Mari Petroleum Company Limited (PSX: MARI) has announced excellent financial results for the fiscal year 2022-23 (FY23) with a net profit of Rs. 56.1 billion, up by 70 percent YoY, its highest-ever profit after tax according to Arif Habib Limited (AHL).
The company had a booked profit of Rs. 33 billion in FY22. An increase in earnings per share (EPS) to Rs. 420.75 per share in FY23 from Rs. 247.84 per share in the same period last year is reflective of the growth in net profit.
During FY23, MARI’s net sales were higher by 53 percent from last year, amounting to Rs. 145.7 billion as compared to Rs. 95.1 billion recorded in the same period last year. Gains were fueled on the back of a 61 percent YoY jump in the wellhead price of Mari Gas Field, stable gas production, and 28 percent YoY rupee depreciation against the US Dollar.
The exploration cost grew by 47 percent YoY to Rs. 16 billion in FY23 given three dry wells (Bazil X-1, Sundha Thal-1, and Shahpurabad-1) incurred during the period.
The finance cost of the company increased by 81 percent YoY to Rs. 1.77 billion in FY23, compared to last year’s Rs. 979.8 million. Meanwhile, the company recorded other expenses of Rs. 362.6 million during the period under review, compared to other income of Rs. 48.2 million in SPLY.
Added to the above, MARI recorded a share of loss in associate of Rs. 390 million, a massive 85 percent decrease from Rs. 2.61 billion observed in FY22. The operational and administrative expenses of the company increased by 55.8 percent from Rs. 17.4 billion last year to Rs. 27.1 billion in FY23.
The finance income of the company increased to Rs. 9.07 billion in FY23 compared to Rs. 4.48 billion in SPLY, up by 102 percent YoY on account of higher income on cash and cash balances coupled with exchange gain on foreign currency.
MPCL Board of Directors has recommended a final cash dividend for the year ended June 30, 2023, at the rate of Rs. 58 per share. This is in addition to the interim dividend already paid at the rate of Rs. 89 per share. The recommended final dividend along with the interim dividend amounts to Rs. 147 per share.
At the time of filing, the company’s scrip at the bourse was Rs. 1,602, down 4.77 percent or Rs. 80.3 with a turnover of 230,202 shares on Wednesday.
Source: Pro Pakistani