OGDCL announces financial results

F.P. Report

KARACHI: The Board of Directors of Oil and Gas Development Company Limited (OGDCL) in its meeting held on Thursday at Islamabad approved the financial results for nine months ended March 31, 2023 of financial year 2022-23.

The Company’s net sales clocked at Rs 309.148 billion translating to a profit after tax of Rs 159.638 billion and earnings per share of Rs 37.12 for the nine months ended March 31, 2023.

The Board of Directors also approved the third interim cash dividend @ Rs 1.80 per share i.e.18 percent in addition to earlier interim dividends of Rs 4.00 per share i.e. 40 percent. The Company paid Rs 36.128 billion as royalty which will be ultimately be transferred to the Provinces besides Rs 92.980 billion in the form of taxes during the nine month period.

The above entitlement will be paid to the shareholders whose names will appear in the register of members on May 09, 2023. The share transfer books of the company will be closed from May 10, 2023 to May 12, 2023 (both days inclusive). Transfers received at the CDC Share Registrar Services Limited, CDC House, 99-B, Block ‘B’, S.C.H.S., Main Shahrah-e-Faisal, Karachi-74400 at the close of business on May 09, 2023 will be treated in time for the purpose of above entitlement to the transferees.

OGDCL continues to be the market leader in the E&P sector and plans to accelerate its exploratory activities, as seismic work in newly awarded blocks will be undertaken in the future. Board of Directors underscored the importance of aggressive exploratory efforts to achieve optimum reserve replacement ratio for long term sustainability.