OGDCL earns Rs123.296 bln profit in first half of FY 2023-24

F.P. Report

Islamabad: The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting held on February 27, 2024, at OGDCL Head Office, Islamabad announced the financial results for the half year ended on December 31, 2023, of the fiscal year 2023-24. Net sales revenue clocked at Rs.235.375 billion translating to Profit after tax of Rs. 123.296 billion and earnings per share of Rs. 28.67.

The Board of Directors announced an interim cash dividend for the quarter ended December 31, 2023, @ Rs. 2.50 per share i.e. 25 percent. This is in addition to the interim dividend already paid @ Rs.1.60 per share i.e. 16 percent to its shareholders.

The dividend will be paid to the shareholders whose names will appear in the Register of Members on March 11, 2024. During the period under review, the Company paid Rs. 35.019 billion on account of Taxation. On the exploration and development side company recorded significant enhancement in seismic efforts and drilling activities.

The Share Transfer Books of the Company will be closed from March 12, 2024, to March 14, 2024 (both days inclusive). Transfers received at the CDC Share Registrar Services Limited, CDC House, 99-B, Block “B”, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi 74400 at the close of business on March 11, 2024, will be treated in time for the purpose of above entitlement to the transferees.

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