MPCL reveals slender increase in fiscal year profits

MG News | August 26, 2021 at 04:43 PM GMT+05:00

0:00

August 26, 2021 (MLN): The annual net profits of Mari Petroleum Company Limited (MPCL) stood at Rs31.44 billion, registering a nominal increase of 3.7% YoY against a net profit of Rs30.31bn recorded in FY20.

This has translated into earnings per share (EPS) of Rs235.71 that also increased by around 4% YoY when compared to EPS of Rs227.23.

This slender increase in profitability is attributable to a 17% and 8% YoY surge in oil and gas production, respectively. However, the wellhead price of Mari Gas Field plummeted by 10% YoY, as per a report by Arif Habib Limited.

According to the financial results sent to PSX, the net sales edged higher by 1.4% YoY to stand at Rs73bn while royalty expenses jump by around 6% YoY in the fiscal year 2020-21.

Despite a decline in the policy rate, the finance cost of the company surged by 2.31x YoY to Rs1.31bn. However, the finance income went down by 13.5% YoY to Rs3.94bn on account of the lower interest rate. The company also incurred Rs47mn as a share of loss in associate during the period under review.

Meanwhile, the exploration cost witnessed a 55.7% decline that provided some cushion to net income. The company undertook seismic activities at Block-28 and Taung Block during 4QFY21, the report added.

In conjunction with financial results, the company offered a final cash dividend for the year ended June 30, 2021, at Rs75 per share i.e., 750%.

Financial Results for the Year ended on June 30, 2021 ('000 Rupees)
	Jun-21	Jun-20	% Change
Gross sale	82,692,664	81,603,884	1.33%
General sales tax	(7,668,767)	(7,701,093)	-0.42%
Excise duty	(2,005,626)	(1,876,423)	6.89%
Sales- net	73,018,271	72,026,368	1.38%
Royalty	(9,315,126)	(8,805,560)	5.79%
Operating and administrative expenses	(15,039,680)	(13,313,631)	12.96%
Exploration and prospecting expenditure	(4,543,689)	(10,257,639)	-55.70%
Finance cost	(1,310,476)	(567,952)	130.74%
Other charges	(3,082,462)	(2,698,227)	14.24%
	(33,291,433)	(35,643,009)	-6.60%
	39,726,838	36,383,359	9.19%
Other income/(expenses)	311,971	340,001	-8.24%
Finance income	3,940,536	4,556,085	-13.51%
Share of loss in associate	(47,982)	-	-
Profit before taxation	43,931,363	41,279,445	6.42%
Provision for taxation	(12,486,454)	(10,966,572)	13.86%
Profit for the year	31,444,909	30,312,873	3.73%
Earnings per share - basic and diluted (Rupees)
Earnings per ordinary share	235.71	227.23	3.73%

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