Oil and Gas Development Company Announces Financial Results for Fiscal Year 2024

Islamabad: The Board of Directors of Oil and Gas Development Company Limited (OGDCL) has declared a final cash dividend for fiscal year 2023-24 following their latest meeting in Islamabad. This announcement was made in conjunction with the release of the company’s financial results for the year ended June 30, 2024.

OGDCL has declared a final dividend of Rs 4.00 per share, amounting to 40 percent. This final dividend comes on top of the interim dividends previously paid at Rs 6.10 per share, or 61 percent. Eligible shareholders are those listed in the Register of Members by October 17, 2024, with the Share Transfer Books closing from October 18 to October 25, 2024. The company’s Annual General Meeting is scheduled for the latter date in Islamabad.

According to information available from the Pakistan Stock Exchange (PSX), the company’s financial performance this year indicates an increase in net sales, totaling Rs 463.70 billion, up from Rs 413.59 billion in the previous year. Despite higher royalties and operational costs, which reached Rs 54.28 billion and Rs 123.54 billion respectively, the company’s gross profit rose to Rs 283.31 billion from Rs 269.73 billion.

Financial results reveal a lower finance and other income of Rs 41.34 billion this year, down from Rs 154.69 billion in the prior period, reflecting changes in non-operational revenue streams. Expenses related to exploration and prospecting, as well as general and administration, have also adjusted, with the former seeing a reduction from Rs 19.02 billion to Rs 12.56 billion.

The company posted a profit before taxation of Rs 293.79 billion, a decrease from last year’s Rs 383.77 billion, with after-tax profits also down at Rs 208.98 billion compared to Rs 224.62 billion. Earnings per share consequently decreased to Rs 48.59 from Rs 52.23.

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