MARI's annual profits surge by 59% in June

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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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