Mari Petroleum Company Limited (PSX: MARI) announced its financial result today, posting a profit after tax of Rs. 19.201 billion (EPS: Rs. 15.99) during 1QFY25 compared to Rs. 19.143 billion (EPS: Rs. 15.94) in SPLY.
On a sequential basis, the company’s profitability declined by 25 percent QoQ.
Topline in 1QFY25 decreased by 6 percent YoY, settling at Rs. 45,297 million compared to Rs. 48,206 million in SPLY. According to Arif Habib Limited, this was due to i) reduction in wellhead price of Mari field by 5 percent YoY, ii) fall in oil prices by 10% YoY, iii) devaluation of USD against PKR, and iv) a dip in oil production by 1% YoY.
Whereas, gas production witnessed a growth of 11 percent YoY. On a QoQ basis, the net sales increased by 14 percent QoQ owing to gas production from Mari HRL below the threshold level of 577.5 mmcfd during 4QFY24.
The exploration cost increased by 68 percent YoY to Rs. 3,001 million in 1QFY25 given the higher prospecting expenditure undertaken during the quarter. In the previous quarter, the company reported a reversal in exploration cost due to the reversal of impairment loss booked during 4QFY24.
The finance income arrived at Rs. 3,376 million in 1QFY25, up 35 percent YoY | 9 percent QoQ on account of higher income on cash and cash balances.
The company booked effective taxation at 34 percent in 1QFY25 vis-à-vis 41 percent in 1QFY24.
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