OGDCL earns Rs17bn profit in 1st quarter

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has earned Rs 17.009 billion profit during first quarter of the current fiscal year as compared to Rs 14.631 billion in the same period.

According to financial results announced by the OGDCL Board of Directors , the company’s net sales revenue increased to Rs 43.962 billion compared to Rs 39.565 billion in the corresponding period of last year.

“While, OGDCL’s profit after tax stood at Rs 17.009 billion compared to Rs 14.631 billion in the same quarter ,” said a press release issued here on Thursday.

The BoD also announced first interim cash dividend of Rs 1.75 per share (17.5%), which would be payable to the shareholders whose names will appear in the Register of Members on Tuesday, December 12, 2017.

During the period under review, the company paid Rs 7.379 billion on the account of taxes.

Whereas, on the exploration and development side, the company made significant progress in Seismic and Drilling activities.