OGDCL AGM meeting held

Staff Reporter

The Board announced a final cash dividend, based on the accounts for the period ending June 30, 2023, at a rate of PKR 2.75 per share, equivalent to 27.50 percent For the year 2022-2023.

The Oil & Gas Development Company Limited (OGDCL) held its 26th Annual General Meeting (AGM) for shareholders on Monday for the financial year 2022-23 at the OGDCL Head Office in Islamabad.

The meeting was chaired by the Chairman of the Board of Directors, OGDCL, Mr. Zafar Masud. The Managing Director & CEO of OGDCL, Mr. Ahmed Hayat Lak, along with other board members, senior management, and shareholders, were in attendance.

OGDCL further solidified its position as the market leader, achieving net sales revenue of PKR 413.594 billion. This translated to a profit after tax of PKR 224.617 billion, showing a robust increase of 59 percent compared to last year’s profit of PKR 133.783 billion. The earnings per share of the Company surged to PKR 52.23, up from PKR 31.11.

For the year 2022-2023, the Board announced a final cash dividend, based on the accounts for the period ending June 30, 2023, at a rate of PKR 2.75 per share, equivalent to 27.50 percent.

This is in addition to the interim dividends already paid at a rate of PKR 5.80 per share, amounting to 58 percent. During the review period, the Company paid PKR 159.154 billion in taxation.OGDCL Profit Up 59% for 2022-23

Shareholders of OGDCL commended the Company’s unwavering performance across various portfolios, acknowledging its growth, innovation, and sustainability initiatives.