Mari profit slips nearly 10% in 9MFY25

April 25, 2025 (MLN): Mari Energies Limited (PSX: MARI) reported a 9.87% decline in net profit for the nine months ended March 31, 2025, clocking in at Rs46.53 billion compared to Rs51.63bn in the same period last year.

This downturn occurred despite a sharp reduction in tax expenses and a hike in exploration activities.

Earnings per share (EPS) slipped to Rs38.75, down from Rs43 in the corresponding period of FY24.

The company’s gross sales fell by 6.33% YoY to Rs149.63bn, down from Rs159.74bn. After accounting for sales tax and excise duty, net sales stood at Rs132.29bn, reflecting a 6.83% decline.

Despite the revenue dip, exploration and prospecting expenditure surged 71.48% to Rs7.12bn, indicating a more aggressive exploration strategy.

Meanwhile, operating and administrative expenses rose 20.83% to Rs31.58bn, and royalty and wellhead charges jumped 43.37% to Rs25.16bn.

Finance cost and other charges also increased, with the latter nearly doubling (up 74.25%), further pressuring the bottom line.

Profit before tax came in at Rs66.82bn, showing a 14.44% decline, though the provision for income tax decreased significantly by 23.36% to Rs20.28bn providing some cushion to the net earnings.

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