OGDC’s profit after tax increases Rs96.905bn

RECORDER REPORT

KARACHI: The profit after tax of Oil and Gas Development Company (OGDC) has increased to Rs 96.905 billion in the year ended June 30, 2012 (FY12) as compared to Rs 63.527 billion earned in FY11.

The company’s earning per share increased to Rs 22.53 in the period under review against Rs 14.77 in the same period last year.

The board of directors of the company in its meeting held on Thursday recommended final cash dividend for the year 2011-12 on the basis of accounts for the period ended June 30, 2012 at Rs 2.75 per share i.e. 27.5 percent. This is in addition to interim dividend already paid at Rs 4.50 per share i.e. 45 percent.

According to the financial results sent to Karachi Stock Exchange, the company’s net sales increased to Rs 197.838 billion in FY12 against Rs 155.631 billion in FY11. The company paid Rs 23.123 billion as royalty in this period against Rs 17.703 billion paid in the same account last year. The company’s operating expenses increased to Rs 34.379 billion against Rs 32.997 billion while transportation charges reduced to Rs 2.029 billion against Rs 2.201 billion.

The company’s profit before taxation increased to Rs 133.082 billion in FY12 against Rs 90.982 billion in FY11.