OGDC shareholders approve annual accounts

The ninth annual general meeting of the shareholders of Oil and Gas Development Company Limited (OGDCL) on Friday considered and approved the annual accounts for the year ended June 30, 2006.

The meeting, chaired by CEO and Chairman OGDCL Arshad Nasir and held at OGDCL House, Islamabad, was widely attended by shareholders, said a press release issued here.

The shareholders granted approval to final dividend of 37.5 per cent in addition to 52.5 per cent already paid as interim dividend during the year, which makes total dividend for the year 90 per cent.

The members were informed that the company has maintained its status as leading hydrocarbon exploration and production company in the country. It earned a record after tax profit of Rs46 billion as against Rs33 billion last year.

As compared with last year, sales revenue of the company increased by 31 per cent, profit before tax by 34 per cent and profit after tax by 39 per cent despite higher exploration write-off on account of increased exploration activities.

OGDCL achieved operating profit margin of 64 per cent, net profit margin of 48 per cent, return on assets of 39 per cent and return on equity of 52 per cent. Higher profitability of the year resulted in earnings per share of Rs10.69 as compared to Rs7.67 last year. Members were informed that the company has 37pc of total acreage granted to all exploration and production companies in the country.

Its average daily production including the share from the joint ventures averaged 39,659 barrels per day of crude oil, 937 mmcf per day of gas and 358 metric tons per day of LPG compared with 39,130 barrels of crude oil, 919 mmcf of gas and 334 metric tons of LPG during the previous year. Shareholders were also informed that during the last year 30 exploratory/appraisal and development wells were spudded.

Source: The News