Mari Petroleum witnesses a 25% improvement in earnings during FY20

MG News | August 20, 2020 at 03:18 PM GMT+05:00

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August 20, 2020 (MLN): Mari Petroleum Company Limited (MARI) has reported profits of Rs. 30.3 billion (EPS: 227.23) for the year ended June 30, 2020, i.e. 24.6% higher than the figures recorded in the last year.

The company also announced a final Cash Dividend for the year at Rs. 2.00 per share i.e. 20%. This is in addition to Interim Dividend already paid at Rs. 4.10 per share i.e. 41%.

According to a report by Arif Habib Limited, the net revenue of the company increased by 21% owing to a rise in the wellhead price of the Mari gas field and depreciation of the local currency against USD. It is interesting to note that the revenue increase despite more than a double increase in gas development surcharge.

Amongst the many costs of the company that increased during the year, the exploration and prospecting expenditure rose by 1.38x due to the acquisition of seismic data from Blocks-28.

Another interesting factor was the increase in finance cost by around 28%, that too despite a decline in the interest rates by 625 basis points.

Financial Results for the year ended June 30, 2020 (Rupees'000)
	Jun-20	Jun-19	% Change
Gross sales to customers	126,847,608	117,542,103	7.9%
Gas development surcharge	(18,916,120)	(9,280,308)	103.8%
General sales tax	(12,766,944)	(12,098,286)	5.5%
Excise duty	(1,876,423)	(1,888,366)	-0.6%
Gas infrastructure development cess	(21,273,225)	(34,827,136)	-38.9%
Sales - net	72,014,896	59,448,007	21.1%
Royalty	(8,805,560)	(7,574,515)	16.3%
Operating expenses	(13,302,159)	(11,712,974)	13.6%
Exploration and prospecting expenditure	(10,257,639)	(4,308,006)	138.1%
Other charges	(2,698,227)	(2,435,811)	10.8%
Other income / (expenses)	340,001	326,087	4.3%
Finance income	4,973,709	1,733,298	187.0%
Finance cost	(985,576)	(767,752)	28.4%
Profit before taxation	41,279,445	34,708,334	18.9%
Provision for taxation	(10,966,572)	(10,381,246)	5.6%
Profit after taxation	30,312,873	24,327,088	24.6%
Earnings per share	227.23	182.36	24.6%

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