OGDCL declares Rs1.75 dividend

Posted on 10.31.06 by StockPK Team @ 2:36 pm    

The Oil and Gas Development Company Ltd (OGDCL) has announced a quarterly profit after tax of Rs12.328 billion and dividend per share of Rs1.75.

A meeting of the Board of Directors of OGDCL was held under the chairmanship of Arshad Nasar, Chief Executive of the company, the other day at Islamabad to consider the quarterly accounts of the company for the period ended September 30, 2006.

According to a press release issued here on Monday, during the first quarter of 2006-07, the company earned profit after taxation of Rs12.328 billion as against Rs9.021 billion in the same period last year.

The board also declared first interim dividend of Rs1.75 per share for the year compared with Rs1.25 per share for the first quarter of last year. Despite heavy rains in September 2006, sales revenue of the company increased by 26 per cent, profit before tax by 28 per cent and profit after tax by 37 per cent as compared to the corresponding period of last year. The company’s net profit margin increased to 49 per cent and return on assets was 41 per cent.

High profitability resulted in earnings per share of Rs2.87 compared with Rs2.10 in the same period last year. The company recently made two discoveries ie Mela exploratory well No 1 in September 2006 and Pasakhi north east well No 1 in October 2006.

Source: The News