Mari Petroleum Company Limited’s profit surged 30.8% to Rs. 3.61 billion in the quarter ended September 2017 as compared to Rs. 2.76 billion in the same period last year.
The profit surge was on the back of higher production from Mari field, increase in international oil prices and lower exploration expenditure, according to a bourse filing on Tuesday.
Unwinding of wellhead price discount for Mari field also played a vital role in this quarter
Earnings per share stood at Rs. 32.77 in July-September 2017 compared to Rs. 25.09 in the corresponding quarter in 2016.
On the other hand, company’s exploratory and prospecting expenses decreased substantially by more than 48% during the quarter. Adding to the bottom line, company’s finance income went from Rs. 25.78 million to Rs. 119.34 million; an increase of 363% during the reported period.
Gross sales decreased 5.73% to Rs. 24.53 billion in the Jul-Sept quarter from Rs. 26.02 billion in the same period last year. On the flip side, royalty payments increased 30.66% to Rs. 1.18 billion in the Jul-Sept quarter as opposed to Rs. 908 million a year earlier.
Share price of the company rose 2.11%, or Rs. 29.96, which is currently trading at Rs. 1,450 with a volume of 12,100 shares at the Pakistan Stock Exchange.
Mari Petroleum is a leading oil and gas exploration and production company in Pakistan, currently operating eight exploration licences and is a Joint Venture partner in five other blocks with leading companies. Its Exploration Department adds new oil and gas reserves through aggressive and successful exploration efforts.