OGDCL Profit Up 59% for 2022-23

Staff Report

OGDCL Profit has gone up by 59% for year year ended June 30, 2023, of fiscal year 2022-23.

The Board of Directors of Oil & Gas Development Company Limited (OGDCL), in its meeting held on September 28, 2023, at Islamabad, announced the financial results for the year ended June 30, 2023, of fiscal year 2022-23.

Net sales revenue clocked at Rs. 413.594 billion, translating to profit after tax of Rs. 224.617 billion, showing an increase of 59 percent compared to a profit of Rs. 133.783 billion in the same period of last year and earnings per share of the company clocked at Rs. 52.23 from Rs. 31.11.

The Board of Directors announced the final cash dividend for the year 2022-2023 on the basis of accounts for the period ended June 30, 2023 @ 2.75 per share i.e., 27.50 percent.

This is an addition to interim dividends already paid @ Rs.5.80 per share, i.e. 58 percent to its shareholders. The dividend will be paid to the shareholders whose names will appear in the Register of Members on Wednesday, October 18, 2023.

OGDCL has paid Rs. 159.154 billion on account of Taxation during the period under review.

The annual general meeting (AGM) of shareholders of the company will held on Thursday, October 26, 2023, at 09.00 hours in Islamabad. OGDCL Announces Major Gas Discovery in Mari East Block Punjab

On the exploration and development side, the company recorded significant enhancements in seismic efforts and drilling activities.

The Board of Directors appreciated the efforts of the management to take effective steps for the implementation of the company’s aggressive exploration program.