Mari Petroleum records a 21% growth in earnings during 1QFY21

By MG News | October 19, 2020 at 05:28 PM GMT+05:00

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October 19, 2020 (MLN): Mari Petroleum Limited has reported earnings of Rs. 9.06 billion (EPS: 67.96) for the quarter ended September 30, 2020, i.e. 21% higher than the profits made in the same period of last year.

The net sales of the company went up by 14% owing to an increase in the overall gas production, as well as depreciation of the local currency against the US Dollar.

On the other hand, the exploration and prospecting cost fell by 40% on account of less expenditure incurred on prospection activities. According to Ismail Iqbal Securities, the decline in exploration expenditure would likely have been due to the nature of seismic activity while the company did most of the activity in 2D format.

The fall in the income from the seismic unit resulted in a non-core income of only Rs. 289 million, against other expenses of Rs. 507 million recorded during the same period.

Financial Results for the quarter ended September 30, 2020 (PKR'000)
	Sep-20	Sep-19	% Change
Gross sales to customers	29,756,406	36,937,085	-19%
Gas development surcharge	(5,470,735)	(5,788,683)	-5%
General sales tax	(3,132,595)	(3,735,963)	-16%
Excise duty	(495,497)	(479,568)	3%
Gas infrastructure development cess	(285,024)	(9,084,023)	-97%
Sales-net	20,372,555	17,848,848	14%
Royalty	(2,539,904)	(2,256,164)	13%
Operating expenses	(3,022,966)	(3,254,626)	-7%
Exploration and prospecting expenditure	(1,220,561)	(2,042,819)	-40%
Other charges	(908,314)	(809,589)	12%
Other income/(expense)	(507,163)	289,015	-275%
Finance income	937,843	1,182,665	-21%
Finance cost	(225,054)	(248,375)	-9%
Profit before taxation	12,886,436	10,708,955	20%
Provision for taxation	(3,820,230)	(3,245,998)	18%
Profit for the period	9,066,206	7,462,957	21%
Earnings per share	67.96	55.94	21%

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