October 22, 2019 (MLN): Mari Petroleum Company Limited (MPCL) has shown remarkable progress over the first quarter ended on September 30th 2019, as its consolidated profits grew by 45% to Rs. 7.4 billion over the corresponding period of last year.
The substantial growth in net earnings was attributed to the wellhead gas price incentive, PKR depreciation and an increase in finance income.
The company’s net revenue surged by 24% YoY to Rs. 17.8 billion despite lower oil and gas flows.
Furthermore, the company’s exploration expenses soared by 31.23% YoY, amid higher prospecting expense incurred with respect to seismic data acquired in Bannu West, Sukkur and Ghauri Blocks.
The operating costs increased by 17.58%, from Rs.2.7 billion to Rs. 3.2 billion during 1QFY20.
More notably, the finance income played a significant role in raising the company's profitability as it surged by 6.7 times YoY, to Rs. 1.1 billion.
Moreover, MPCL’s earnings per ordinary share have been reported at Rs.55.94 per share while those recorded last year were Rs.38.55 per share.
Financial Results for the first quarter ended on September 30th 2019 ('000 Rupees)
|
|||
---|---|---|---|
|
Sep-19 |
Sep-18 |
% Change |
Gross sale to customers |
36,937,085 |
27,128,905 |
36.15% |
Gas development surcharge |
5,788,683 |
540,055 |
971.87% |
General sales tax |
3,735,963 |
2,639,022 |
41.57% |
Excise duty |
479,568 |
494,841 |
-3.09% |
Gas infrastructure development cess |
9,084,023 |
9,113,870 |
-0.33% |
Sales- net |
17,848,848 |
14,341,117 |
24.46% |
Royalty |
2,256,164 |
1,827,651 |
23.45% |
|
15,592,684 |
12,513,466 |
24.61% |
Operating expenses |
3,254,626 |
2,768,037 |
17.58% |
Exploration and prospecting expenditure |
2,042,819 |
1,556,728 |
31.23% |
Other charges |
809,589 |
586,923 |
37.94% |
|
6,107,034 |
4,911,688 |
24.34% |
|
9,485,650 |
7,601,778 |
24.78% |
Other (expenses)/income |
289,015 |
119,880 |
141.09% |
Operating profits |
9,774,665 |
7,721,658 |
26.59% |
Finance income |
1,182,665 |
175,906 |
572.33% |
Finance cost |
248,375 |
195,804 |
26.85% |
Profit before taxation |
10,708,955 |
7,701,760 |
39.05% |
Provision for taxation |
3,245,998 |
2,559,524 |
26.82% |
Profit for the year |
7,462,957 |
5,142,236 |
45.13% |
Earnings per share – basic and diluted (Rupees) |
|
|
|
Earnings per ordinary share |
55.94 |
38.55 |
45.11% |
Distributable earnings per ordinary share |
1.51 |
1.45 |
4.14% |
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