ISLAMABAD: Oil and Gas Development Company Ltd (OGDCL) posted a solid quarterly profit of Rs41 billion, despite citing an estimated Rs15 billion reduction in potential profit due to decisions from public-sector entities Mari Petroleum Company Ltd (MPCL), Sui Northern Gas Pipelines Ltd (SNGPL), and Uch Power Ltd. The board of directors, convening on Friday, reported net sales of Rs106.01 billion with earnings per share (EPS) of Rs9.54 for the quarter ending September 30.
The company noted a Rs9.5 billion tax expense on MPCL’s bonus shares and a Rs5.23 billion financial impact from production curtailments, reducing EPS by Rs3.42. Nevertheless, the board declared a 30% interim cash dividend of Rs3 per share, up from Rs1.60 per share in the same period last year. The board also highlighted a record cumulative dividend payout of 101% for the year.
In the first quarter, OGDCL’s finance income rose by Rs9.48 billion, while collections reached 121% of billings. Production output faced obstacles from LNG import mismanagement and equipment delivery delays. OGDCL reported Rs42.09 billion contributed to the national exchequer and announced new gas condensate finds in Punjab and Sindh, promising a daily yield of 388 barrels of crude oil and 13 million cubic feet of gas.
