Staff Reporter
Karachi
Oil & Gas Development Company Limited (OGDCL) announced its financial result Wednesday, posting a profit after tax of PKR 25,868mn (EPS: PKR 6.01) during 2QFY20 vis-à-vis PKR 30,021mn (EPS: PKR 6.98) in 2QFY19, down by 14% YoY.
While bottom-line in 1HFY20 arrived at PKR 53,184mn (EPS: PKR 12.37), depicting a drop of 6% YoY. Alongside the result, the company announced a second interim cash dividend of PKR 1.75/share during 2QFY20 (1HFY20: PKR 4.25/share).
Topline in 2QFY20 witnessed an uptick of 3% YoY, clocking-in at PKR 67,237mn as compared to PKR 65,099mn during SPLY amid 14% YoY Pak Rupee devaluation against greenback. However, oil and gas production witnessed a fall of 5% YoY each, tagged with 6% YoY tumble in oil prices. On a cumulative basis, net sales grew by 5% YoY, settling at PKR 133,441mn.
The exploration costs portrayed a massive surge of 156% YoY reaching PKR 6,463mn owed to one dry well (Soghari X-03) and higher prospecting expenditure in 2QFY20. With this, the total exploration costs during 1HFY20 settled at PKR 10,425mn, up by 133% YoY.
Other income in 2QFY20 settled at PKR 5,082mn against to PKR 7,752mn in SPLY,down by 34% YoY, given absence of exchange gain on foreign currency accounts. This took other income during 1HFY20 to PKR 7,927mn, depicting a decline of 33% YoY. The company booked effective taxation at 34% in 2QFY20 similar to 2QFY19.
