ISLAMABAD: The Oil and Gas Development Company Limited earned record after-tax profit of Rs124 billion during the last financial year, showing a growth of 36 per cent.

The 17th Annual General Meeting of the company was informed on Sunday that the sales revenue grew by 15pc to Rs257bn.

The meeting presided over by Zahid Muzaffar, Chairman of the Board of Directors, and attended by Iskander Mohammad Khan, Prince Ahmed Omar Ahmedzai, Rehmat Salam Khattak, Hamid Farooq and Mohammad Rafi, managing director and chief executive officer of the OGDCL, reviewed the performance of the company during 2013-14. It also oversaw election of new members of the board.

The meeting was informed that earnings per share had gone up to Rs28.81. The company contributed Rs132.26bn to the national exchequer on account of corporate tax, dividend, royalty, general sales tax and excise duty, etc.

Chairman Zahid Muzaffar told the meeting that the OGDCL 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.

The company gave Rs50 million for rehabilitation of people affected by earthquake in Balochistan and contributed Rs250m to the Prime Minister’s fund for flood victims in 2014 and Rs80m to the PM’s fund for IDPs during 2014-15.

The chairman assured the shareholders that the company would continue to undertake new development activities.

Published in Dawn, October 27th, 2014