Mari Petroleum profits rise 48% to Rs. 6.815 billion

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.

Comparison of Key Financials

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.

Posted on: 2018-02-22T13:01:00+05:00