January 24, 2022 (MLN): Mari Petroleum Company Limited (MPCL) has announced its financial results for 6MFY22 ended on December 31, 2021, wherein the bottom-line of the company saw a meagre increase of 1.03% YoY, to Rs16.57 billion, translating into an EPS of Rs 124.21 when compared with the same period last year in which net profits were recorded at Rs16.40bn (EPS: Rs122.94).
The profitability is attributed to higher gas flows particularly from MARI HRL and higher Arab Light prices used for gas pricing, as noted by Foundation Securities.
As per the financial statement issued by the company to PSX, the company’s revenue went up by 8.18% YoY to Rs42.41bn while the exploration cost plummeted by 12.64% YoY, clocking in at Rs2.64bn in 6MFY22.
More notably, the financial income of the company moved up by 6.64% YoY to Rs1.87bn. Meanwhile, the finance cost inched up by 8.83% YoY to Rs490 million during 6MFY22.
Alongside financial results, the Board of Directors (BoD) of the company announced a first interim cash dividend at Rs62 per share i.e., 620%.
To note, MARI has expanded its portfolio internationally and participated as a part of a consortium comprising of OGDC, PPL and Government Holdings (Private) Limited (GHPL) in a recent Abu Dhabi offshore block auction. The consortium in which the company was a part has been awarded the contract of Offshore Block 5 in Abu Dhabi.
To highlight, Offshore Block 5 covers an area of 6,223 square kilometers and is located 100 kilometers northeast of Abu Dhabi city.
Financial Results for the six months ended on December 31, 2021 ('000 Rupees)
General sales tax
Operating and administrative expenses
Exploration and prospecting expenditure
Share of loss in associate
Profit before taxation
Provision for taxation
Profit for the year
Earnings per share
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