OGDC to post 54% growth in net profit

Pakistan’s largest exploration and production (E&P) company, Oil & Gas Development Company (OGDC) is scheduled to announce its third quarter results tomorrow, 26th April 2019. According to analysts’ forecast, for the nine months period the Company is expected to post profit after tax of Rs87.54 billion (EPS: Rs20.35), posting a growth of 54%YoY. The Company is also expected to announce Rs2.50 per share interim dividend. The hike in profit can be attributed to: 1) a 15.8%YoY hike in realized oil prices, coupled with average exchange rate rise of 25%YoY, 2) modest production growth for gas (up 3%YoY), but a nominal decline in oil production (down 3%YoY), 3) LPG production grew by 15%YoY due to commencement of production from Nashpa) and 4) treatment of a possible dry well and higher work over activity.

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