OGDCL Pakistan reported Rs.59.177 billion PAT in the last fiscal

Oil & Gas Development Company Limited (OGDCL) of Pakistan announced its financial result for the fiscal year ended on June 30, 2010. The result was announced on August 12, 2010 in a meeting of the board of directors in Islamabad presided over by Kamran Lashari, Chairman, OGDCL.

The company reported a profit After Tax (PAT) of Rs.59.177 billion. Pre-tax profit amounted to Rs.88.552 billion against Rs.80.927 billion last fiscal year. A cash dividend of Rs.1.50 per share has been announced. Earlier, it paid out Rs.4 per share as interim dividends.

Shareholders whose names would appear in the register of members on August 16, 2010, will be entitled for Interim cash dividend. The share transfer books of the company will remain closed from September 21, 2010 to September 30, 2010.

Oil and Gas Development Company Limited (OGDCL) is a state-run corporation with the Government of Pakistan holding 74.82% stake in the company. Established in 1961, the company is currently headquartered in Islamabad. The company had been created to prospect, refine and sell oil and gas in Pakistan.

Within 1966, OGDCL became a dominant company in the region with significant discoveries in the Indus Basin. The company was converted into a public limited company in 1997. Initially, the government issued 1.075 billion shares of Rs 10 each.