Mari’s profits surge by 45% owing to Wellhead gas price incentive and finance income

MG News | October 22, 2019 at 05:41 PM GMT+05:00

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October 22, 2019 (MLN): Mari Petroleum Company Limited (MPCL) has shown remarkable progress over the first quarter ended on September 30^th 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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