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

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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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