OGDCL profit surges 53% to Rs58.5bn in September quarter

Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, reported consolidated profit of Rs58.5 billion for the quarter ended September 30, 2026, up from Rs38.3 billion in the same quarter last year, a nearly 53% increase.

This translated into earnings per share (EPS) of Rs13.60, up from Rs8.91 in the corresponding quarter last year, the company’s latest financial results submitted to the Pakistan Stock Exchange (PSX) on Friday.

The company declared an interim cash dividend for the quarter ended September 30, 2026 @ Rs5/- per share, i.e. 50%. This represents the highest ever dividend declared by the company for the first quarter.

The growth in profitability was primarily driven by higher revenue, which increased to Rs132.4 billion during the quarter, compared to Rs96.2 billion in the same period last year, reflecting a growth of nearly 38%.

Gross profit also surged by 48% to Rs83.1 billion, from Rs56.3 billion a year earlier, reflecting improved profitability during the period.

Finance and other income increased to Rs13.8 billion, up from Rs12.2 billion in the corresponding quarter last year, providing additional support to the company’s bottom line.

Meanwhile, exploration and prospecting expenditure rose to Rs4.8 billion, compared to Rs3.1 billion in the same quarter last year, registering an increase of nearly 55%.

General and administration expenses increased slightly to Rs2.2 billion, from Rs2.1 billion a year earlier, while finance costs declined to Rs1.16 billion from Rs1.22 billion.

The company’s share of profit in associates increased to Rs3.94 billion, compared to Rs3.17 billion in the corresponding period last year.

Before accounting for income tax and final taxes, OGDCL posted a profit of Rs88 billion, up from Rs62 billion in the same quarter last year.

OGDCL was incorporated on 23 October 1997 under the Companies Ordinance, 1984. The company was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961.