Mari Petroleum profits rise 48% to Rs. 6.815 billion

MG News | February 22, 2018 at 01:01 PM GMT+05:00

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Mari Petroleum (MARI) today released financial statements for the half year ending December 31^st, 2017 in which it has reported an incline of 38% increase in net sales and a 48% increase in bottom-line profits.

Mari Petroleum have reported a jump in other income adding Rs. 908.092 million to bottom-line during the half year.

Furthermore, company net profit after taxation clocked in at Rs. 6.815 billion jumping by 48% during the period under review. Management approved a Rs. 3.5 per share i.e. 35% dividend for the period.

Company’s distributable earnings per share clocked in at Rs. 3.16 per share against Rs. 2.93 per share last year.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 31^st 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Gross Sales to Customers	47,589,851	49,823,112	-4.48%
Sales - net	18,016,984	13,059,509	37.96%
Royalty	2,288,440	1,633,230	40.12%
Operating Expenses	4,661,950	3,513,747	32.68%
Exploration and Prospecting Expenditure	1,355,745	897,936	50.98%
Other Charges	660,205	404,921	63.05%
Other Income/Expenses	908,092	(119,874)	-857.54%
Operating Profit	9,358,736	6,489,801	44.21%
Finance Income	303,740	79,475	282.18%
Finance Cost	608,609	406,368	49.77%
Profit before Taxation	9,053,867	6,162,908	46.91%
Taxation	2,238,449	1,550,789	44.34%
Profit after Taxation	6,815,418	4,612,119	47.77%
EPS	61.82	41.83	47.79%
Distributable EPS	3.16	2.93	7.85%

Company release on Earnings Report can be accessed here.

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