MARI's annual profits surge by 59% in June
MG News | July 30, 2019 at 02:49 PM GMT+05:00
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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