KARACHI: Oil and Gas Development Company Ltd (OGDC) — the exploration and production giant — unveiled profit after tax at Rs100.1 billion for the year ended June 30, translating into earnings per share (EPS) at Rs23.27.

The net income stood down 15pc from PAT at Rs118bn and EPS Rs27.53 the previous year.

Alongside the results, the board of directors also recommended final cash dividend at Rs2.50 per share, taking the FY20 aggregate payout to Rs6.75 per share compared. Full-year dividend paid in FY19 amounted to Rs11 per share.

Top line settled at Rs244.9bn in FY20, down by 6pc. The decline in revenue was attributed mainly to fall in oil prices, coupled with decrease in oil and gas production by 8pc and 9pc to 36,073 bpd and 893 mmcfd, respectively.

Covid-19 had a major impact on the company’s oil production since many fields such as Nashpa, Mela and KAPDTAY witnessed partial shutdown. The management stated that the average net realised price of oil was $46.76 per barrel during FY20, as against $58.74 during the earlier year.

Similarly, the average net realised price for natural gas was Rs393.32 per Mcf as against Rs336.62 the previous year. The company experienced sharp increase of 46pc in exploration expenses.

Published in Dawn, September 29th, 2020