OGDCL earns profit of Rs91.53 billion

KARACHI: The Oil and Gas Development Company Limited (OGDCL) has announced a final cash dividend of Rs1.5/share for the year ended June 30, 2021, which is in addition to the interim dividend of Rs5.4/share already paid to the shareholders, a bourse filing said on Tuesday.

The company posted a net profit of Rs91.53 billion, translating into the earnings per share (EPS) of Rs21.28 for FY21, down 9.3 per cent, compared with the profit of Rs100.9 billion and the EPS of Rs23.47 in FY20.

“The result is below our expectations, mainly due to the lower-than-estimated sales,” an analyst at Insight Securities said.

The revenues during the year under review clocked-in at Rs239.1 billion, up 2.67 per cent from the sales of Rs232.9 billion in the previous year.

The revenues inched up, amid growth in the oil and gas production by 26 per cent and 9 per cent, respectively, in the fourth quarter; and a hike in the oil prices by 3 per cent during FY21, and the increase in the oil production by 2 per cent.

The exploration cost settled at Rs6.55 billion in the fourth quarter of FY21, surging 39 per cent owed to two dry wells (Washuk and Kambir) incurred; followed by the higher seismic activity during the quarter.

Consequently, the exploration costs during FY21 came out to be Rs17.36 billion, down 5 per cent. Other income during FY21 arrived at Rs13.979 billion, down 59 per cent.

Nishat Chunian announces cash dividend of Rs5/share

Nishat Chunian Limited (NCL) has announced the final cash dividend of Rs5/share for the year ended June 30, 2021.

The company posted a net profit of Rs8.08 billion, translating into the earnings per share of Rs28.56 for FY21, up 96.11 per cent, compared with the profit of Rs4.12 billion and the EPS of Rs7.75 in FY20.

The revenues during the year under review clocked-in at Rs61.47 billion, up 23.9 per cent from the sales of Rs49.58 billion in the previous year.

“This was mainly due to [a] surge in [the] export orders and higher cotton prices, resulting in [a] massive increase in [the] final product prices. In 4QFY21 [fourth quarter of FY21], [the] net sales increased 135 per cent to Rs13.239 billion on account of low base effect in [the] same period last year,” an analyst at Arif Habib Limited said.

Gross margins of the company increased to 18.2 per cent during FY21, compared with 11.79 per cent in FY20. In the fourth quarter of FY21, despite appreciation of the rupee against the dollar, gross margins jumped to 26.87 per cent due to an increase in the international and local cotton prices.

Other income of the company climbed sharply 90 per cent to Rs864 million in FY21, attributable to hedging of the rupee against the greenback, resulting in higher other income.

The finance costs of the company dropped 34 per cent to Rs1.747 billion in FY21, owing to the relief provided by the State Bank of Pakistan (SBP) in terms of reduction in the interest rate.

Pioneer Cement posts profit of Rs1.9 billion

Pioneer Cement Limited (PIOC) has announced a net profit of Rs1.9 billion, translating into the earnings per share (EPS) of Rs8.69 for the year ended June 30, 2021, compared with the loss of Rs209.6 million and the loss per share (LPS) of 92 paisas in the previous year.

The company did not announce any payout along with the financial results.

The sales revenues clocked-in at Rs21.81 billion in FY21, compared with the revenue of Rs6.2 billion in FY20. “[The] rise in topline is a function of better retention prices (up 54 per cent) and volumes (up 47 per cent),” an analyst at Sherman Securities said.

“We believe that the actual cost, including old and new plants, would have been much higher last year. We believe increased volumes, improved retention prices and in-house power generation kept the margins elevated during the period under review.”

The finance cost surged multiple times to Rs1.8 billion during the year under review, compared with Rs392.7 million in the previous year. The finance cost multiplied, owing to the financing impact of the new line and captive power plants, despite lower interest rates.

Ghandhara Nissan returns to profit

Ghandhara Nissan Limited has announced a net profit of Rs126 million, translating into the earnings per share (EPS) of Rs2.22 for the year ended June 30, 2021, compared with the loss of Rs471.5 million and the loss per share (LPS) of Rs8.27 in the previous year.

The company did not announce any payout along with the financial results.

The revenues for the year clocked-in at Rs4.41 billion, up 83.3 per cent from Rs2.49 billion in the previous year.

The finance cost declined 74.4 per cent to Rs33.9 million in FY21, compared with Rs132.6 million in FY20, due to the low interest regime. Other income also increased to Rs78.8 million in FY21, compared with Rs60.2 million in FY20.

Ghandhara Industries announces profit of Rs604.3 million

Ghandhara Industries has announced a net profit of Rs604.3 million, translating into the earnings per share (EPS) of Rs14.18 for the year ended June 30, 2021, compared with the loss of Rs1.28 billion and the loss per share (LPS) of Rs30.11 in the previous year.

The company did not announce any payout along with the financial results.

The revenues for the year clocked-in at Rs14.99 billion, up 27.24 per cent from Rs11.78 billion in the previous year.

The finance cost declined 52 per cent to Rs465.8 million in FY21, compared with Rs970.4 million in FY20, due to low interest regime. Other income also increased to Rs187.8 million in FY21, compared with Rs54.6 million in FY20.