Mari Petroleum reports profit of Rs37.51bn in 1HFY24

Mari Petroleum Company Limited (MARI), one of Pakistan’s largest E&P companies, posted a profit-after-tax (PAT) of Rs37.51 billion in 1HFY24, up over 57% year-on-year (YoY), compared to PAT of Rs23.87 billion in the same period of the previous year.

Its Board of Directors (BoD) in a meeting held on Monday reviewed the financial performance of the company for the period ended on December 31, 2023. During the meeting, the BoD announced the first interim cash dividend at Rs98 per share.

As per the latest financials, the company’s earnings per share (EPS) stood at Rs281.14 per share, against Rs178.87 per share in SPLY.

“Earnings are in line with industry expectation,” said brokerage house Topline Securities.

MARI’s net sales increased by over 54% to Rs93.74 billion as compared to Rs61 billion recorded in the previous year. Cost of sales (including royalty and operating and administrative expenses) jumped to Rs26.39 billion in 1HFY24, as compared to Rs17.22 billion recorded in the previous year.

MARI’s gross profit stood at Rs67.36 billion in 1HFY24, as compared to Rs43.78 billion, an increase of nearly 54%.