4QFY18 EPS of PKR 5.0 to take full year earnings to PKR 18.2/share
Oil and Gas Development Company Limited (OGDC) is scheduled to announce its 4QFY18 result on September 7, 2018, wherein we expect an earnings growth of 6% QoQ to clock in at PKR 21,302m (EPS: PKR 5.0). It will result in full year earnings of PKR 78,123m (EPS: PKR 18.2), which is 22% higher than the earnings in FY17. During the quarter, the company is expected to post a meager increase of 1% QoQ in gas production whereas a decrease of 3% QoQ in oil production is likely to be seen. Moreover, we anticipate a cost write off associated with 2 dry wells (Sheikhan Bhutta 1 and Tolanj East) in 4QFY18 results. On YoY basis, better crude oil prices coupled with currency depreciation will drive the growth of 31% in the earnings. Along with the result, we expect a cash dividend of PKR 3.0/share, which will take annual dividend to PKR 10.5/share.
Oil and Gas Development Company is a petroleum exploration and production (E&P) company in the Pakistan oil and gas sector. Co.'s principal activity is to explore, develop, produce and sell oil and gas resources and related activities. Co. also manufactures Gas, Liquefied Petroleum Gas, Crude Oil, and Sulphur. Co.'s major fields contributing in the aforesaid production of crude oil include Nashpa, Kunnar/KPD, Pasakhi, Sinjhoro and Rajian and for gas include Qadirpur, Uch, KPD, Nashpa and Dakhni. Co. carries out exploration and development activities on its own as well as in joint ventures with other oil companies.
Ismail Iqbal Securities (Private) Limited (IISPL) is a TREC holder of the Pakistan Stock Exchange, as well as an SECP registered Underwriter and Book Runner. IISPL provides comprehensive financial services including Equity Sales, Research on Equities and the Macro-Economy, Investment Advisory, Portfolio Management, Corporate Finance, and extensive services for Private Equity investors. IISPL services a diversified client base, from Institutional to Retail Investors including High Net worth Individuals.
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