MARI's annual profits surge by 59% in June

MG News | July 30, 2019 at 02:49 PM GMT+05:00

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July 30, 2019 (MLN): Mari Petroleum Company Limited (MARI) witnessed a 58% surge in its annual net profit which stood at Rs.24.33 billion (EPS: Rs.200.59 per share) against last year’s Rs.15.37 billion (EPS: Rs.126.77 per share).

Gas development surcharge for the year came down by Rs.1.7 billion or 16% to Rs.9.3 billion this year. Combined with other tax payments, this resulted in a 46% rise in net sales which stood at Rs.59.4 billion.

Since overall expenses grew at a slower pace than net sales and last year’s non-core expenses turned into income this year, the overall operating profit (Rs.33.7 billion) grew by 67.33%.

A Final Cash Dividend for the year ended June 30, 2019 @ Rs. 2.00 per share i.e. 20% was also announced, which is in addition to Interim Dividend already paid @ Rs. 4.00 per share i.e. 40%.

The Board of Directors also recommended to issue Bonus Shares in the proportion of ONE share for every TEN shares held, i.e. 10%.

Profit and loss account for the year ended June 30, 2019 (Rupees'000)
	June 30, 2019	June 30, 2018	% Change
Gross sales to customers	117,542,103	100,042,839	17.49%
Gas development surcharge	9,280,308	11,029,741	-15.86%
General sales tax	12,098,286	11,668,172	3.69%
Excise duty	1,888,366	1,906,530	-0.95%
Gas infrastructure development cess	34,827,136	34,762,028	0.19%
Sales - net	59,448,007	40,676,368	46.15%
Royalty	7,574,515	5,180,869	46.20%
Operating expenses	11,712,974	9,985,411	17.30%
Exploration and prospecting expenditure	4,308,006	3,314,839	29.96%
Other charges	2,435,811	1,447,747	68.25%
Other income / (expenses)	326,087	-581,846
Operating profit	33,742,788	20,165,656	67.33%
Finance income	1,767,306	765,616	130.83%
Finance cost	801,760	639,728	25.33%
Profit before taxation	34,708,334	20,291,544	71.05%
Provision for taxation	10,381,246	4,917,204
Profit for the year	24,327,088	15,374,340	58.23%
Earnings per ordinary share (Rupees)	200.59	126.77	58.23%

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