Islamabad, Sep 23: For the fiscal year that concluded on June 30, 2024, the Oil & Gas Development Company Limited (PSX: OGDC) reported a profit after tax (PAT) of Rs. 208.9 billion (EPS: Rs. 48.59).
When compared to the PAT of Rs. 224.6 billion reported in the previous fiscal year (FY23), the company’s PAT for the period under review is down by almost 7%. The company’s earnings for the fourth quarter of FY24 decreased 42% YoY to Rs. 37.8 billion (EPS: Rs. 8.81). The company also declared a final cash dividend of Rs. 4.00 per share (Rs. 10.10 per share in FY24) in conjunction with the results.
Due to a 2 percent YoY increase in oil output and a 12 percent YoY depreciation of the Pakistani rupee versus the US dollar, the topline in FY24 increased by 12 percent YoY to RS. 463,698 million from Rs. 413,594 million in the same period the previous year.
Due to a 9% YoY increase in oil prices and a 5% YoY increase in oil output, net revenues in 4QFY24 climbed by 11% YoY to Rs. 115,534 million. In FY24, the exploration costs decreased by 34% year over year to Rs. 12,561 million. However, due to the lower cost of dry well Badhra Dir-16 than dry well Chak, exploration costs during 4QFY24 decreased by 50% YoY.
In FY24, other income was recorded at Rs. 41,344 million, a 73 percent YoY decrease. Due to an exchange loss on the appreciation of the Pakistani Rupee and a one-time gain on the modification of the financing lease of Uch Power Limited I in 4QFY23, the firm recorded other expenses of Rs. 3,197 million in 4QFY24 as opposed to other income of Rs. 89,508 million in SPLY. In 4QFY24, the company recorded effective taxation at 30%, as opposed to 50% in 4QFY23.
