Mari Petroleum reports profit of Rs37.51bn in 1HFY24
- Earnings up 57% year-on-year
Mari Petroleum Company Limited (MARI), one of Pakistan’s largest E&P companies, posted a profit-after-tax (PAT) of Rs37.51 billion in 1HFY24, up over 57% year-on-year (YoY), compared to PAT of Rs23.87 billion in the same period of the previous year.
Its Board of Directors (BoD) in a meeting held on Monday reviewed the financial performance of the company for the period ended on December 31, 2023. During the meeting, the BoD announced the first interim cash dividend at Rs98 per share.
As per the latest financials, the company’s earnings per share (EPS) stood at Rs281.14 per share, against Rs178.87 per share in SPLY.
“Earnings are in line with industry expectation,” said brokerage house Topline Securities.
MARI’s net sales increased by over 54% to Rs93.74 billion as compared to Rs61 billion recorded in the previous year. Cost of sales (including royalty and operating and administrative expenses) jumped to Rs26.39 billion in 1HFY24, as compared to Rs17.22 billion recorded in the previous year.
MARI’s gross profit stood at Rs67.36 billion in 1HFY24, as compared to Rs43.78 billion, an increase of nearly 54%.
MARI reports highest-ever profit of Rs56.13bn in FY23
During the period, MARI saw a significant decline of 43% in its exploration and prospecting expenditure, which clocked in at Rs3.26 billion in 1HFY24, as compared to Rs5.72 billion in SPLY.
Meanwhile, the company’s finance income jumped from Rs2.21 billion to Rs4.09 billion, a yearly increase of over 85%.
The income before tax of MARI increased over 73%, clocking in at Rs62.69 billion as compared to Rs36.15 billion in same period last year.
MARI said that its financial and operational performance remained robust with hydrocarbon sales of 19.8 MMBOE (millions (106) of barrels of oil equivalent).
“The 13% increase in production was driven by Sachal Gas Processing Complex coming at full capacity and additional gas sales to SNGPL,” it said.
In the period under review, MARI crossed $1 billion in market capitalization on December 11, 2023.
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