Mari Petroleum Company Limited (MARI) has reported robust financial performance for the first half of the financial year 2023-24, with a net profit of Rs. 37.5 billion. This marks a significant increase of 57 percent compared to the same period in the previous fiscal year.
In the quarterly breakdown, Mari Petroleum recorded a substantial profit of Rs. 18.4 billion, demonstrating a remarkable 65 percent year-on-year growth. Alongside this positive result, the company has declared an interim cash dividend of Rs. 98 per share in the second quarter of the fiscal year 2023-24.
The increase in net sales for the first half of the fiscal year stands at 54 percent year-on-year, reaching Rs. 93.7 billion. This notable growth is attributed to a 17 percent increase in gas production, a 34 percent rise in oil production, a 29 percent hike in the wellhead price of Mari Gas Field, and a 22 percent depreciation of the Pak Rupee against the US Dollar.
In the second quarter of the fiscal year 2023-24, net sales expanded by 56 percent year-on-year, amounting to Rs. 45.5 billion. This growth is attributed to factors such as a higher wellhead gas price of Mari Gas Field, a 21 percent devaluation of the Pakistani Rupee against the US Dollar, and a 25 percent increase in gas production along with a 19 percent rise in oil production.
Exploration costs for the first half of the fiscal year decreased by 47 percent year-on-year to Rs. 3.25 billion due to the absence of dry wells during this period. In the second quarter of the fiscal year, exploration costs further contracted by 66 percent year-on-year, amounting to Rs. 1.46 billion.
The finance income for the first half of the fiscal year witnessed an 85 percent year-on-year increase, reaching Rs. 4.1 billion, driven by higher income on cash and cash balances. In the second quarter, finance income settled at Rs. 1.6 billion, reflecting a 35 percent year-on-year increase.
The effective taxation rate for the second quarter of the fiscal year 2023-24 was 40 percent, compared to 34 percent in the same period last year.
The earnings per share (EPS) for Mari Petroleum stood at Rs. 136.64 per share during the second quarter and Rs. 281.14 per share for the first half of the fiscal year 2023-24.
Mari Petroleum’s stock at the stock exchange closed at Rs. 2,353.16, experiencing a decline of 4.04 percent or Rs. 99.21, with a turnover of 73,283 shares on Monday.