MPCL: Net profits stay flat

By MG News | April 19, 2021 at 03:18 PM GMT+05:00

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April 19, 2021 (MLN): Mari Petroleum Company Limited (MPCL) has announced its financial results for 9MFY20 ended on March 31, 2021 wherein the bottom-line of the company saw a meagre increase of 0.57% YoY, to Rs 23.35 billion, translating into an EPS of Rs 175.08 when compared with the same period last year in which net profits were recorded at Rs 23.22 billion (EPS: Rs 174.09).

The slender increase in profitability came on the back of a jump in oil and gas production by 13% and 7%, YoY, respectively in view of Arif Habib's research. As per the financial statement issued by the company to PSX, the company’s revenue went up by 3.4% YoY to Rs 55 billion while the exploration cost plummeted by 31% YoY, clocking in at Rs 3.97 billion in 9MFY21 due to less seismic data acquisition with the absence of dry well during 3QFY21.

More notably, the financial income of the company plunged by 33% YoY to Rs 2.60 billion. Meanwhile, the finance cost dropped by 8% YoY to Rs 675 million during 9MFY21.

Alongside financial results, the Board of Directors of the company announced a second interim cash dividend at Rs 60 per share i.e., 600%. To note, the Amendment Agreement to Mari Wellhead Gas Pricing Agreement 2015 has been signed between the Government of Pakistan and the company on April 17, 2021, giving effect to the ECC decision regarding the removal of a cap on dividend distribution by MPCL.

Financial Results for the nine months ended on March 31, 2021 ('000 Rupees)
	Mar-21	Mar-20	% Change
Gross sale to customers	62,782,446	60,698,340	3.43%
General sales tax	(5,949,295)	(5,786,552)	2.81%
Excise duty	(1,500,896)	(1,397,386)	7.41%
Sales- net	55,332,255	53,514,402	3.40%
Royalty	6,919,598	6,741,690	2.64%
	48,412,657	46,772,712	3.51%
Operating and administrative expenses	(11,162,995)	(9,823,582)	13.63%
Exploration and prospecting expenditure	(3,974,382)	(5,738,798)	-30.75%
Other charges	(2,330,341)	(2,275,278)	2.42%
Total expenses	(17,467,718)	(17,837,658)	-2.07%
	30,944,939	28,935,054	6.95%
Other (expenses)/income	20,169	400,411	-94.96%
Operating profits	30,965,108	29,335,465	5.56%
Finance income	2,597,217	3,901,535	-33.43%
Finance cost	(675,343)	(734,830)	-8.10%
Profit before taxation	32,886,982	32,502,170	1.18%
Provision for taxation	(9,530,743)	(9,277,389)	2.73%
Profit for the period	23,356,239	23,224,781	0.57%
Earnings per share - basic and diluted (Rupees)
Earnings per ordinary share	175.08	174.09	0.57%

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