KARACHI: Mari Energies Limited (MARI) reported its highest-ever quarterly earnings in the fourth quarter of FY26, with net profit after tax (NPAT) almost doubling year-on-year, largely driven by a significant reversal in super tax following a Federal Constitutional Court ruling.
The company posted NPAT of Rs37.46 billion for the quarter ended June 30, 2026, translating into earnings per share (EPS) of Rs31.20, compared with Rs18.84 billion (EPS: Rs15.69) in the corresponding quarter last year, reflecting an increase of 99 percent year-on-year and 77 percent quarter-on-quarter.
For the full fiscal year FY26, Mari Energies earned Rs87.07 billion, or Rs72.52 per share, up 34 percent from Rs65.14 billion (EPS: Rs54.25) recorded in FY25. The board announced a final cash dividend of Rs18.70 per share, taking the total FY26 payout to Rs27 per share, compared with Rs21.70 per share in the previous year.
Net sales for the fourth quarter rose 19 percent year-on-year and 11 percent quarter-on-quarter to Rs53.36 billion, while full-year revenue increased 8 percent to Rs191.66 billion. Hydrocarbon sales reached a record 41.28 million barrels of oil equivalent (boe) during FY26, supported by the commencement of production from the Spinwam field in the Waziristan Block, contributing 50 million cubic feet per day (mmcfd), and the Shams discovery in the Mari Field, producing more than 35 mmcfd.
The report noted that exploration expenditure climbed 58 percent year-on-year and 70 percent quarter-on-quarter to Rs8.28 billion during the quarter, while operating expenses increased 31 percent year-on-year to Rs12.29 billion. During the year, the company’s exploration portfolio expanded to 72 licences covering 155,276 square kilometres, while its reserve replacement ratio reached 375 percent following the addition of 157 million boe of 2P reserves.
According to AKD Securities, the principal driver behind the record quarterly earnings was a Rs18.34 billion super tax reversal booked during the quarter pursuant to the Federal Constitutional Court’s judgment. As a result, the company’s effective tax rate for FY26 turned negative 5 percent, compared with 26 percent in FY25.
Trade receivables remained broadly unchanged at Rs86 billion on an annual basis but declined 7 percent quarter-on-quarter, indicating an improvement in recoveries.
The report also highlighted Mari Energies’ diversification initiatives during FY26. Mari Technologies commissioned its first 5MW Tier III data centre, Karakoram-01, in Islamabad, while Mari Minerals completed more than 45,000 metres of drilling during the year.
Copyright Business Recorder, 2026
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