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Oil and Gas Development Company Limited (OGDCL) has been rated at AAA/A-1+A by JCR-VIS a Credit Rating Company Limited (JCR-VIS) reaffirmed the entity outlook on the medium to long term rating is 'Stale' here on April 13, 2010. The rating reflect principal shareholding of the government in OGDCL, its robust balance sheet, proven hydrocarbon reserves and management profile, along with the fact that the company has the largest share in the exploration and production sector of the country.
Shah Mahboob Alam, acting MD of OGDCL while commenting on the rating said. "We are extremely pleased at this outcome. This rating reflects the strong financial position and potential of OGDCL which is embarking upon an ambitious growth lead strategy. The recent surge in the share price of OGDCL following the Pakistan Day Investment Conference held in New York, reflects the confidence of the international investors in the country."
Asif S Sindhu, Executive Director/CFO of the company observed, "The ratings factor in OGDCL's consistent growth over the years. The financial profile of the company has ensured that despite the heavy financial commitments in the form of capital expenditure, there is no gearing on the company's books.
In spite of the prevailing circular debt issue, prevailing healthy margins and robust financial management have helped the company to fulfil its financial obligations including a consistent dividend payout to its shareholders. However, resolution of the circular debt crisis is vital to sustaining the future capital investment plan of the company. Total receivables of OGDCL currently stand at Rs 71 billion.-PR

Copyright Business Recorder, 2010

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