The Oil and Gas Development Company (OGDC) reported a 9.3% contraction in its profit to Rs91.5 billion in fiscal year 2020-21 primarily due to decline in finance and other income.
The oil exploration firm had reported a profit of Rs100.9 billion in fiscal year 2019-20.
Earnings per share of the company declined to Rs21.28 in the year under review compared to Rs23.47 in FY20, according to a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday.
Alongside the result, the company announced a final cash dividend of Rs1.5 per share taking the total dividend during FY21 to Rs6.9 per share.
Net sales of the company inched up from Rs232.9 billion in fiscal year 2019-20 to Rs239.1 billion in fiscal year 2020-21, an uptick of 2.65%.
“The growth in sales comes on the back of hike in oil prices by 3% on a year-on-year basis and increase in oil production by 2% given resurgence in global demand,” said Arif Habib Limited analyst Muhammad Iqbal Jawaid in a report.
The firm’s operating expenses witnessed a rise of 7.42% to Rs70.2 billion in the previous fiscal year. The company had spent Rs65.3 billion under this head in 2019-20.
