Improved top-line earnings result in remarkable gains in Mari Petroleum's annual profits.

By MG News | August 30, 2018 at 02:20 PM GMT+05:00

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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 30^th 2018, were reviewed and compared to the earnings made during the year ended June 30^th 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%

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