Thursday, 1 August 2013

OGDC Final Result Preview 2013

The board meeting of OGDCL will be held on August 06, 2013 to announce financial result for FY13. We expect PAT for the final quarter to clock in at PKR = 26,867mn (EPS: PKR = 6.25) against PKR = 27,661mn (EPS: PKR6.43) during the same period in the preceding year. Cumulative earnings for FY-13 is expected to surge by 6% YoY to a PAT of PKR = 102,527mn (EPS: PKR = 23.84). Earnings accretion during FY-13 is underpinned by improvement in revenue (↑15%) along with magnified interest income (↑54%). However two-fold increase in exploration cost is expected to limit the rise in profitability. We expect the board to declare final cash payout of PKR = 3.50/share, taking the cumulative for the year to PKR = 8.75/share. I gave BUY call of OGDC on current levels.

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