The Oil & Gas Development Company Limited (PSX: OGDC) has reported a profit after tax (PAT) of Rs. 208.9 billion, with earnings per share (EPS) of Rs. 48.59, for the fiscal year ending June 30, 2024. This marks a decrease of approximately 7 percent compared to the Rs. 224.6 billion PAT recorded in the previous fiscal year (FY23).

In the fourth quarter of FY24, OGDC’s profitability saw a significant decline of 42 percent year-on-year (YoY), dropping to Rs. 37.8 billion (EPS: Rs. 8.81). Despite the dip in quarterly earnings, the company announced a final cash dividend of Rs. 4.00 per share, bringing the total dividend for FY24 to Rs. 10.10 per share.

The company’s topline for FY24 increased by 12 percent YoY, reaching Rs. 463,698 million, up from Rs. 413,594 million in the previous year. This growth was driven by a 2 percent YoY increase in oil production and a 12 percent YoY depreciation of the Pakistani rupee against the US dollar.

In 4QFY24, net sales rose by 11 percent YoY to Rs. 115,534 million, attributed to a 5 percent YoY increase in oil production and a 9 percent YoY rise in oil prices.

Exploration costs for FY24 decreased by 34 percent YoY to Rs. 12,561 million. In the fourth quarter, exploration costs fell by 50 percent YoY, primarily due to the lower cost of the dry well Badhra Dir-16 compared to the dry well Chak 20-01 in the same period last year.

Other income for FY24 was Rs. 41,344 million, a 73 percent YoY decrease. In 4QFY24, the company recorded an expense of Rs. 3,197 million, contrasting with other income of Rs. 89,508 million in the same period last year. This shift was due to exchange losses from the appreciation of the Pakistani rupee and a one-off gain from the modification of the finance lease of Uch Power Limited I in 4QFY23.

The effective tax rate for the company was 30 percent in 4QFY24, compared to 50 percent in 4QFY23.