MARI FY26 profit surges 33%, declares Rs18.7 dividend

August 07, 2026 (MLN): MARI ENERGIES LIMITED (PSX: MARI) reported a stellar 33% increase in its consolidated net profit for the fiscal year ended June 30, 2026, reaching Rs86.83bn compared to Rs65.38bn in FY25.

Alongside the financial results, the company announced dividend of Rs18.70 per share.

Reflecting this record profitability, consolidated earnings per share (EPS) jumped to Rs72.36 from Rs54.45 in FY25.

 The bottom line received a major boost from a tax credit reversal of Super Tax pursuant to a milestone judgment by the Federal Constitutional Court of Pakistan.

Record Hydrocarbon Offtake & Operational Landmarks

Despite macro challenges including curtailments from excess RLNG and SNGPL pipeline disruptions Mari Energies achieved its highest-ever hydrocarbon sales volume of 41.28 MMBOE (113.1 KBOEPD), up from 39.13 MMBOE (107.2 KBOEPD) last year.

Exploration & Reserves Success: Added 157 MMBOE in 2P reserves, delivering an exceptional Reserve Replacement Ratio (RRR) of 375%. Total 2P+2C reserves and resources reached 1,029 MMBOE, pushing the company's 2P reserve-to-production (R/P) ratio to an all-time high of 21 years.

Production Commencements: Early production at Spinwam in Waziristan Block began on April 1, 2026 (taking overall block output to 100 MMSCFD gas and ~800 BPD condensate), while gas flow from the Shams discovery in Mari Field commenced on June 19, 2026 (>35 MMSCFD).

Fertilizer Supply & Portfolio: Allocated 222 MMSCFD of raw gas from Ghazij Field to three major fertilizer customers, ensuring that upon full implementation, all fertilizer plants in Pakistan will be supplied gas from Mari Field. Exploration acreage expanded to 155,276 sq. km across 72 licenses.

Strategic Diversification:

Green Energy: Formed a JV (GHG Emissions Mitigation Limited) with Ghani Chemical Industries to capture vent gas for LNG and industrial CO2 production; signed financing mandate with HBL.

Mining (MariMinerals): Over 45,000 meters drilled in operated blocks; establishing a core testing lab under Mari MSA Labs in Islamabad.

Tech (Mari Technologies): Commissioned its first 5 MW TIER III data center (Karakoram-01) in Islamabad via SKY47 Limited, with a Karachi facility on track.

Financial & Balance Sheet Breakdown

Gross sales expanded 9% year-on-year to Rs218.01bn. After deducting GST (Rs24.06bn) and excise duty (Rs2.28bn), net sales reached Rs191.66bn.

Consolidated operating profit stood at Rs81.48bn, demonstrating strong operational resilience despite absorbing an extra Rs8.5bn royalty hit under Rule 35 of the POP Rules, 2013. Total royalties grew to Rs45.72bn.

Below the operating line, finance income fell 41% to Rs6.34bn, while finance costs rose to Rs4.49bn.

Profit before tax stood at Rs83.03bn. The absolute game-changer came from a positive net taxation reversal of Rs3.80bn (compared to a Rs23.21bn tax charge in FY25), driving final net profit to Rs86.83bn.

Balance sheet health was further reinforced as overdue trade debts decreased to Rs61.7bn (down from Rs66.9bn), while PACRA maintained MariEnergies’ AAA (Long Term) and A1+ (Short Term) credit ratings in January 2026.

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