ISLAMABAD, Feb 23: Oil and Gas Development Company Limited (OGDCL) posted a 28 per cent increase in its after tax profit to Rs20.305 billion for the first half ended December 31, 2005 compared to Rs15.779 billion the same period last year.

According to a press release the board of directors in its meeting held here on Thursday approved the half yearly accounts of the company and declared second interim dividend of Rs1.75 per share i.e. 17.50 per cent for the year 2005-06. The company had already declared first interim cash dividend at the rate of 12.50 per cent or Rs1.25 per share in the first quarter of this fiscal.

OGDCL registered a record increase of 27.63 per cent in its sales revenue to Rs42.668 billion as compared to Rs33.431 billion the same period of previous year.

The board expressed its satisfaction on improved financial results and acknowledged best team efforts, planning and management for increasing the production and sales of the company.