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OGDCL’s profit rose 46% to Rs. 133.8 billion in FY22MEERI News

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Friday saw the release of financial results for the financial year (FY) ended June 30, 2022 by Oil and Gas Development Company Limited (OGDCL).

OGDCL has paid Rs. 133.78 billion, up 46% from a profit of Rs. 91.53 billion during the same period last year. The implementation of super tax during the quarter resulted in a 14 per cent decline in net profit, which came to Rs. 21.74 billion in 4QFY22

OGDCL also disclosed a final cash dividend of Rs. 2.50 per share with the result. Net sales for the fiscal year rose 40 percent year-on-year to Rs. 335.46 billion

However, the YoY decline in oil and gas output was 4 and 6 percent, respectively. The top line grew 52 percent year-on-year on a QoQ basis, totaling Rs. 95.196 billion in 4QFY22

As there were five dry wells in FY22 as opposed to eight a year ago, exploration expenses declined by 10% YoY. Exploration expenses fell 10% YoY due to just one dry well during the fourth quarter of this year compared to two dry wells during the same period last year. (SPLY).

In FY22, the company’s other revenue totaled Rs. 13.979 billion in SPLY against Rs.46.571 billion, a substantial increase of 3x YoY due to recognition of currency gains. Other income reached Rs. 16.983 billion in the fourth quarter of the financial year, thus increasing threefold year-on-year.

Additionally, OGDCL reported effective taxes at 65 percent YoY in 4QFY22 compared to 22 percent last year. The super tax levied on PAT for the entire financial year is included in the taxes paid during the last quarter of FY22. The earnings per share of the company has increased to Rs. 31.11 to 21.28 rupees

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