Day: October 26, 2022

OGDCL Demonstrates 58% Increase in Profit During First Quarter of FY2023

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The Oil & Gas Development Company Limited (OGDCL) has announced its financial results for the quarter that ended on September 30 of the fiscal year 2022-23. While continuing its growth journey, the company has registered a 58 percent increase in its profit compared to the fiscal year 2021-22. The OGDCL Board of Directors, in its meeting has approved the Financial Results for the quarter. The OGDCL Financial Results show the company demonstrated a 58 percent year-on-year (YoY) increase in its profit, earning Rs. 53.3 billion in the first quarter of…

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K-Electric records profit of Rs. 8.5 billion in FY22

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K-Electric (KE) held its 112th Annual General Meeting (AGM) for FY 2022. The meeting was chaired by Moonis Alvi – Chief Executive Officer, KE who was authorized to chair this meeting by the Chairman of the Board Mark Skelton. The Chairman and KE Board members were in attendance virtually, while KE leadership was present in person. KE’s operational performance has shown improvement on the back of sustained investments across the value chain. The company’s transmission and distribution losses improved by 2.2 percentage points, closing at 15.3% in FY22 from 17.5%…

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OGDCL quarterly profit rises to Rs53.3bn

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Oil and Gas Development Company Ltd recorded a net profit of Rs53.3 billion for July-September, up 58 per cent from a year ago. The company also announced an interim cash dividend of Rs1.75 per share, a stock notice showed on Tuesday. According to Arif Habib Ltd, net sales settled at Rs106bn in the three-month period, up 48pc on an annual basis, on the back of a 43pc increase in oil prices and 26pc depreciation in the rupee’s value against the greenback. Pakistan Oilfields Ltd said its earnings for July-September totalled…

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KE’s average generation cost 300pc higher than CPPA-G’s: NEPRA

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National Electric Power Regulatory Authority (Nepra) on Tuesday disclosed that K-Electric’s (KE’s) own average power generation is over 300 per cent costlier at Rs 37.74 per unit as compared to Rs 10 per unit of CPPA-G. These statistics were shared by the regulator at a public hearing held to determine financial impact of Fuel Charges Adjustment (FCA) for September 2022. KE had sought negative adjustment of Rs 4.622 per unit to refund Rs 7.740 billion to its consumers on the basis of reference price of June 2022 verses September 2022.…

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Testing of Thar-blended coal: CPPA-G agrees to support PQEPCL

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Central Power Purchasing Agency –Guaranteed (CPPA-G) has shown willingness to renegotiate forced outage during conversion of imported coal-fired power plant of Port Qasim Electric Power Co. Ltd (PQEPCL) on ten percent blending of Thar coal, sources in PPIB told Business Recorder. CPPA-G conveyed this stance to PPIB, seeking amendment in the minutes of PPIB meeting held on early this month. According to the PPIB, a technical feasibility study was conducted by M/s Fitchner GmbH & Co. KG on conversion of three imported coal power plants, which was shared with all…

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