AKD Securities Limited - Off the Analyst's Desk.

Karachi -- September 23, 2022 (PPI-OT)

OGDC: 4QFY22 Result Review

Oil and Gas Development Company Limited (OGDC) posted its earnings earlier today, wherein the company reported earnings of PkR133.8bn (EPS: PkR31.11) for FY22, lower than our estimates, however higher by 46.2%YoY. For the final quarter, the company posted earnings of PkR21.7bn (EPS: PkR5.05), lower by 49.6%QoQ and 13.4%YoY. Alongside the earnings, the company announced a higher-than-expected cash dividend of PkR2.50/sh (Full-year payout ratio 23%).

Net sales clocked in at PkR95.2bn for 4QFY22, higher by 6.8%QoQ and 59.9%YoY. Macros played in the company's favour, with crude oil prices higher by 20%QoQ and the exchange rate having depreciated by 11% during the period.

Lower-than-expected earnings for the quarter can be attributed to higher operating expenses, which came in at PkR28.5bn for the quarter, higher by 70.7%QoQ...

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