OGDC - 3QFY23 Result Review, (AKD Off the Analyst's Desk Apr 27, 2023)
Oil & Gas Development Company Ltd (OGDC) reported its 3QFY23 earnings earlier today, wherein the company posted Profit After Tax (PAT) of PkR64.63bn (EPS: PkR15.03) for the quarter, higher by 55%/50% QoQ/YoY—slightly higher than our estimate of PkR13.56/sh for the quarter.
- The said increase in bottom line is majorly due to sharp currency appreciation during the quarter (USD/PkR: ↑17%), inducing higher topline by 9%QoQ/19%YoY to stand at PkR105.9bn for the period (2QFY23: PkR97.2bn).
- On the non-operating front, company incurred positive finance income of PkR37.46bn, up 3.0xQoQ vs. (our expectation of PkR35.3bn) majorly due to significant exchange gains and higher income on short-term investments due to increased benchmark rates.
- Exploration expenses clocked in at PkR4.25bn (down 17%QoQ), majorly on account of Bhambhra-2 (OGDCL stake: 100%), taking total exploration expenses for the 9MFY23 to PkR10.75bn (up 125%YoY). Furthermore, operating expenses clocked in at PkR20.93bn (down 2.3%QoQ) vs. PkR21.4bn in the previous quarter.
- Along with the result, company also announced an interim cash dividend of PkR1.80/sh, taking total 1HFY23 dividend paid to PkR5.80/sh.
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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