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

Islamabad: Oil and Gas Development Company Limited (OGDCL) on Tuesday announced the financial results for the first half of the current fiscal year ended on December 31, 2023 (July-December), posting a profit of Rs123.296 billion.

“Net sales revenue clocked at Rs.235.375 billion translating to Profit after tax of Rs123.296 billion and earnings per share of Rs28.67,” the OGDCL said.

The company’s Board of Directors (BoD) announced the first interim cash dividend to shareholders at the rate of Rs2.50 per share. “This is in addition to the interim dividend already paid @ Rs.1.60 per share i.e. 16 percent to its shareholders.”

The company said the dividend would be paid to the shareholders whose names will appear in the Register of Members on March 11, 2024. During the period under review, OGDCL paid Rs35.019 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 to 14 (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 OGDCL Board appreciated the efforts of the management for taking effective steps for the implementation of the company’s aggressive exploration program.