Mari Petroleum Posts Highest Ever Profit in First Half of FY23

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Mari Petroleum Company Limited (PSX: MARI) has announced excellent financial results for the first 6 months of the fiscal year 2022-23 (FY23) with a net profit of Rs. 23.9 billion, the highest-ever profit after tax, which is up by 44 percent.

The company had a booked profit of Rs. 16.5 billion in July-December FY22.  Gains were fueled by the hefty surge in the well-head price of Mari Gas Field by 67 percent YoY, and a 24 percent YoY PKR drop, according to a report by Arif Habib Ltd.

An increase in earnings per share (EPS) to Rs. 178.87 per share from Rs. 124.21 per share in the previous year is reflective of the growth in net profit.

During the first six months of FY23, MARI’s net sales were higher by 44 percent from last year, amounting to Rs. 61 billion as compared to Rs. 42.41 billion recorded in the same period last year.

The finance cost of the company increased by 78 percent YoY to Rs. 872 million in 1HFY23, compared to last year’s Rs. 490 million. Meanwhile, the company recorded other expenses of Rs. 587 million during the period under review, compared to other income of Rs. 179 million during 1HFY22.

Added to the above, MARI recorded a share of loss in associate of Rs. 118 million, a massive 95 percent decrease from Rs. 2.43 billion observed in 1HFY22. The operational and administrative expenses of the company increased by 29 percent from Rs. 7.4 billion last year to Rs. 9.5 billion in July-December FY23.

The finance income of the company was increased to Rs. 2.21 billion from Rs. 1.86 billion.

MPCL Board of Directors has recommended a cash dividend of Rs. 89 per share (890 percent) for approval of the shareholders.

At the time of filing, the company’s scrip at the bourse was Rs. 1,450, up 2.12 percent or Rs. 30.1 with a turnover of 270,305 shares on Thursday.

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