OGDCL profit surges 87pc

Oil and Gas Development Company Ltd (OGDCL) posted a profit of Rs35.3 billion for the second quarter of 2021-22, up 87 per cent from a year ago, a stock filing said on Wednesday. Its earnings were in line with analysts’ expectations, said a note by Insight Securities. The company also announced an interim cash dividend of Rs2 per share. Revenue increased 46pc year-on-year to Rs79.6bn, thanks to an 83pc year-on-year increase in oil prices along with an 8.3pc devaluation. Exploration expenses doubled because of higher prospecting expenditures and ongoing exploration costs, the brokerage said. UBL earnings rise 49pc United Bank Ltd (UBL) reported on Wednesday its earnings for calendar year 2021 totalled Rs30.6bn, up 48.8pc from 2020, according to a stock notice. AKD Securities said the bank’s profit was above its expectations. “The deviation from our estimate occurred on account of the recognition of income on discontinued operations in the final quarter of 2021 amounting to Rs1bn,” it said.