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After a good earning’s growth in FY19 primarily due to currency depreciation and as well uptick in realized oil prices – both of which increased the topline – Oil and Gas Development Company’s (PSX: OGDCL) earnings remained flat in 1QFY20.

Revenue growth remained tepid; while the average realized price of natural gas witnessed an increase of 35 percent, year-on-year, that of crude oil declined by 18 percent year-on-year. At the same time, the production volumes remained under pressure due to natural decline at Rajian, Tando Alam, Sinjhoro and Qadirpur fields. The management has further highlighted that annual turnaround of plants at Nashpa, KPD-TAY, and a couple of other fields in addition to turbine issues contributed towards lower hydrocarbon production in comparison to the corresponding period. Crude oil average daily production fell by 8 percent, while that of natural gas declined by around 9 percent. At the same time, the company witnessed a 10 percent decline in LPG average daily production as well. Also the absence of exchange rate affect during the quarter can also be seen in the topline.

Oil and Gas Development Company Limited 
Rs (mn)  1QFY20 1QFY19 YoY
Sales        66,204        61,799 7%
Royalty          7,739          6,876 13%
Operating expenses        14,886        14,862 0%
Transportation charges             389             383 1%
Gross profit        43,191        39,678 9%
Other income          2,845          4,098 -31%
Exploration & prospecting expense          3,962          1,961 102%
General administration expense          1,044             997 5%
Finance cost             745             411 81%
Worker profit participation fund          2,089          2,072 1%
Share of profit in associates          1,493          1,028 45%
PBT        39,688        39,363 1%
Tax        12,372        12,628 -2%
PAT        27,316        26,735 2%
EPS (Rs)            6.35            6.22 2%
Gross margin 65.24% 64.20%
Net margin 41.26% 43.26%
Source: Company accounts 

OGDCL also witnessed a decline in other income, which as per the company was due to the exchange loss on revaluation of investment and bank deposits. while on the expense side, the exploration and prospecting expenditure doubled in 1QFY20 as two wells were declared dry and abandoned against none in the similar period last year. The company’s earnings thus were only up by two percent year-on-year in 1QFY20. The company announced the first cash dividend of Rs2.5 along with the 1QFY20 financial performance.

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