Calculations of OGDCL by Safdar, Safi Ullah, Muhamad Amin

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OGDCL

Company Name Oil and Gas Development Company Limited


Ticker OGDC
Stock Exchange Pakistan Stock Exchange
Share Price as 6th February 2022 89.51
Industry Oil and gas
Recommendation Buy It
Target Price:
Got throught DDM 108.3
Got throught FCFF 129.2

Contents
Assumptions
Growth Calculation
Income Statement
Shareholder's Equity
Balance Sheet Items
BS
D&A Schedule
DDM
FCF Valuation
Beta Calculation
CFS
Ratio Analysis
Enterprice Value multiple
OGDCL
Assumptions
Sales

Depreciation and Amortization

Tax

All other items

Royalty

Issued, subscribed, and paid up capital

Reserves

Unappropriated profit

Long-term Deposits

Long-term lease liabilities

Long-term Borrowing

Deferred Government Grant

Deferred Tax Liability

Employee deferred benefits

Provision for decommissioning cost


Assumptions

Sales is estimated based upon averages historical growth rate

It is calculated as per the percentage of PPE

based upon historical average percentage of sales

based upon historical average percentage of sales

We have considered it as a cost of goods sold

Same

Same

After paying dividends all the income is added here

Long-term deposits are increased as per % of sales

Long-term lease liabilities will increase as per % of sales

It is assumed that the company will not borrow

It is assumed as zero

It is assumed as zero

It is assumed that company pays in cash

As it is a non currenet liability and also it is no operational thus we assume it as zero


t as zero
Years 2018 2019 2020 2021 Avg Growth
Sales 205,335,000 261,481,188 232,925,243 239,103,553
Growth 27% -11% 3% 6%
IS
Statement of Profit or Loss
For the year ended 30 June 2021 Historical
2018 2019
Restated
(Rupees ‘000)
Sales - net 205,335,000 261,481,188
Royalty -21,970,947 -29,335,927
Operating expenses -60,213,460 -63,455,844
Transportation charges -1,670,850 -1,627,854
COGS -83,855,257 -94,419,625
Gross profit 121,479,743 167,061,563

Finance and other income 16,008,118 32,288,249


Exploration and prospecting expenditure -16,190,496 -12,499,324
General and administration expenses -4,087,862 -4,129,249
Finance cost -1,729,886 -1,692,538
Workers’ profit participation fund -5,927,724 -9,294,706
Share of profit in associate - net of taxation 3,074,868 4,865,418
Profit before taxation 112,626,761 176,599,413
Taxation -33,890,466 -58,213,625
Profit for the year 78,736,295 118,385,788
Earnings per share - basic and diluted (Rupees) 18.31 27.53
Outstanding shares 4,300,928
EBIT 101,201,385 150,432,990
Statement of Comprehensive Income
For the year ended 30 June 2021
2018
Restated
(Rupees ‘000)
Profit for the year 78,736,295
Other comprehensive income/ (loss) for the year

Items that will not be reclassified to profit or loss:


Remeasurement gain/ (loss) on employee retirement benefit plans -625,359
Current tax (charge)/ credit related to remeasurement gain/ (loss)
on employee retirement benefit plans 339,945
Share of other comprehensive income of the associate - net of taxation -18,369
-303,783

Total comprehensive income for the year 78,432,512

Page 1
IS

Historical Forecasted
2020 2021 2022 2023 2024

232,925,243 239,103,553 253,449,766.18 268,656,752.15 284,776,157.28


-27,626,096 -27,422,366 (28,670,559.16) (30,390,792.71) (32,214,240.28)
-65,330,327 -70,177,394 (70,326,175.04) (74,545,745.54) (79,018,490.27)
-1,592,125 -1,757,577 (1,808,918.05) (1,917,453.13) (2,032,500.32)
-94,548,548 -99,357,337 (100,805,652.25) (106,853,991.38) (113,265,230.87)
138,376,695 139,746,216 152,644,113.93 161,802,760.77 171,510,926.41

33,816,135 13,978,973 25,667,326.34 27,207,365.92 28,839,807.87


-18,213,438 -17,366,187 (17,581,552.43) (18,636,445.57) (19,754,632.31)
-5,070,904 -4,668,110 (4,878,523.00) (5,171,234.38) (5,481,508.44)
-3,011,454 -2,204,774 (2,347,415.71) (2,488,260.65) (2,637,556.29)
-7,597,981 -6,788,755 (7,947,378.36) (8,424,221.06) (8,929,674.32)
6,062,575 6,288,982 5,443,616.30 5,770,233.28 6,116,447.27
144,361,628 128,986,345 151,000,187.08 160,060,198.30 169,663,810.20
-43,423,735 -37,451,921 (46,301,622.59) (49,079,719.94) (52,024,503.14)
100,937,893 91,534,424 104,698,564.49 110,980,478.36 117,639,307.06
23.47 21.28 24.34 25.80 27.35

115,092,353 117,711,919 130,184,039 137,995,081 146,274,786

2019 2020 2021

118,385,788 100,937,893 91,534,424

8,042,941 -15,609,921 3,117,169

-4,278,845 8,048,475 -1,596,374


-30,274 3,801 2,184
3,733,822 -7,557,645 1,522,979

122,119,610 93,380,248 93,057,403

Page 2
IS
Growth rate 0.06
(1+g) 1.06
2025 Tax rate Average
Percentage of sales schedule

301,862,726.72 2018 2019 2020 2021


(34,147,094.69) -11% -11% -12% -11%
(83,759,599.69) -29% -24% -28% -29%
(2,154,450.33) -1% -1% -1% -1%
(120,061,144.72) -41% -36% -41% -42%
181,801,582.00 59% 64% 59% 58%

30,570,196.35 8% 12% 15% 6%


(20,939,910.25) -8% -5% -8% -7%
(5,810,398.95) -2% -2% -2% -2%
(2,795,809.67) -1% -1% -1% -1%
(9,465,454.78) -3% -4% -3% -3%
6,483,434.11 1% 2% 3% 3%
179,843,638.81 55% 68% 62% 54%
(55,145,973.33) -17% -22% -19% -16%
124,697,665.49 38% 45% 43% 38%
28.99

155,051,273

Page 3
IS

Average
-11%
-28%
-1%
-40%
60%

10%
-7%
-2%
-1%
-3%
2%
60%
-18%
41%

Page 4
Shareholders' Equity FY18 FY19 FY20 FY21 FY22E
Unappropriated profit 494,180,516 588,591,228 650,285,112 707,810,761 772,571,240.64
Total Shares issued 4,300,928 4,300,928 4,300,928 4,300,928 4,300,928
Earnings Per Share 18.31 27.53 23.47 21.28 24.34
Total Dividends Per Year 47,310,208 46,234,976 26,880,800 28,601,171 39,938,085
Dividend Per Share 11 10.75 6.25 6.65 9.29
Dividend Payout Ratio 60% 39% 27% 31% 38%
FY23E FY24E FY25E
841,217,349.06 913,982,223.98 991,112,991.40
4,300,928 4,300,928 4,300,928
25.80 27.35 28.99
42,334,370 44,874,432 47,566,898
9.84 10.43 11.06
38% 38% 38%
Working Capital Schedule 2018 2019
Current assets
Trade debt or Receivables 163,691,820 231,941,980
Net Sales 205,335,000 261,481,188
Days receivable 291 days 324 days
Stock in trade or inventory 346,829 446,645
COGS 83,855,257 94,419,625
Inventory turnover days 2 days 2 days
Current liabilities
Trade Payables 1,208,256 953,478
COGS 16,190,496 12,499,324
Days payable 27 days 28 days

Net Working capital 162,830,393 231,435,147


Change in WC 68,604,754
2020 2021 2022 2023 2024 2025

307,563,536 358,821,853 357,508,039 391,065,378 408,112,666 436,000,242


232,925,243 239,103,553 253,449,766 268,656,752 284,776,157 301,862,727
482 days 548 days 515 days 531 days 523 days 527 days
472,505 404,339 451,949 479,066 507,810 538,279
94,548,548 99,357,337 100,805,652 106,853,991 113,265,231 120,061,145
2 days 1 days 1.6 days 1.6 days 1.6 days 1.6 days

670,392 1,157,086 1,117,950 1,185,027 1,256,128 1,292,963


18,213,438 17,366,187 17,581,552 18,636,446 19,754,632 20,939,910
13 days 24 days 23 days 23 days 23 days 23 days

307,365,649 358,069,106 356,842,039 390,359,417 407,364,348 435,245,558


75,930,502 50,703,457 (1,227,067) 33,517,379 17,004,931 27,881,210
Statement of Financial Position

2018 2019 2020


Restated Restated
(Rupees ‘000)
SHARE CAPITAL AND RESERVES
Share capital 43,009,284 43,009,284 43,009,284

Reserves 13,366,622 14,614,483 17,269,580


Unappropriated profit 494,180,516 588,591,228 650,285,112
550,556,422 646,214,995 710,563,976

NON CURRENT LIABILITIES


Deferred taxation 19,980,119 33,924,500 34,866,398
Deferred employee benefits 21,280,694 22,154,000 26,531,023
Provision for decommissioning cost 19,465,075 22,862,587 27,654,493
60,725,888 78,941,087 89,051,914

CURRENT LIABILITIES
Trade Payables 1,208,256 953,478 670,392
Other Payables 35,497,658 45,783,069 62,918,760
Unpaid dividend 18,169,267 22,951,943 25,557,624
Unclaimed dividend 319,706 213,785 210,970
55,194,887 69,902,275 89,357,746
TOTAL LIABILITIES 115,920,775 148,843,362 178,409,660
666,477,197 795,058,357 888,973,636

NON CURRENT ASSETS


Property, plant and equipment 124,063,611 100,942,511 100,740,773
Development and production assets 94,403,553 91,958,684 101,449,010
Exploration and evaluation assets 6,525,579 15,216,824 16,420,604
224,992,743 208,118,019 218,610,387

Long term investments 27,617,446 22,895,586 61,217,831


Long term loans 7,344,145 8,085,201 8,468,690
Long term prepayments 664,958 868,036 783,536
Lease receivables 45,626,052 44,821,590
260,619,292 285,592,894 333,902,034

CURRENT ASSETS
Stores, spare parts and loose tools 17,984,525 18,751,790 18,726,550
Stock in trade or inventory 346,829 446,645 472,505
Trade debts or reveivables 163,691,820 231,941,980 307,563,536
Loans and advances 17,300,931 9,669,299 13,322,160
Deposits and short term prepayments 1,339,343 1,329,883 1,313,370
Other receivables 452,987 7,762,428 575,305
Income tax - advance 37,278,361 20,027,510 37,118,984
Current portion of long term investments 95,957,967 113,770,186 95,115,426
Current portion of lease receivables 10,469,597 16,360,220
Other financial assets 67,834,662 74,726,436 47,661,241
Cash and bank balances 3,670,480 20,569,709 16,842,305
405,857,905 509,465,463 555,071,602
666,477,197 795,058,357 888,973,636
2021 2022 2023 2024 2025

43,009,284 43,009,284 43,009,284 43,009,284 43,009,284

18,824,000 18,824,000 18,824,000 18,824,000 18,824,000


707,810,761 772,571,240.64 841,217,349.06 913,982,223.98 991,112,991.40
769,644,045 834,404,525 903,050,633 975,815,508 1,052,946,275

27,667,937 0 0 0 0
28,010,167 0 0 0 0
28,992,057 0 0 0 0
84,670,161 0 0 0 0

1,157,086 918,980 974,119 1,032,566 1,037,098


71,200,374
29,112,645
209,503
101,679,608
186,349,769
955,993,814

95,745,594 117474638.10467 141024689.06522 166553359.718595 194233163.979607


###
100,415,134
16,732,676
212,893,404

45,525,871
8,783,849
861,430
37,259,605
305,324,159

19,169,273
404,339 382052.69917952 404975.8611303 429274.412798113 455030.877566
358,821,853 285,470,639 302598877.39293 320754810.0365 340000098.63869
15,916,922
1,262,865
822,149
45,751,659
122,465,116
22,253,115
56,358,320
7,444,044
650,669,655
955,993,814
D & A Schedule 2018 2019

Property, Plant & Equipment 124,063,611 100,942,511


Depreciation and Amortization 421,946 591,595
as a % of PP&E 0% 1%

Property, Plant & Equipment (Opening)


Capital Expenditures (Additions)
Depreciation and Amortization
Property, Plant & Equipment (Closing)

Capital Expenditure
Net Sales 205,335,000 261,481,188
Capital Expenditures 17,491,305 172,276
Capital Expenditures as % of Net Sales 8.52% 0.07%
2020 2021 2022 2023 2024 2025

100,740,773 95,745,594 117474638.105 141024689.065 166553359.719 194233163.98


683,888 899,032 1092802.18897 1299784.22851 1521055.55115 1757789.43996
1% 1% 1% 1% 1% 1%

95745594 117474638.105 141024689.065 166553359.719


20636241.9157 22250266.732 24007615.1022 25922014.8211
1092802.18897 1299784.22851 1521055.55115 1757789.43996
117474638.105 141024689.065 166553359.719 194233163.98

232,925,243 239,103,553 253449766.18 268656752.151 284776157.28 301862726.717


33,470,292 19,153,546 20636241.9157 22250266.732 24007615.1022 25922014.8211
14.37% 8.01% 0.08142142811 0.08282042626 0.08430345901 0.08587351974
2026

224253372.48
2011267.37303
1%

194233163.98
28008941.1278
2011267.37303
224253372.48

268945522.622
28008941.1278
0.10414354868
Year Dividend per Share EPS Payout Ratio
2021 6.65 21.28 31%
2020 6.25 23.47 27% Year
2019 10.75 27.53 39% Profit for the year
2018 11 18.31 60% Outstanding Shares
2017 6.25 14.83 42% D/S
2016 5.2 13.94 37% Terminal value
2015 6.75 20.29 33% Discount factor
2014 9.75 28.81 34% Intrinsic Value Per Share
2013 8.5 21.22 40%
2012 7.5 22.53 33%
2011 5.5 14.77 37%
2010 6 13.76 44%
Average 7.50833333333333 20.06167 38%

Assumption
avg. outstandings shares will remain same
4,300,928
Growth
6%
Forecasted
2021 2022 2023 2024 2025
91,534,424.00 104,698,564.49 110,980,478.36 117,639,307.06 124,697,665.49
4,300,928
6.65 9.29 9.84 10.43 11.06
128.36
1 0.87 0.75 0.66 0.57
108.32
Rfr 11.49%
Market return 14.55%
market permium 3.06%
Beta 1.19
R 15.13%
11.72 growth 0.06
FCF VALUATION 2018 2019 2020
EBIT 101,201,385 150,432,990 115,092,353
Taxation -33,890,466 -58,213,625 -43,423,735
NOPAT 67,310,919 92,219,365 71,668,618
Add
D&A 421,946 591,595 683,888
Less
Change in WC
Change in F(inv)
FCFF
Periods
Present Value of FCF

Value of the firm


Total shares outstanding
Intrinsic Value per Share
2021 2022 2023 2024 2025
117,711,919 130,184,039 137,995,081 146,274,786 155,051,273
-37,451,921 (37,753,371) (40,018,573) (42,419,688) (44,964,869)
80,259,998 92,430,667 97,976,507 103,855,098 110,086,404

899,032 1,092,802 1,299,784 1,521,056 1,757,789

(50,703,457) 1,227,067 (33,517,379) (17,004,931) (27,881,210)


-19,153,546 -20,636,242 -22,250,267 -24,007,615 -25,922,015
11,302,027 74,114,295 43,508,646 64,363,607 58,040,969
1 2 3 4
64,372,562.95 32,822,617.12 42,173,226.81 33,031,624.01

555,758,611.17
4300928
129.22
TM

673,612,152

383,358,580.29
OGDCL KSE100
Date Price Return Date Price Return
22-Feb 89.51 3% 22-Feb 45,909.65 1%
22-Jan 87 1% 22-Jan 45,374.68 2%
21-Dec 86.2 2% 21-Dec 44,596.07 -1%
21-Nov 84.9 -1% 21-Nov 45,072.38 -2%
21-Oct 85.55 2% 21-Oct 46,218.93 3%
21-Sep 83.8 -10% 21-Sep 44,899.60 -5%
21-Aug 92.86 -1% 21-Aug 47,419.74 1%
21-Jul 93.39 -2% 21-Jul 47,055.29 -1%
21-Jun 95.03 -3% 21-Jun 47,356.02 -1%
21-May 97.49 7% 21-May 47,896.34 8%
21-Apr 91.51 -10% 21-Apr 44,262.35 -1%
21-Mar 101.61 -3% 21-Mar 44,587.85 -3%
21-Feb 104.72 -2% 21-Feb 45,865.02 -1%
21-Jan 106.97 3% 21-Jan 46,385.54 6%
20-Dec 103.77 4% 20-Dec 43,755.38 7%
20-Nov 99.39 6% 20-Nov 41,068.82 3%
20-Oct 93.43 -10% 20-Oct 39,888.00 -2%
20-Sep 103.6 -10% 20-Sep 40,571.48 -1%
20-Aug 114.75 0% 20-Aug 41,110.93 5%
20-Jul 114.55 5% 20-Jul 39,258.44 14%
20-Jun 109 -5% 20-Jun 34,421.92 1%
20-May 114.6 9% 20-May 33,931.23 -1%
20-Apr 105.36 37% 20-Apr 34,111.64 17%
20-Mar 76.99 -35% 20-Mar 29,231.63 -23%
20-Feb 117.62 -15% 20-Feb 37,983.62 -9%
20-Jan 137.98 -3% 20-Jan 41,630.94 2%
19-Dec 142.32 8% 19-Dec 40,735.08 4%
19-Nov 132.03 3% 19-Nov 39,287.65 15%
19-Oct 128.77 5% 19-Oct 34,203.68 7%
19-Sep 123.03 18% 19-Sep 32,078.85 8%
19-Aug 104.56 -17% 19-Aug 29,672.12 -7%
19-Jul 126.66 -4% 19-Jul 31,938.48 -6%
19-Jun 131.49 -4% 19-Jun 33,901.58 -6%
19-May 136.74 -3% 19-May 35,974.79 -2%
19-Apr 140.78 -5% 19-Apr 36,784.44 -5%
19-Mar 147.55 -1% 19-Mar 38,649.34 -1%
19-Feb 149.16 -1% 19-Feb 39,054.60 -4%
19-Jan 150.44 18% 19-Jan 40,799.52 10%
18-Dec 128 -13% 18-Dec 37,066.67 -8%
18-Nov 147.54 -7% 18-Nov 40,496.03 -3%
18-Oct 158.94 4% 18-Oct 41,649.36 2%
18-Sep 152.99 0% 18-Sep 40,998.59 -2%
18-Aug 152.46 1% 18-Aug 41,742.24 -2%
18-Jul 151.27 -3% 18-Jul 42,712.43 2%
18-Jun 155.62 -4% 18-Jun 41,910.90 -2%
18-May 162.44 -3% 18-May 42,846.64 -6%
18-Apr 166.73 -4% 18-Apr 45,488.86 0%
18-Mar 174.08 7% 18-Mar 45,560.30 5%
18-Feb 163.22 -1% 18-Feb 43,239.44 -2%
18-Jan 164.59 1% 18-Jan 44,049.05 9%
17-Dec 162.79 5% 17-Dec 40,471.48 1%
17-Nov 155.49 8% 17-Nov 40,010.36 1%
17-Oct 143.64 -3% 17-Oct 39,617.19 -7%
17-Sep 148.64 5% 17-Sep 42,409.27 3%
17-Aug 141.1 -10% 17-Aug 41,206.99 -10%
17-Jul 156.41 11% 17-Jul 46,010.45 -1%
17-Jun 140.69 -20% 17-Jun 46,565.29 -8%
17-May 176.83 15% 17-May 50,591.57 3%
17-Apr 154.38 4% 17-Apr 49,300.90 2%
17-Mar 148.31 -6% 17-Mar 48,155.93 -1%
17-Feb 157.47 -2% 17-Feb 48,534.23 0%
17-Jan 160.62 -3% 17-Jan 48,757.67 2%
16-Dec 165.35 17% 16-Dec 47,806.97 12%
16-Nov 141.04 0% 16-Nov 42,622.37 7%
16-Oct 140.62 0% 16-Oct 39,893.84 -2%
16-Sep 141.23 1% 16-Sep 40,541.81 2%
16-Aug 140.16 3% 16-Aug 39,809.58 1%
16-Jul 136.52 -1% 16-Jul 39,505.28 5%
16-Jun 138.07 -1% 16-Jun 37,783.54 5%
16-May 139.44 6% 16-May 36,061.56 4%
16-Apr 131.34 15% 16-Apr 34,719.29 5%
16-Mar 114.44 7% 16-Mar 33,139.00 6%
16-Feb 107.05 -2% 16-Feb 31,369.51 0%
16-Jan 109.23 -7% 16-Jan 31,298.60 -5%
15-Dec 117.34 -3% 15-Dec 32,816.31 2%
15-Nov 120.82 -12% 15-Nov 32,255.20 -6%
15-Oct 137.95 11% 15-Oct 34,261.60 6%
15-Sep 124.67 -13% 15-Sep 32,287.41 -7%
15-Aug 143.78 -12% 15-Aug 34,726.51 -3%
15-Jul 162.94 -9% 15-Jul 35,741.52 4%
15-Jun 179.24 -3% 15-Jun 34,398.86 4%
15-May 184.73 1% 15-May 33,056.79 -2%
15-Apr 182.84 1% 15-Apr 33,729.96 12%
15-Mar 181.53 -14% 15-Mar 30,233.87 -10%
15-Feb 211.15 0% 15-Feb 33,632.19 -2%
15-Jan 210.94 15-Jan 34,443.87
Beta 1.19
Statement of Changes in Equity Statement of Cash Flows

Restated 2018 2019


(Rupees ‘000)

Cash flows from operating activities


Profit before taxation 112,626,761 176,599,413
Adjustments for:
Depreciation 10,558,188 11,022,070
Amortization of development and production assets 15,910,719 17,947,440
Royalty 21,970,947 29,335,927
Workers’ profit participation fund 5,927,724 9,294,706
Provision for employee benefits 4,380,003 4,059,978
decommissioning cost 90,790 87,248
(Reversal)/ charge of provision for decommissioning cost -480,019
Unwinding of discount on provision for decommissioning cost 1,722,384 1,686,425
Reversal due to change in decommissioning cost estimates -1,173,102 -284,169
Interest income on investments and bank deposits
Interest income on lease -10,984,022 -15,905,773
Un-realized gain on investments at fair value through profit or loss 44,904 88,309
Exchange loss/ (gain) on lease
Exchange loss/ (gain) on foreign currency investment and deposit account -3,079,506 -11,577,789
Dividend income from NIT units -20,431 -10,579
Gain on disposal of property, plant and equipment -59,445 1,449
(Reversal)/ provision for slow moving, obsolete and in transit stores -19,618 112,090
Provision for doubtful claims
Share of profit in associate -3,074,868 -4,865,418
Stores inventory written off 421,200 60,599
155,242,628 217,651,926
Changes in:
Stores, spare parts and loose tools 56,740 -939,954
Stock in trade 29,561 -99,816
Trade debts -45,117,352 -79,040,120
Deposits and short term prepayments 218,096 9,460
Advances and other receivables -3,587,712 6,759,224
Trade and other payables 1,432,270 5,790,762
Cash generated from operations 108,274,231 150,131,482
Royalty paid -19,279,507 -28,452,352
Employee benefits paid -10,471,443 -7,639,977
Long term prepayments 187,733 -203,078
Payment from self insurance reserve -1,607 -572
Decommissioning cost paid -296,202 -182,690
Payment to workers’ profit participation fund-net -7,391,445 172,276
Income taxes paid -20,885,846 -41,649,854
-58,138,317 -77,956,247
Net cash generated from operating activities 50,135,913 72,175,235
Cash flows from investing activities
Capital expenditure -17,491,305 172,276
Interest received 8,649,210 -24,992,654
Lease payments received 8,343,562
Dividends received 145,069 161,457
Encashment of investments 50,809,086 9,327,104
Purchase of investments -2,519,766 -10,170,987
Proceeds from disposal of property, plant and equipment 96,970 91,263
Net cash used in investing activities 39,689,264 -17,240,255
Cash flows from financing activities
Dividends paid -36,809,433 -42,633,457
Net cash used in financing activities -36,809,433 -42,633,457
Net increase/ (decrease) in cash and cash equivalents 53,015,744 12,301,523
Cash and cash equivalents at beginning of the year 15,074,591 71,169,841
Effect of movements in exchange rate on cash and cash equivalents 3,079,506 11,577,789
Cash and cash equivalents at end of the year 71,169,841 95,049,153
2020 2021

144,361,628 128,986,345

10,552,028 10,013,432
17,247,061 17,864,645
27,626,096 27,422,366
7,597,981 6,788,755
5,313,779 6,246,406
- -
-480,019 -
3007255.00 2199467.00
-44,432 -1,019,391
-18,343,450 -10,726,476
-7,917,810 -7,627,527
-8,263 -86,765
-4,148,536 2211109.00
-1,726,720 4010528.00
-7,037 -5,857
-58,878 -25,032
503367.00 -93,283
- 691.00
-6,062,575 -6,288,982
26482.00 27956.00
### 179898387.00

-504,609 -377,396
-25,860 68166.00
-75,621,556 -51,258,317
16513.00 50505.00
-4,199,592 -3,157,456
9085108.00 -334,355
### 124889534.00
-25,979,217 -16,915,850
-3,763,371 -3,343,338
84500.00 -77,894

-143,978 -129,266
-9,294,706 -9,240,211
-51,524,836 -54,879,431
-90,621,608 -84,585,990
15566353.00 40303544.00

-33,470,292 -19,153,546
11116349.00 6201210.00
2112046.00 2611615.00
163622.00 1805012.00
10170987.00 1833441.00
-11,833,441 -
75195.00 45085.00
-21,665,534 -6,657,183

-26,428,401 -30,423,780
-26,428,401 -30,423,780
-32,527,582 3222581.00
95049153.00 64248291.00
1726720.00 -4,010,528
64248291.00 63460344.00
OGDCL
RATIO ANALYSIS
Growth Ratios 2018 2019 2020 2021 2022
Sales Growth 19% 27% -11% 3% 6%
Income Growth 23% 50% -15% -9% 14%
Profitability Ratios 2018 2019 2020 2021 2022
Profit Margin 59% 64% 59% 58% 60%
Return on Assets 0.11813802 0.148902 0.1135443 0.095748
Return on Equity 0.16187343 0.2186717 0.16295072 0.134798 0.141448
Dividend Payout Ratio 0.60076461 0.3904831 0.2662974 0.3125 0.381458
Liquidity Ratios
Current Ratio 7.35317938 7.288253 6.21179055 6.399215
Quick Ratio 7.34689566 7.2818634 6.20650276 6.395238
Activity Ratios 2018 2019 2020 2021 2022
Inventory Turnover 217.7 298.4 219.6 208.8 266.3
2023 2024 2025
6% 6% 6%
6% 6% 6%
2023 2024 2025
60% 60% 60%

0.13754 0.134046645 0.130909641


0.38146 0.381457807 0.381457807

2023 2024 2025


282.0 282.0 282.0
2017
Sales 171,829,364
Net profit 63,803,402
Share holder 478,632,567
Inventory 376,390
2021
Market Capitalization 384,976,065
Add:
Debt 0
Less:
Cash and Bank Balances 7,444,044
Current portion of long term investments 122,465,116
EV 255,066,905
EBITDA 118610951
EV/EBITDA 2.15
107.04

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