MARI maintains profit despite 39.18% drop in topline

MG News | January 27, 2025 at 02:27 PM GMT+05:00

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January 27, 2025 (MLN): Mari Petroleum Company Limited (PSX: MARI) earnings in the second quarter of FY25 rushed down 39.18%, with its profit after tax reaching Rs11.2 billion [EPS: Rs9.3].

According to the profit and loss account, MARI managed to maintain its profits despite an 8.69% drop in revenue to Rs46.67 billion, thanks to a substantial 43.89% growth in net finance income.

The company's royalty payments and share of loss from associates increased during this period, lessening the impact on profits.

However, operating and administrative expenses rose by 115% year-on-year.

The main expense burden was exploration and prospecting costs, which surged 153.84% to Rs3.7 billion in Q3 CY24.

During the period under review, other income dropped 96.73% to stand at Rs26m in Q1 FY25 as compared to Rs119.77m in SPLY.

On the tax front, the company paid a lower tax worth Rs3.74bn against the Rs12.14bn paid in the corresponding period of last year, depicting a decrease of 69.2%.

Financial Results for the Half year ended on December 31, 2024 ('000 Rupees)
	Dec-24	Dec-23	% Change
Gross sale to customers	46,669,238	51,110,272	-8.69%
General sales tax	(4,784,611)	(5,025,286)	-4.79%
Excise duty	(530,220)	(545,745)	-2.84%
Sales- net	41,354,407	45,539,241	-9.19%
Royalty	(8,007,666)	(5,756,315)	39.11%
Operating and administrative expenses	(15,098,123)	(7,022,241)	115.00%
Finance cost	(833,281)	(702,489)	18.62%
Exploration and prospecting expenditure	(3,719,905)	(1,465,443)	153.84%
Other charges	(1,116,517)	(2,137,340)	-47.76%
	(28,775,492)	(17,083,828)	68.44%
	12,578,915	28,455,413	-55.79%
Other (expenses)/income	26,075	796,411	-96.73%
Finance income	2,310,735	1,605,906	43.89%
Share of loss in associate	(8,189)	(356,051)	-97.70%
Profit before taxation	14,907,536	30,501,679	-51.13%
Provision for taxation	(3,739,490)	(12,140,593)	-69.20%
Profit for the year	11,168,046	18,361,086	-39.18%
Earnings per ordinary share	9.3	15.29	-39.18%

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