ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) further solidified its position as the market leader, achieving net sales revenue of Rs 413.594 billion.

This translated to a profit after tax of Rs 224.617 billion, showing a robust increase of 59 percent compared to last year’s profit of Rs 133.783 billion. The earnings per share of the company surged to Rs52.23, up from Rs 31.11.

For the year 2022-2023, the board announced a final cash dividend, based on the accounts for the period ending June 30, 2023, at a rate of Rs 2.75 per share, equivalent to 27.50 percent.

This is in addition to the interim dividends already paid at a rate of Rs 5.80 per share, amounting to 58 percent. During the review period, the company paid Rs 159.154 billion in taxation.

Shareholders of the OGDCL commended the company’s unwavering performance across various portfolios, acknowledging its growth, innovation, and sustainability initiatives.

The company held its 26th Annual General Meeting (AGM) for shareholders for the financial year 2022-23 at the OGDCL, here on Monday. The meeting was chaired by the Chairman of the Board of Directors, OGDCL, Zafar Masud. The Managing Director and CEO of OGDCL, Ahmed Hayat Lak, along with other board members, senior management, and shareholders, were in attendance.

Copyright Business Recorder, 2023