OGDC to announce the financial result for 9MFY21 on 26th Apr’21

Oil and Gas Development Company Limited (OGDC) is expected to announce the financial result for 9MFY21 on 26th Apr’21, where we expect the company’s earnings to clock-in at PKR 68,242mn (EPS: PKR 15.87), down by 18% YoY. The fall is anticipated owing to i) drop in oil prices by 19% YoY given weak oil demand internationally, and ii) 3% and 7% YoY dip in oil and gas production, respectively.

On a quarterly basis, profitability is forecast to arrive at PKR 26,017mn (EPS: PKR 6.05) in 3QFY21 compared to PKR 30,460mn (EPS: PKR 7.08) in 3QFY20, depicting a drop of 15% YoY. This comes on the back of decrease in oil and gas production by 1% and 9% YoY, respectively.

Whereas during 3QFY21, oil prices staged a recovery climbing up by 12% YoY. Moreover, exploration cost is expected to tumble by 19% YoY, arriving at PKR 2,497mn in 3QFY21 amid two dry wells (Nangpir-01 and Qadirpur Deep X-01) incurred during the quarter against three dry wells in SPLY. Alongside the result, we anticipate the company to announce a cash dividend of PKR 2.00/share in 3QFY21 (PKR 5.60/share in 9MFY21).

Courtesy – AHL Research

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