ISLAMABAD: The Board of Directors of Oil and Gas Development Company Limited (OGDCL) on Thursday announced the financial results for nine months ended March 31, 2023 of the fiscal year 2022-23.

The company’s net sales clocked at Rs 309.148 billion translating to a profit after tax of Rs 159.638 billion and earnings per share of Rs 37.12 for the nine months ended March 31, 2023.

The board also approved the third interim cash dividend @ Rs 1.80 per share i.e.18 percent in addition to earlier interim dividends of Rs 4.00 per share i.e. 40 percent.

The company paid Rs 36.128 billion as royalty which will be ultimately be transferred to the provinces besides Rs 92.980 billion in the form of taxes during the nine-month period.

This entitlement will be paid to the shareholders whose names will appear in the register of members on May 9, 2023.

The share transfer books of the company will be closed from May 10, 2023, to May 12, 2023 (both days inclusive).

The Board of Directors underscored the importance of aggressive exploratory efforts to achieve optimum reserve replacement ratio for long-term sustainability.

The OGDCL continues to be the market leader in the E&P sector and plans to accelerate its exploratory activities, as seismic work in newly-awarded blocks will be undertaken in the future.

Copyright Business Recorder, 2023