Oil and Gas Development Company Limited (OGDC) is the largest E&P company in Pakistan. In the fiscal year 2022-23, it made a profit-after-tax of Rs224.62 billion, a 68% increase compared to the previous year. This resulted in earnings per share of Rs52.23, compared to Rs31.11 in the last year. The company’s board of directors met on September 28 to review its financial and operational performance.
The board recommended a final cash dividend of Rs2.75 per share, in addition to interim dividends already paid at Rs5.8 per share. OGDC’s net sales during FY23 rose to Rs413.59 billion, a 23% increase from the previous year. Its gross profit also increased by 24% to Rs269.73 billion. Finance and other income rose to Rs154.69 billion, an increase of over 232%. However, the company’s cost of finance increased to Rs4.72 billion, a jump of 102% from the same period last year.
OGDC’s exploration and prospecting expenses and administrative expenditure increased to Rs26.27 billion, a 28% increase compared to the previous year. OGDC is involved in various operations related to exploration, drilling operation services, production, reservoir management, and engineering support.
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