OGDC’s profit surges 87% to Rs35.3b

Oil and Gas Development Company’s (OGDC) profit after tax soared 87% to Rs35.3 billion in October-December 2021 owing to an exponential surge in other income. According to a notice sent to the Pakistan Stock Exchange, the oil and gas exploration firm had reported a profit of Rs18.9 billion in the same period of 2020. Earnings per share of the company rose from Rs4.39 in the October-December quarter of 2020 to Rs8.20 in the quarter under review. In addition to the result, the company announced a cash dividend of Rs2 per share, which took the total payout to Rs3.75 per share in the first half of fiscal year 2021-22. Net sales of the enterprise rose to Rs79.6 billion in October-December 2021 against Rs54.6 billion in the same quarter of 2020, a jump of 46%. Arif Habib Limited analyst Muhammad Iqbal Jawaid said that net sales climbed up on account of 83% year-on-year hike in oil prices and 8% year-on-year rupee depreciation against the dollar.