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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