ISLAMABAD/KARACHI: The Oil and Gas Development Company Ltd (OGDCL) on Friday announced almost 55 per cent increase in after-tax profit to Rs56.7 billion in first half (July-December) of the current fiscal year from Rs36.671bn, mainly because of enhanced production and higher international oil prices.

This translated into earnings per share of Rs13.20. The financial results for the second quarter (September-December) were approved by the company’s board of directors at a meeting held on Friday.

The board was informed that major contribution (about 70pc) to the higher profit came from commercial production of two major oil and gas fields – Kunnar Pashkhi Deep (KPD) in Sindh and Nashpa field in Khyber Pakhtunkhwa. The remaining 25-30pc contribution accrued because of higher international oil prices that generated windfall earnings to the company as the domestic well head prices are linked to international oil prices.

The company’s net sales revenue increased 32pc to Rs126.897bn in the first half compared to Rs95.960bn in the corresponding period last year.

The board announced second interim cash dividend of Rs3 per share (30pc).

NBP profit drops to Rs20bn

The National Bank of Pakistan (NBP) after tax profit decreased by 13.1 per cent to Rs20 billion for the calendar year 2018 from Rs23bn in 2017.

The bank on Friday said that the profit before provisions amounted to Rs41bn; 11.4pc higher than Rs36.8bn for the year 2017. During the year, NBP recognised significant increase in loan-loss and other provisions which amounted to Rs11.3bn as against Rs1.2bn in the prior year. This is mainly due to default by a single borrower group which has been fully provided for.

This translates into earnings per share of Rs9.41 against Rs10.82 in 2017. The bank, however, did not recommend any dividend for the period under review. Pre-tax and after-tax return on average equity stood at 21.8pc and 14.7pc respectively.

The bank has achieved the highest ever total revenue in its history of seven decades at Rs96.9bn up 13.6pc from the Rs85.3bn recorded in the previous year. While net interest income increased by 11.8pc to Rs60.7bn, non-interest income also increased by 16.7pc to Rs36.2bn.

BAFL earnings up by 28pc

Bank Alfalah Ltd announced earnings on Friday for CY18 at Rs10.99bn translating in to an EPS of Rs6.19 depicting a 28pc improvement year-on-year on a sequential basis.

The quarter-on-quarter downturn was recorded at 20pc.

Improvement in profitability was on account of improvement in net interest income while a heavy provisioning expense during fourth quarter stressed profitability on a sequential basis.

The bank announced a dividend of Rs1.5 per share for the quarter taking total payout for the year to Rs2.5 per share.

Soneri Bank PAT at Rs1.78bn

Soneri Bank Ltd posted profit before tax of Rs2.90bn and PAT of Rs1.784bn for the year 2018, as compared to Rs2.848bn and Rs1.66bn respectively in 2017. The results have consequently improved the bank’s EPS from Rs1.505 per share in 2017 to Rs1.617 per share in 2018.

POL profits climb by 65.7pc

Pakistan Oilfields Limited (POL) recorded PAT at Rs7.9bn and EPS at Rs27.79 for the half year ended Dec 31, 2018. It represented earning growth by 65.7pc over the PAT at Rs4.8bn and EPS at Rs16.77 for the same period the previous year. Net sales rose to Rs22.2bn against Rs13.2bn YoY.

POL management noted in a statement that the increase in profit was mainly due to increase in average crude oil prices by 26.8pc; rupee/dollar parity positive impact on crude oil and gas revenues and other income despite increase in costs under various heads and taxation.

Bestway declares EPS at Rs11.54

Bestway Cement Ltd unveiled six months’ accounts ended Dec 31, 2018, marking PAT at Rs6.9bn and EPS at Rs11.54, up from Rs6.2bn and EPS at Rs10.39 in the same period of last year.

The company declared cash dividend at Rs3 per share, which was in addition to Rs2 per share paid previously. Revenue grew to Rs27.7bn, from Rs26.4bn.

Published in Dawn, February 23rd, 2019