OGDCL reports increase in net profit by 7.4pct

Oil and Gas Development Company Limited (OGDCL) has announced its financial results on Friday for the full year ended 30 June 2011.

Company `s net sales increased to Rs. 155.631 billion compared to Rs. 142.572 billion in the corresponding period last year. While, Net profit after taxation (NPAT) increased to Rs 63.527 billion compared to Rs. 59.177 billion in the corresponding period of preceding year translating into an Earnings per Share of Rs 14.77.

Furthermore company has also announced final cash dividend of Rs. 2.50 per share.

Company spudded 21 new wells including ten exploratory / appraisal wells and eleven development wells were during the year ended 30 June 2011.

Company’s exploratory efforts yielded two new gas / condensate discoveries namely Gopang-1 and Sheikhan-1.

Mr. Basharat A. Mirza, Managing Director and CEO of OGDCL commented on the occasion.

From: Halal Tamweel