News Column

OGDCL posts Rs.123.95 bln net profit

August 6, 2014

Oil and Gas Development Corporation Limited (OGDCL) has announced annual financial results for fiscal year 2013-14 with net profit of Rs.123.95 billion as compared to last year of Rs.91.273 billion, registering 35 per cent growth.

Addressing a press conference here Tuesday Chairman OGDCL Zahid Muzaffar flanked by Managing Director Muhammad Rafi said that OGDCL’s net sales revenue increased by 15.1 per cent to Rs 257.014 billion compared to Rs.223.365 billion in the last year.

“Company’s net profit after taxation increased by 35.8 per cent reaching a new record level of Rs 123.915 billion against Rs.91.273 billion in the preceding year translating into earnings per share of Rs.28.81” he said.The Chairman said that OGDCL was a largest taxpayer company in the country and has contributed Rs.48 billion as taxes to national kitty during the said period.

He said that the Board of Directors declared final cash dividend of Rs.3.0 per share (30 per cent) totalling to Rs.9.25 per share for the year ended June 30,2014 against Rs.8.25 per share during last year.

Zahid said that OGDCL recorded improvement in its production volumes, reaching an average daily net crude oil and gas production of 41,330 BBLS and 1,173 MMCF as against 40,101 BBLS and 1,108MMCF respectively in the previous year. Moreover, average daily production of LPG has also increased by 25 metric tons, he added.

MD Muhammad Rafi said that contracts for new 29 blocs have been signed and 17 drilling sites were identified.

To a question, he said hectic programme had been devised to expedite on all 62 blocs.

The MD said that the company was also successful on the exploration front and realized two new finds of hydrocarbon namely Saand-1 (Tando Allah Yar) and Maru East-1 (Ghotki).

To another query, he said that 23,000 applications were received for trainee engineers.

Other Board members Zafar Masood, Prince Umer, Ahmad Zaheer and Rahmatullah Khattak were also present on the occasion.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Frontier Star (Pakistan)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters