KARACHI: The Oil and Gas Development Company Ltd (OGDCL) recorded an after-tax profit of Rs20.2 billion during Jan-March, a quarter-on-quarter rise of 3.4 per cent from Rs19.5bn (eps Rs4.54).

This took its July-March after-tax profit to Rs68bn (eps 15.81) compared to Rs90bn (eps Rs21.14) a year earlier.

“The nominal increase on a QoQ basis is due to lower exploration expense, higher than expected other income and lower taxation,” said analyst Shahbaz Ashraf at Arif Habib Limited.

The company also declared third interim cash dividend of Rs1.75 per share, taking nine-month cash dividend to Rs6.25 per share.

During Jan-March, the company posted net sales of Rs44,049m, a decline of 22pc QoQ attributable to 31pc lower oil prices despite both oil and gas production exhibiting an uptick of 1pc and 2pc, respectively. Effective taxation was recorded at 29pc in 3Q compared to 41pc recorded in 2Q.

Results announced by other major companies on Thursday included.

LUCKY CEMENT: The company announced 9MFY15 consolidated earnings at Rs10.3bn (eps Rs31.8), up 20pc YoY.

The results beat market consensus estimates. On a standalone basis, Lucky reported 9MFY15 eps of Rs28.8, up 14pc YoY.

Supported by 4pc volumetric growth in cement sales and 1pc growth in net retention price, the topline of the company grew 5pc to Rs33.1bn versus Rs31.4bn in 9MFY14.

On a quarterly basis, net earnings improved by 14pc YoY to Rs9.3bn. On a consolidated basis, Lucky’s net earnings grew by 20pc YoY in 9MFY15. The growth emanated from its subsidiary ICI Pakistan and joint venture operations of cement grinding mill in Iraq.

Local volumes grew 7pc to 3.1m tonnes in 9MFY15 compared to 3m tonnes in the same period last year. However, export sales during the same period declined by 0.5pc to 1.85m tonnes from 1.86m tonnes a year ago.

DG KHAN CEMENT: DGKC announced 9MFY15 consolidated earnings of Rs5.6bn (eps Rs12.8), up 42.5pc YoY.

The results were above market consensus estimates. On a standalone basis, DGKC recorded revenue of Rs18.9bn (eps Rs12.3) in 9MFY15, as against Rs19.6bn (eps Rs9) last year, down 3pc YoY.

Total cement dispatches declined by 5pc due to lower exports. However, local dispatches were higher on the back of robust growth in private sector demand and commencement of mega construction projects across the country.

In 9MFY15, financial charges witnessed a decline of 56pc, resulting in a 24pc YoY increase in profit before tax to Rs6.5bn. On a quarterly basis, net earnings in 3QFY15 increased by 55pc YoY to Rs2bn, primarily due to Rs17 per bag decline in cost of goods, resulting in 600bps increase in gross margins to 36pc.

MAPLE LEAF CEMENT: MLCF announced 9MFY15 earnings at Rs2.3bn (eps Rs4.4) down 3pc YoY, in line with market consensus estimates.

However, pre-tax profit increased by 29pc. Key takeaways highlighted by analyst Nabeel Khursheed at Topline included: in 9MFY15, MLCF recorded revenue of Rs15bn as against Rs13.7bn last year which was up 9pc, led by 9pc increase in volumetric sales to 2.1m tonnes compared to 1.9m tonnes in 9MFY15.

However, average net retention prices remained flat at Rs363 per bag. Financial charges on the other hand witnessed a decline of 22pc in 9MFY15. To highlight, MLCF has considerably reduced its debt by Rs6.1bn in the last two years.

KARACHI ELECTRIC LIMITED: KEL earned after-tax profit of Rs3bn (eps Rs0.11) in 3QFY15, down 70pc QoQ compared with Rs10.1bn (eps Rs0.37) in the preceding quarter.

Analyst Tahir Abbas at Arif Habib Limited attributed it to higher effective taxation on account of lower deferred tax asset (DTA) compared to massive Rs5bn booked in the previous quarter.

During 9MFY15, KEL profitability rose 160pc to Rs16.3bn (eps Rs0.59) from Rs6.3bn (eps Rs0.23) a year earlier.

NESTLÉ PAKISTAN: Overall earnings of the company rose by 76.7pc for the three months ended on March 31, 2015.

The company witnessed increase in its total revenues by almost Rs1.3bn. Earnings per share of the company rose from Rs45.83 in 2014 to Rs81.01 in 2015.

Its sales stood at Rs25bn, up 5.6pc compared to the same period last year. Exports amounted to Rs 1.5bn.

Published in Dawn, April 24th, 2015

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