Director’s Report 2005-2006 of Oil and Natural Gas Corporation Limited

It is a broadly described director’s report of Oil and Natural Gas Corporation Limited in the year of 2005-2006. During the financial year, The Company registered gross revenue of Rs. 494,397 million (up 4.64% from Rs. 472,454 million in 2004-05). During the year, The Company scaled a new milestone to record a Net Profit of Rs. 144,308 million (up 11.15% from Rs. 129,830 million in 2004-05). The Company paid an interim dividend of Rs. 25/- per share (250%) in December 2005.

The Board of Directors has recommended a final dividend of Rs. 20/- per share (200%), making the aggregate dividend at Rs. 45/- per share (450%), against previous year’s Rs. 40/- per share (400%). The total dividend will absorb Rs. 64,167 million besides Rs. 9,000 million as the tax on dividend.

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