Pak oil giant earns record Rs 124 billion profit

Pakistan's energy giant the Oil and Gas Development Company Limited has earned record after-tax profit of Rs 124 billion in the last financial year, registering 36 per cent growth.
The 17th annual general meeting of Oil and Gas Development Company Limited (OGDCL) was informed yesterday that the company's sales revenue grew by 15 per cent to Rs 257 billion, state-run Associated Press of Pakistan reported.
The meeting also reviewed company's performance during the last financial year and was informed that earnings per share had gone up to Rs 28.81.
The national oil and gas company of Pakistan also contributed Rs 132.26 billion to the national exchequer on account of corporate tax, dividend, royalty, general sales tax and excise duty.

Chairman Zahid Muzaffar told the meeting that OGDCL has continued to deliver robust financial results coupled with steady operational performance.
The company acquired 29 new exploratory blocks and the current concession portfolio consists of 62 owned and operated joint venture exploration licences along with holding working interest in six blocks operated by other E&P companies.