ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has announced its financial results on Friday for the full year ended 30 June 2011.
Company `s net sales increased to Rs. 155.631 billion compared to Rs. 142.572 billion in the corresponding period last year. While, Net profit after taxation (NPAT) increased to Rs 63.527 billion compared to Rs. 59.177 billion in the corresponding period of preceding year translating into an Earnings per Share of Rs 14.77.
Furthermore company has also announced final cash dividend of Rs. 2.50 per share.
Company spudded 21 new wells including ten exploratory / appraisal wells and eleven development wells were during the year ended 30 June 2011.
Company's exploratory efforts yielded two new gas / condensate discoveries namely Gopang-1 and Sheikhan-1.
Mr. Basharat A. Mirza, Managing Director and CEO of OGDCL commented on the occasion.
"I am excited to report on another successful period for the company. The year under review saw an increase in our sales revenue of 9.2 percent along with an increase in profit after tax of 7.4 percent when compared to the corresponding period last year. We remain focused on our well thought out strategic and business plan which provides us the necessary guidance to achieve and exceed our targets."
OGDCL, the largest petroleum Exploration and Production (E&P) Company in Pakistan, is listed on all three stock exchanges of the country and on London Stock Exchange since December 2006. It holds the largest portfolio of the recoverable hydrocarbon reserves of Pakistan, at 37 percent of gas and 48 percent of oil.
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