KARACHI: Oil and Gas Development Company Ltd reported on Wednesday its earnings for July-September amounted to Rs49 billion, down eight per cent from a year ago.

Insight Securities Ltd said the year-on-year decline in quarterly income was due to the absence of a hefty exchange gain of Rs11bn.

Revenues increased 13pc year-on-year mainly because of the devaluation of 23pc even though the decline in oil prices was 15pc.

Along with the result, the company also announced an interim cash dividend of Rs1.60 per share.

Security Papers profit rises

Meanwhile, Security Papers Ltd told investors its net profit for the July-September quarter amounted to Rs365.2 million, up 74.1pc from a year ago. The company’s top line expanded 46pc to Rs1.7bn in the period under review.

The company said it recently concluded a technical consultancy agreement with a leading European security paper company and aims to benchmark its operational efficiencies with them to prepare a comprehensive plan for efficiency and cost improvement.

Shell acquisition

Shell Pakistan Ltd (SPL) said on Wednesday its foreign sponsor has executed a share purchase agreement with Saudi Arabia-based WAFI Energy LLC for the sale of the former’s entire shareholding in the local oil marketing company.

The acquirer is a Saudi retail gas station network and a sole licensee of Shell retail pumps in the Gulf nation.

Earlier in June, SPL reported its parent entity, Shell Petroleum Company Ltd, planned to divest its entire 77.42pc stake in the Pakistani firm as part of “simplifying” its global portfolio.

Shell Petroleum Company Ltd, which is a subsidiary of Shell plc, is currently the single largest shareholder in the Pakistani firm.

Published in Dawn, November 2nd, 2023