February 20, 2019 (MLN): Mari Petroleum Company Limited has achieved substantial increase of 62% in its consolidated profits for the half year ended December 31, 2018. The total net profit of the company amounted to Rs. 11 billion, up from Rs. 6 billion earned in same period last year. The EPS of the company also grew by the same proportion, and was stated at Rs. 91.18.
Reduction in the gas development surcharge by nearly Rs. 2 billion i.e. 35%, gave a backing to the sales revenue of the company.
Increase in finance income by 98% and decrease in finance cost by 44% also contributed significantly in the annual gains of the exploration company.
The company also announced first Interim Cash Dividend of Rs. 4 per share i.e. 40%.
|
Profit and loss account for the six months ended December 31 2018 (Rupees'000) |
|||
|---|---|---|---|
|
|
Dec-18 |
Dec-17 |
% Change |
|
Gross sales to customers |
58,114,877 |
47,589,851 |
22.12% |
|
Gas development surcharge |
-4,002,276 |
-6,227,639 |
-35.73% |
|
General sales tax |
-5,976,258 |
-5,597,449 |
6.77% |
|
Excise duty |
-982,765 |
-939,184 |
4.64% |
|
Gas infrastructure development cess |
-18,166,954 |
-16,808,595 |
8.08% |
|
Sales – net |
28,986,624 |
18,016,984 |
60.88% |
|
Royalty |
-3,684,925 |
-2,288,440 |
61.02% |
|
|
25,301,699 |
15,728,544 |
60.86% |
|
Operating expenses |
-5,656,617 |
-4,661,950 |
21.34% |
|
Exploration and prospecting expenditure |
-2,646,511 |
-1,355,745 |
95.21% |
|
Other charges |
-1,199,242 |
-660,205 |
81.65% |
|
Other income / (expenses) |
370,881 |
308,092 |
20.38% |
|
Operating profit |
16,170,210 |
9,358,736 |
72.78% |
|
Finance income |
603,714 |
303,740 |
98.76% |
|
Finance cost |
-338,496 |
-608,609 |
-44.38% |
|
Profit before taxation |
16,435,428 |
9,053,867 |
81.53% |
|
Provision for taxation |
-5,377,306 |
-2,238,449 |
140.22% |
|
Profit for the period |
11,058,122 |
6,815,418 |
62.25% |
|
Earnings per ordinary share (Rupees) |
91.18 |
56.20 |
62.24% |
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