KARACHI: Oil and Gas Development Company Ltd (OGDCL) posted a profit of Rs35.3 billion for the second quarter of 2021-22, up 87 per cent from a year ago, a stock filing said on Wednesday.

Its earnings were in line with analysts’ expectations, said a note by Insight Securities.

The company also announced an interim cash dividend of Rs2 per share.

Revenue increased 46pc year-on-year to Rs79.6bn, thanks to an 83pc year-on-year increase in oil prices along with an 8.3pc devaluation. Exploration expenses doubled because of higher prospecting expenditures and ongoing exploration costs, the brokerage said.

UBL earnings rise 49pc

United Bank Ltd (UBL) reported on Wednesday its earnings for calendar year 2021 totalled Rs30.6bn, up 48.8pc from 2020, according to a stock notice.

AKD Securities said the bank’s profit was above its expectations. “The deviation from our estimate occurred on account of the recognition of income on discontinued operations in the final quarter of 2021 amounting to Rs1bn,” it said.

The bank surprised investors on the dividend front by announcing a final payout of Rs6 per share. This took the cumulative cash dividend for the year to Rs18 per share.

For the October-December quarter, the bank recorded earnings of Rs8.7bn, up 68.4pc on a year-on-year basis.

HMB income up 12.4pc

Habib Metropolitan Bank Ltd (HMB) told investors on Wednesday its annual income remained Rs13.9bn in 2021, up 12.4pc from the preceding calendar year.

The bank announced a dividend of Rs3 per share, taking the cumulative payout for 2021 to Rs5 apiece.

“The result came in line with our expectations,” noted AKD Securities.

For the last quarter of the calendar year, the bank’s earnings stood at Rs3.6bn, down 4.2pc from a year ago.

Maple Leaf bottom line grows 79pc

Maple Leaf Cement Factory Ltd reported on Wednesday its profit for October-December remained Rs1.9bn, up 79pc from a year ago.

The result was above analysts’ expectations mainly because of better-than-anticipated gross margins, said a note by Insight Securities.

Published in Dawn, February 24th, 2022