OGDCL profits increase 16.25pc during first quarter of FY 2017-18

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ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) reported Rs 17.009 billion profit during first quarter of financial year 2017-18 compared to Rs 14.631 billion in the same period last year (SPLY), registering an increase of 16.25pc.

According to financial results announced by the OGDCL Board of Directors, the company’s net sales revenue increased to Rs 43.962 billion compared to Rs 39.565 billion in the corresponding period of last year.

“While, OGDCL’s profit after tax stood at Rs 17.009 billion compared to Rs 14.631 billion in the same quarter,” said a press release issued here on Thursday.

The BoD also announced first interim cash dividend of Rs 1.75 per share (17.5%), which would be payable to the shareholders whose names will appear in the Register of Members on Tuesday, December 12, 2017.

During the period under review, the company paid Rs 7.379 billion on the account of taxes.

Whereas, on the exploration and development side, the company made significant progress in Seismic and Drilling activities.