Mari announces Rs98 dividend after 57% profit growth in 1HFY24
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MG News | January 29, 2024 at 03:27 PM GMT+05:00
January 29, 2024 (MLN): Mari Petroleum Company Limited (PSX: MARI) recorded an increase of 57.17% YoY in its profitability in the first half of FY24, clocking in its profit after tax at Rs37.5 billion [EPS: Rs281.14], compared to a profit of Rs23.86bn [EPS: Rs178.87] in the same period last year (SPLY).
Along with the results made available by the company on the PSX, the company announced an interim cash dividend of Rs98 per share.
Mari’s financial and operational performance remained robust with hydrocarbon sales of 19.8 MMBOE.
The 13% increase in production was driven by Sachal Gas Processing Complex coming at full capacity and additional gas sales to SNGPL.
In the period under review, MPCL crossed $1bn in market capitalization on December 11, 2023.
The appraisal-cum-exploratory well Shewa-2 in Waziristan Block resulted in gas discovery from Kawagarh formation and confirmed extension of hydrocarbon play of Lokhart and Hangu formations.
Moreover, the appraisal well Mari Ghazij-2 and horizontal well Mari-124H in Mari Field have been successfully drilled and put on production.
The exploratory well Maiwand X-1 (Block-28, Balochistan) has been drilled and is currently under testing.
MPCL has acquired 44% working interest in Kalchas South Block, the company said in the notice filing.
Going by the results, the company's net sales inflated by 53.68% YoY to Rs93.74bn as compared to Rs61bn in SPLY.
The royalties rose by 52.92% YoY to Rs11.75bn in 1HFY24.
During the review period, other income rose by 85.07% YoY to stand at Rs4.1bn in 1HFY24 as compared to Rs2.21bn in SPLY.
On the tax front, the company paid a significantly higher tax worth Rs25.19bn against the Rs12.29bn paid in the corresponding period of last year, depicting a rise of 2.05x YoY.
Development & Production Enhancement
The third Amine Sweetening Unit has been commissioned at the Sachal Gas Processing Complex in the Mari Field.
Meanwhile, Shewa Early Production Facilities (EPF) are nearly completion.
ESG
MPCL has endorsed the “Oil & Gas Decarbonization Charter” at COP28, held in Dubai UAE, to support actions for minimizing overall emissions.
The company has published its first Sustainability Report to document and report its environmental, social, and governance performance to its valued stakeholders.
| Unconsolidated (un-audited) Financial Results for six months ended 31 December, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Net Sales | 93,744,971 | 61,001,848 | 53.68% |
| Royalty | (11,746,951) | (7,681,855) | 52.92% |
| Operating and administrative expenses | (14,639,881) | (9,536,593) | 53.51% |
| Exploration and prospecting expenditure | (3,256,247) | (5,723,308) | -43.11% |
| Finance cost | (1,433,858) | (872,122) | 64.41% |
| Other charges | (4,388,094) | (2,544,508) | 72.45% |
| Share of loss in associate | (596,595) | (118,366) | 404.03% |
| Finance Income | 4,098,115 | 2,214,323 | 85.07% |
| Other income/ expenses | 916,178 | (587,085) | - |
| Profit before taxation | 62,697,638 | 36,152,334 | 73.43% |
| Taxation | (25,193,116) | (12,290,374) | 104.98% |
| Net profit for the period | 37,504,522 | 23,861,960 | 57.17% |
| Basic earnings/ (loss) per share | 281.14 | 178.87 | - |
Amount in thousand except for EPS
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