Mari Petroleum profits rise 48% to Rs. 6.815 billion
MG News | February 22, 2018 at 01:01 PM GMT+05:00
Mari Petroleum (MARI) today released financial statements for the half year ending December 31st, 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.
| Unconsolidated Profit and Loss Account - For the Half Year Ended, December 31st 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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