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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