OGDCL Reports Rs49 Billion Earnings for July-September Period
Although a decrease of 8% compared to the previous year was observed, factors like a 13% increase in revenues and a devaluation of 23% played pivotal roles. Additionally, Security Papers Ltd saw a significant boost in net profit, marking a 74.1% rise, with plans to enhance operational efficiencies.
Karobar
In a recent financial report, the Oil and Gas Development Company Ltd (OGDCL) unveiled its earnings for the period spanning from July to September. The figures indicate that OGDCL recorded impressive earnings amounting to Rs49 billion during this time frame, despite facing an 8% decrease when compared to the same period in the previous year.
Insight Securities Ltd, a prominent financial analysis firm, shed light on the reasons behind this decline in quarterly income on a year-on-year basis. They attributed it to the absence of a substantial exchange gain of Rs11 billion. However, there was a silver lining, as OGDCL managed to achieve a noteworthy 13% increase in its revenues year-on-year. This surge can be primarily attributed to a 23% devaluation, which offset the 15% decline in oil prices. Notably, OGDCL also announced an interim cash dividend of Rs1.60 per share.
Boost in Profit for Security Papers Ltd
On another front, Security Papers Ltd delivered exceptional financial results for the July-September quarter, marking a remarkable 74.1% rise in net profit, which amounted to Rs365.2 million, compared to the previous year. The company's top-line revenue also witnessed significant growth, surging by 46% to reach Rs1.7 billion during the same period. Security Papers Ltd informed its investors about a recent technical consultancy agreement with a prominent European security paper company. This collaboration is intended to serve as a benchmark for operational efficiencies and develop a comprehensive plan for improving efficiency and reducing costs.
Shell Pakistan's Strategic Move
In a strategic business move, Shell Pakistan Ltd (SPL) announced a significant development involving its foreign sponsor and WAFI Energy LLC, a Saudi Arabia-based company. The agreement entails the complete sale of Shell Pakistan's shares in the local oil marketing company to WAFI Energy LLC. The acquiring company operates an extensive network of retail gas stations in Saudi Arabia and holds the exclusive license for Shell retail pumps in the Gulf nation.
This action aligns with Shell Pakistan's parent entity, Shell Petroleum Company Ltd, which had previously disclosed its intention to divest its entire 77.42% stake in the Pakistani firm. This divestment is part of a broader strategy aimed at streamlining its global portfolio. It's important to note that Shell Petroleum Company Ltd, a subsidiary of Shell plc, stands as the largest shareholder in Shell Pakistan Ltd.
