Oil & Gas Development Co., Pakistan’s biggest energy explorer, reported a 7.3 percent increase in full-year profit after crude prices rose. Net income in the 12 months ended June 30 climbed to 63.5 billion rupees ($735 million), or 14.77 rupees a share, from 59.2 billion rupees, or 13.76 rupees, a year earlier, the Islamabad-based company said in a filing to the Karachi Stock Exchange today. Sales rose 9.2 percent to 155.6 billion rupees. The Islamabad-based company benefited from a 26 percent increase in crude prices during the financial year as demand in Pakistan surged to three times local supply. Pakistan imports 80 percent of its oil needs. Oil & Gas Development’s average oil-selling price rose 17 percent from a year earlier to $72.05 a barrel, according to the filing. The selling price of natural gas rose 15 percent to 214.03 rupees per million cubic feet. Oil & Gas Development, which has fallen 26 percent this year, declined 0.5 percent to 127.24 rupees as of 12:14 p.m. local time on the Karachi Stock Exchange. The company plans to pay a cash dividend of 2.50 rupees a share, according to the statement. Total dividend for the year was 5.50 rupees a share, unchanged from a year earlier. Gasoline prices in the country rose 13 percent in the financial year, while gas climbed 9 percent, Karachi-based brokerage Invest Capital Markets Ltd. wrote in a note to clients on Aug. 10. The quantity of gas sold in the country climbed 3 percent. To contact the reporters on this story: Khurrum Anis in Karachi News at kkhan14@bloomberg.net; Farhan Sharif in Karachi News at fsharif2@bloomberg.net To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net

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