OGDCL announced a strong profit of Rs41 billion for the last quarter. However, the company faced a setback due to a Rs15 billion loss caused by decisions made by three energy companies.
These companies are Mari Petroleum Company Ltd (MPCL), Sui Northern Gas Pipelines Ltd (SNGPL), and Uch Power Ltd. Their actions negatively impacted OGDCL’s earnings for the quarter that ended on September 30.
OGDCL reported net sales of Rs106.01 billion, leading to a profit after tax of Rs41.019 billion, which translates to earnings per share (EPS) of Rs9.54. If it weren’t for the external decisions affecting the company, profits would have been around Rs55.75 billion.
In light of its performance, the OGDCL board decided to issue a first interim cash dividend of Rs3 per share, which is 30%. This is an increase from the previous year’s dividend of Rs1.60 per share (16%). Additionally, the board has already recommended a final cash dividend of Rs4 per share for the fiscal year ending June 30, 2024.
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