MARI’s profit jumps 50% YoY to Rs19.14bn in 1QFY24

October 26, 2023 (MLN): Mari Petroleum Company Limited (PSX: MARI) revealed its profitability for the first quarter of FY24, wherein the profit after tax clocked in at Rs19.14 billion [EPS: Rs143.5] compared to a profit of Rs12.71bn [EPS: Rs95.31] in the same period last year (SPLY).

Going by the results, the company's net sales surged by 51.47% YoY to Rs48.21bn as compared to Rs31.83bn in SPLY.

The royalties rose by 49.62% YoY to Rs5.99bn in 1QFY24.

On the expense side, the company observed an increase in operating and administrative expenses by 30.14% YoY, Exploration and prospecting expenditure by 29.81% YoY, Finance costs by 66.24% YoY to clock in at Rs7.62bn, Rs1.79bn, and Rs731.4m respectively during the review period.

Moreover, the company incurred a loss from associates worth Rs240.54m, marking a significant rise of 3.84x YoY when compared to SPLY.

On the tax front, the company paid a higher tax worth Rs13.05bn against the Rs6.61bn paid in the corresponding period of last year, depicting a rise of 97.47% YoY.

MARi stated that the appraisal well Mari Ghazij-2 was successfully drilled soon after the period under review and tested at 11.1 MMSCFD with WHFP of 510 psig at 64/64” choke size.

Meanwhile, the drilling of the challenging exploratory well Maiwand X-1 (Block-28, Baluchistan) and appraisal-cum exploratory well Shewa-2 (Waziristan Block, KP) is in progress.

Amount in thousand except for EPS

MARI and KSE-100 YTD Performance

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