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ISLAMABAD: Marred by forced production curtailment, the profitability of the country’s largest oil and gas producer, Oil and Gas Development Company (OGDCL), dropped by 11 per cent to Rs115.3 billion in the first three quarters (July-March) of the current fiscal year.
While approving the financial results for the first nine months, the board of directors of the company on Wednesday declared a quarterly dividend of Rs3.25 per share — the highest third-quarter payout — taking the nine-month total dividend to Rs11 per share, the company said in a statement.
The company said it recorded net sales of Rs300.127bn for the nine months ending March 31, about 3.5pc lower than Rs311bn for the same period last year. Profit after tax amounted to Rs115.263bn in the first three quarters of FY26, compared with Rs129bn in FY25 and Rs171bn in FY24.
The Rs115bn profit in 9MFY26 translated into earnings per share (EPS) of Rs26.80. “The results were impacted by production curtailments, lower realised crude oil and LPG prices, and other market dynamics, partially offset by higher realised gas prices and exchange rate movement”, the company said. The production losses were caused by forced closure or curtailment of oil and gas producing wells due to surplus imported liquefied natural gas (LNG) in the system.
