As per the results of Mari Petroleum’s Board of Directors meeting held on August 30, 2018, the company’s annual profits rose by more than half on the backs of increased net sales.
During the meeting, the company’s financial earnings during the year ended June 30th 2018, were reviewed and compared to the earnings made during the year ended June 30th 2017.
Based on year-on-year analysis, Mari Petroleum’s gross sale to customers registered 3.4% increase as the company surpassed the Rs.100 billion gross sales threshold.
Furthermore, 43% lesser payments for gas development surcharge and 15% lower general sales tax provisions led to an increase of 44% in net sales.
Despite increments in royalty and operating expenses, the operating profits have gone up by 72%
Apart from this, tax provisions increased by 144% leading to 68% rise in annual profits, which increased from Rs.9.1 billion to Rs.15.4 billion, on YoY basis.
Mari Petroleum’s basic and diluted earnings per share increased from Rs.82.87 per share to Rs.139.45 per share.
|
Financial Results for the year ended on June 30th 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-18 |
Jun-17 |
% Change |
|
Gross sale to customers |
100,042,839 |
96,775,974 |
3.38% |
|
Gas development surcharge |
11,029,741 |
19,580,832 |
-43.67% |
|
General sales tax |
11,668,172 |
13,745,689 |
-15.11% |
|
Excise duty |
1,906,530 |
1,794,397 |
6.25% |
|
Gas infrastructure development cess |
34,762,028 |
33,479,569 |
3.83% |
|
Sales- net |
40,676,368 |
28,175,487 |
44.37% |
|
Royalty |
5,180,869 |
3,583,522 |
44.57% |
|
Operating expenses |
9,985,411 |
7,450,011 |
34.03% |
|
Exploration and prospecting expenditure |
3,689,854 |
3,880,797 |
-4.92% |
|
Other charges |
1,447,747 |
726,290 |
99.33% |
|
Other (expenses)/income |
(206,831) |
(820,328) |
-74.79% |
|
Operating profits |
20,165,656 |
11,714,539 |
72.14% |
|
Finance income |
765,616 |
233,006 |
228.58% |
|
Finance cost |
639,728 |
798,086 |
-19.84% |
|
Profit before taxation |
20,291,544 |
11,149,459 |
82.00% |
|
Provision for taxation |
4,917,204 |
2,013,265 |
144.24% |
|
Profit for the year |
15,374,340 |
9,136,194 |
68.28% |
|
Earnings per share – basic and diluted (Rupees) |
139.45 |
82.87 |
68.28% |
22844
