Friday saw the release of the financial results for the fiscal year (FY) that concluded on June 30, 2022, by Oil & Gas Development Company Limited (OGDCL).
OGDCL reported an after-tax profit of Rs. 133.78 billion, up 46% from a profit of Rs. 91.53 billion during the same period last year. The implementation of super tax during the quarter resulted in a 14 percent decline in net profit, which came in at Rs. 21.74 billion in 4QFY22.
OGDCL also disclosed a final cash dividend of Rs. 2.50 per share along with the outcome. On the back of a 71 percent YoY increase in oil prices and a 10 percent YoY devaluation of the Pakistani Rupee, net sales for the fiscal year increased by 40 percent year over year to Rs. 335.46 billion.
However, YoY declines in oil and gas output were 4 and 6 percent, respectively. The top line increased 52 percent year over year on a QoQ basis, totaling Rs. 95.196 billion in 4QFY22.
Because there were five dry wells in FY22 as opposed to eight the year before, exploration expenses decreased by 10% YoY. Due to only one dry well during the fourth quarter of this year compared to two dry wells during the same period last year, exploration expenditures decreased by 10% YoY. (SPLY).
In FY22, the company’s other revenue totaled Rs. 46.571 billion compared to Rs. 13.979 billion in SPLY, a considerable increase of 3x YoY due to the recognition of currency gains. Other income reached Rs. 16.983 billion in the fourth quarter of the fiscal year, growing threefold year over year for the same reason.
Additionally, OGDCL reported effective taxes at a rate of 65 percent YoY in 4QFY22 compared to 22 percent the previous year. The super tax levied on PAT for the entire fiscal year is included in taxes paid during the last quarter of FY22.The company’s earnings per share increased to Rs. 31.11 from Rs. 21.28.
