KARACHI: Oil and Gas Development Company (OGDCL) posted profit after tax of Rs36.67 billion in 1HFY18, up 22.2 per cent, from Rs30.01bn in the corresponding period last year.

Earnings per share (EPS) reached Rs8.53 compared to Rs6.98 in the same period of previous year.

“The result came slightly above our expectations where we highlighted earlier in our report that the company could book a one-off gain arising from the re-pricing of certain Tal block fields,” Danial Kanani analyst with AKD Securities commented.

On a quarterly basis, the net profit increased to Rs19.66bn (EPS: Rs4.57) from Rs15.38bn (EPS: Rs3.58) year-on-year due to an upward trend in international oil prices. The results were accompanied by an interim dividend of Rs3 per share, taking the aggregate payout for 1HFY18 at Rs4.75 per share.

Hubco profit up: Hub Power Company Ltd (Hubco) posted a profit of Rs5.56bn (EPS: Rs4.58) in the 1HFY18, up 3.6pc compared to Rs5.37bn (EPS: Rs4.38) in the corresponding period of FY17.

The company declared an interim dividend of Rs1.50 per share, taking the first half payout to Rs3 per share. Revenue during the period shot up by 12.6pc year-on-year to Rs54.29bn from Rs48.23bn and gross profit was up 7.3pc to Rs8.76bn, from Rs8.17bn on account of higher fuel prices.

Fauji Cement earnings fall: Fauji Cement’s profit declined 2.3pc to Rs1.27bn (EPS: Rs0.92) during 1HFY18 from Rs1.30bn (EPS: Rs0.94) in the corresponding period last year.

Net sales saw a minor growth of 0.79pc to Rs10.27bn from Rs10.19bn, amid lower cement prices in the northern region.

UBL earns PAT Rs26bn: United Bank Ltd consolidated profit for 2017 fell 6.44pc to Rs26.19bn against Rs28bn it earned in the preceding year. The EPS fell to Rs21.39 from Rs22.60 last year.

The bank also announced a final cash dividend of Rs4 per share, taking the total to Rs13 for the year. The board of directors has resolved to issue Additional Tier I instrument(s) of up to Rs10bn, said a press release.

During the fourth quarter of 2017, the bank posted a 9pc year-on-year increase in the earnings clocking-in at Rs6.84bn.

KMB pre-tax profit up: Khushhali Microfinance Bank (KMB) posted a pre-tax-profit of Rs2.49bn, increased by 40pc against last year’s Rs1.78bn. The bank also declared a dividend of Rs0.53 per share.

Published in Dawn, February 20th, 2018