Oil and Gas Development Company Ltd profit surges to Rs58.5bn
ISLAMABAD: Oil and Gas Development Company Ltd (OGDCL) on Friday announced that its profit after tax surged 52.7 per cent to Rs58.5 billion in the first quarter of 2026-27, supported by elevated international prices and higher oil and gas output. As a consequence, the board of directors of the country’s largest exploration and production company announced an interim cash dividend of Rs5 per…
Oil and Gas Development Company Ltd (OGDCL) reported a significant surge in profits, with after-tax earnings jumping 52.7% to Rs58.5 billion for the first quarter of 2026-27. The increase was fueled by higher international oil and gas prices and greater production output. Consequently, the company's board of directors raised the interim cash dividend to shareholders to Rs5 per share, the highest first-quarter payout in the company's history, up from Rs3.50 per share the previous year.
OGDCL's net sales revenue grew 38% to Rs132.4 billion, while PAT increased from Rs38.3 billion to Rs58.5 billion, resulting in an earnings per share of Rs13.60 compared to Rs8.91. The rise in profits was primarily due to higher production volumes and stronger realized prices, although it was somewhat offset by ongoing production curtailments and the appreciation of the Pakistani rupee against the US dollar.
The company contributed Rs82 billion to the national exchequer through taxes, dividends, royalties, and levies, while its domestic oil and gas production saved the country an estimated $1.32 billion in foreign exchange through import substitution.
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