Earnings Report /
Pakistan

Oil & Gas Development: 1QFY22 review – Earnings beat expectations but payout misses

  • OGDC’s 1QFY22 earnings are better than expected due to lower Opex and exploration expenses

  • Still, payout misses expectations, indicating little improvement in cash-flows amid rising circular debt

  • We reiterate our Buy rating on OGDC with a June 2022 TP of PKR168/sh

Saad Ali
Saad Ali

Head of Research

Intermarket Securities
29 October 2021