OGDCL Earns Rs 91.534 Bln Profit In FY 2020-21

ISLAMABAD, (UrduPoint / Pakistan Point News - 28th Sep, 2021 ) :The Oil and Gas Development Company (OGDCL) on Tuesday announced financial results for the year 2020-21, posting a net profit of Rs 91.534 billion.

"Net profit after taxation stood at Rs 91.534 billion as against Rs 100.938 billion in the last year translating into earning of Rs 21.28 per share," the company said in the report.

During the period, the OGDCL registered net sales of Rs 239.104 billion as compared to Rs 232.925 billion in the last year, while its net profit before taxation remained Rs 128.986 billion against Rs 144.362 billion of the corresponding year.

The company declared a final cash dividend of Rs 1.50 per share and announced operating profit margin and net profit margin of 45 per cent and 38 per cent respectively During the last fiscal year, the company acquired 2,539 Line Kilometer of 2D and 600 Square Kilometer of 3D seismic data, spud twenty wells including ten exploratory/appraisal wells, eight development wells, one re-entry well and one sidetrack well.

Its exploratory efforts yielded six oil and gas discoveries including Togh Bala-1, Siab-1(Samanasuk) and Siab-1 (Lumshiwal/Hangu) in district Kohat, KP province, Lakhi Rud X- 1 in district Musa Khel and Jandran X-4 in district Barkhan, Balochistan province and Sial- 1 in district Hyderabad, Sindh province.

The company's average net saleable crude oil, gas and LPG production stood at 36,892 barrels per day, 870 million cubic feet per day gas and 803 tons per day respectively, during the year under review.