Mari Petroleum Company Limited (PSX: MARI) announced its financial result today, posting profit after tax of Rs. 19.1 billion during 1QFY24 compared to Rs. 12.7 billion in 1QFY23, up by 51 percent on a year-on-year (YoY) basis.
The company said in a brief commentary that this is the highest-ever quarterly net profit. On a QoQ basis, earnings ascended by 21 percent.
Net Sales in 1QFY24 surged by 51 percent YoY, settling at Rs. 48.2 billion compared to Rs. 31.8 billion in SPLY amid healthy growth in gas and oil production by 22 percent and 48 percent YoY, 29 percent YoY jump in wellhead price of Mari Gas Field, and 23 percent YoY Pak Rupee depreciation against the greenback, according to Arif Habib Limited.
On a sequential basis, the topline witnessed an uptick of 3 percent QoQ due to a 14 percent YoY jump in gas production, and an 11 percent YoY increase in the wellhead price of Mari Gas Field.
The exploration cost increased by 30 percent YoY, clocking in at Rs. 1.79 billion in 1QFY24 on account of higher prospecting expenditure. Meanwhile, the exploration cost on a QoQ basis fell by 72 percent due to lower prospecting expenditure during the quarter.
The company recorded a finance income of Rs. 2.49 billion in 1QFY24 compared to Rs. 1. billion in SPLY, up by 144 percent YoY on account of higher income from cash and cash balances. Similarly, the finance income increased by 12 percent QoQ.
The company booked effective taxation at 41 percent in 1QFY24 vis-Ã -vis 34 percent in 1QFY23.
During 1QFY24, the company witnessed the highest-ever quarterly hydrocarbon sales of 10mn BOE, 12 percent YoY. The prompt monetization of development projects resulted in higher sales.
An increase in earnings per share (EPS) to Rs. 143.5 per share from Rs. 95.31 per share in the previous year is reflective of the growth in net profit.
MARI’s scrip at the bourse closed at Rs. 1,547.9, down 0.41 percent or Rs. 6.37 with a turnover of 99,196 shares on Thursday.
