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Mari Petroleum posts 57% profit in FY-23-24

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Mari Petroleum Company Limited (MARI) disclosed its financial outcomes today, revealing a net profit of Rs. 37.5 billion in the initial half of the fiscal year 2023-24 (1HFY24), marking a substantial 57 percent year-on-year (YoY) surge from Rs. 23.8 billion in the corresponding period of 1HFY23.

For the quarterly performance, the company’s profitability stood at Rs. 18.4 billion, exhibiting an impressive 65 percent YoY increase. In conjunction with this report, Mari Petroleum also declared an interim cash dividend of Rs. 98 per share in the second quarter of FY24.

The net sales for 1HFY24 witnessed a robust 54 percent YoY escalation, reaching Rs. 93.7 billion compared to Rs. 61 billion in the same period last year (SPLY). According to analysis from Arif Habib Limited, this upswing can be attributed to a 17 percent and 34 percent YoY surge in gas and oil production, respectively, a 29 percent YoY rise in the wellhead price of the Mari Gas Field, and a 22 percent YoY depreciation of the Pakistani Rupee against the US Dollar.

Conversely, the exploration cost in 2QFY24 was recorded at Rs. 1.46 billion, registering a substantial 66 percent YoY decrease, primarily due to the aforementioned factors.

Finance income in 1HFY24 amounted to Rs. 4.1 billion, marking an 85 percent YoY increase from Rs. 2.2 billion in SPLY, attributable to higher income on cash and cash balances. In 2QFY24, finance income settled at Rs. 1.6 billion, indicating a 35 percent YoY rise, primarily driven by increased interest income during the quarter.

The effective taxation rate for the company in 2QFY24 was 40 percent, compared to 34 percent in 2QFY23.

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