MARI’s profitability inches up by 17.57% YoY in 9MFY22

MG News | April 25, 2022 at 02:17 PM GMT+05:00

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April 25, 2022 (MLN): Mari Petroleum Company Limited (MPCL) has announced its financial results for 9MFY22 ended on March 31, 2021, wherein the bottom-line of the company saw an increase of 17.57% YoY, to Rs27.49 billion, translating into an EPS of Rs205.84 when compared with the same period last year in which net profits were recorded at Rs23.35bn (EPS: Rs175.57).

The profitability is attributed to 11% and 4% YoY growth in oil and gas production, respectively. In addition to this, the wellhead price of Mari Gas Field climbed up by 19% YoY, a report by Arif Habib Limited noted.

As per the financial statement issued by the company to PSX, the company’s revenue went up by 22.20% YoY to Rs67.61bn while the exploration cost jumped by 13.70% YoY, clocking in at Rs4.51bn in 9MFY22.

More notably, the financial income of the company moved up by 4.42% YoY to Rs2.71bn. Meanwhile, the finance cost inched up by 8.83% YoY to Rs735 million during 9MFY22.

In addition, the company also booked a share of loss in associates of Rs2.59bn in the review period.

Financial Results for the nine months ended on March 31, 2022 ('000 Rupees)
	Mar-22	Mar-21	% Change
Gross sale to customers	77,973,653	62,782,446	24.20%
General sales tax	(8,829,802)	(5,949,295)	48.42%
Excise duty	(1,526,769)	(1,500,896)	1.72%
Sales- net	67,617,082	55,332,255	22.20%
Royalty	(8,644,087)	6,919,598	-224.92%
	76,261,169	48,412,657	57.52%
Operating and administrative expenses	(11,821,721)	(11,162,995)	5.90%
Exploration and prospecting expenditure	(4,518,782)	(3,974,382)	13.70%
Other charges	(2,629,357)	(2,330,341)	12.83%
	(18,969,860)	(17,467,718)	8.60%
	57,291,309	30,944,939	85.14%
Other (expenses)/income	145,571	20,169	621.76%
Operating profits	57,436,880	30,965,108	85.49%
Finance income	2,711,996	2,597,217	4.42%
Share of loss in associate	(2,594,730)	-	-
Finance cost	(735,005)	(675,343)	8.83%
Profit before taxation	39,530,967	32,886,982	20.20%
Provision for taxation	(12,071,677)	(9,530,743)	26.66%
Profit for the period	27,459,290	23,356,239	17.57%
Earnings per share - basic and diluted (Rupees)
Earnings per ordinary share	205.84	175.08	17.57%

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