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

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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.

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