-17.

OGDCL also announced a final cash dividend of Rs 2.0 per share for FY 2016-17.

At the time of filing this report, OGDCL shares had closed at Rs152.32, down Rs1.69 from its closing price on Thursday. KSE-100 index closed on Friday at 42,787.19 points, up 103.62 points from Thursday evening’s close.

Mohammad Farooq
Mohammad Farooq
The author is an Assistant News Editor at Profit by Pakistan Today. His works have been published in Dawn, Express Tribune, LiveMint India, Huffingtonpost India and The News on Sunday. He tweets @MohammadFarooq_

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