Oil and Gas Development Company Ltd (OGDCL) released its financial results for the period of July-September, revealing that its earnings amounted to Rs49 billion. This figure represented an 8% decrease compared to the same period in the previous year.
According to Insight Securities Ltd, the decline in quarterly income on a year-on-year basis can be attributed to the absence of a substantial exchange gain of Rs11 billion. However, OGDCL did see a 13% increase in revenues year-on-year, primarily due to a 23% devaluation, even though oil prices declined by 15%. Additionally, the company declared an interim cash dividend of Rs1.60 per share.
Meanwhile, Security Papers Ltd reported a notable increase in its net profit for the July-September quarter, amounting to Rs365.2 million, marking a significant 74.1% rise from the previous year.
The company’s top-line revenue also experienced strong growth, expanding by 46% to reach Rs1.7 billion during the same period. Security Papers Ltd informed its investors about a recent technical consultancy agreement with a prominent European security paper company. The company aims to use this collaboration to benchmark its operational efficiencies and develop a comprehensive plan for improving efficiency and reducing costs.
Shell Pakistan Ltd (SPL) announced that its foreign sponsor has executed a share purchase agreement with WAFI Energy LLC, a Saudi Arabia-based company. This agreement involves the sale of the entirety of Shell Pakistan’s shares in the local oil marketing company to WAFI Energy LLC. The acquiring company operates a network of retail gas stations in Saudi Arabia and holds the exclusive license for Shell retail pumps in the Gulf nation.
In June, SPL had previously disclosed its parent entity, Shell Petroleum Company Ltd, intended to divest its entire 77.42% stake in the Pakistani firm as part of a strategy to streamline its global portfolio. Shell Petroleum Company Ltd, a subsidiary of Shell plc, is the largest shareholder in Shell Pakistan Ltd.
