Oct 16, 2015 - Oil and Gas Development Company (OGDC) reported EPS of PKR4.25/sh in 1QFY16, depicting a decline of 35%Yo
BMA Flashnote OGDC 1QFY16 EPS clocked in at PKR4.25, down 35%YoY
Friday October 16, 2015
Oil and Gas Development Company (OGDC) reported EPS of PKR4.25/sh in 1QFY16, depicting a decline of 35%YoY – inline with expectations.
The result announcement also accompanied an interim cash dividend of PKR1.5/sh.
The YoY decline in earnings can be attributed to 31%YoY lower net sales on account of i) steep downward slide in oil prices (down on average 51%YoY) and ii) 8%YoY decline in oil production.
However, 52%YoY decline in exploration cost to PKR1.8bn provided some support to the dismal earnings in 1QFY16.
At last closing, OGDC is trading at FY16F and FY17F P/Es of 7.9x and 6.4x, respectively.
1QFY16 Result Summary (PKR mn) Sales Operating Expenses Other Income Exploration Cost PBT Taxation PAT EPS DPS
1QFY16 44,513 12,634 4,359 1,807 26,228 7,968 18,260 4.25 1.50
1QFY15 64,396 13,213 6,311 3,752 41,580 13,270 28,310 6.58 2.50
S ‐31% ‐4% ‐31% ‐52% ‐37% ‐40% ‐36% ‐36% ‐40%
4QFY15 47,932 15,779 4,658 3,766 23,920 4,678 19,243 4.47 1.50
S ‐7% ‐20% ‐6% ‐52% 10% 70% ‐5% ‐5% 0% Source: KSE
Muhammad Affan Ismail, CFA
[email protected] +92 111 262 111 Ext: 2058
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