Mari Petroleum’s net profit reaches highest level of Rs12.7bn

ISLAMABAD: Mari Petroleum Company Limited (MPCL) has announced financial results for the first quarter of 2022-23 that ended on September 30, 2022.

Supported by higher applicable prices, the quarterly net sales reached the highest ever level of Rs 31.8 billion, showing a healthy growth of 54 percent compared with the same quarter of the last year. Net Profit increased by 40 percent and reached the highest ever level of Rs 12.7 billion for the quarter. Growth in the net profit is reflected in the EPS, which increased to Rs 95.31 per share from Rs 68.21 per share of Q1 FY 2021-22. The share price was up one percent and closed at Rs 1,565 on September 30, 2022, despite that KSE 100 Index was down by almost nine percent.

The financial results would have been even better had the Company’s oil and gas production not impacted by emergency shutdowns, turnarounds of fertilizer plants and production stoppage from Zarghun and Bolan fields as a result of recent floods. In total, the Company produced 8.91MMBOE energy, which was four percent lower than 9.27MMBOE produced in the comparative quarter. The production is expected to get a boost on resumption of gas off-take by the fertilizer plants after completion of the turnarounds.

During the quarter, the Company completed its first-ever horizontal well Mari-122-H in the HRL Reservoir of Mari Field. This is a landmark development well in a mature reservoir that has been in production for over 50 years, and has opened-up new opportunities of production enhancement from HRL reservoir which are under evaluation.

The Company also demonstrated an enviable safety performance with all HSE indicators well within the targets. Further, the Company made significant financial contribution towards flood relief activities and coordinated with Army Relief Centres, mobilized field teams and internal resources, provided food, tents, mosquito nets, and medicines along with establishing medical camps for the affected population. MPCL is also assisting the local administrations in rehabilitation of roads infrastructure.

MPCL Board of Directors has congratulated the Management Team and all employees for demonstrating resilience and achieving excellent financial results despite several macro-level challenges.

Copyright Business Recorder, 2022