Mari shows resilience, records 47% YoY higher profit in tough economy

April 28, 2023 (MLN):  Mari Petroleum Company Limited (PSX: MPCL) has posted its financial results for 9MFY23, wherein the company continued the strong performance trajectory clocking in its bottom line at Rs40.29 billion [EPS: Rs302.03] up 46.73% YoY, as compared to Rs27.49bn [EPS: Rs205.84] in the same period last year (SPLY).
As per the financial statement issued by the company to PSX, the company’s revenue went up by 46.18% YoY to Rs98.83bn while the exploration cost inflated by 2.11x YoY, clocking in at Rs9.53bn in 9MFY23.
The company completed its largest project, Sachal Gas Processing Complex (SGPC) in the Mari Field, and started supplying over 100 MMSCFD gas to SNGPL. This boosted its daily gas production to above 850 MMSCF, making it the leader in gas production in the country.
SGPC offset lower sales volumes from unplanned shutdowns, and low demand, and supply halt. SGPC also contributed to generating more revenue as a large part of its production attracted the 2012 petroleum policy price.
Despite macroeconomic challenges like high-interest rates, the continued devaluation of the rupee, and low forex reserves, the company managed to record impressive profitability, expressing that they are undertaking proactive engagement with the government and its key suppliers to create value through cost-effective and efficient partnerships.
The Company remains committed to contributing towards meeting the country’s energy needs through maximizing production from its producing fields, all the while undertaking focused exploratory efforts for discovering new hydrocarbon resources, the company added in the transmission released today.
To note, MPCL has expanded its portfolio and added four new exploration blocks namely South Pishin, Shaigalu, Tanishpa, and Lugai.
Meanwhile, the company paid 69.92% YoY higher taxes worth Rs20.51bn in 9MFY23 as compared to Rs12.07bn in SPLY.




Financial Results for the nine months ended on March 31, 2023 ('000 Rupees)






 


Mar-23


Mar-22


% Change




Gross sale


   110,672,128


    77,973,653


41.94%




General sales tax


   (10,405,830)


    (8,829,802)


17.85%




Excise duty


     (1,426,418)


    (1,526,769)


-6.57%




Sales- net


     98,839,880


    67,617,082


46.18%




Royalty


   (12,356,160)


    (8,644,087)


42.94%




Operating and administrative expenses


   (16,177,547)


  (11,821,721)


36.85%




Exploration and prospecting expenditure


     (9,539,336)


    (4,518,782)


111.10%




Finance cost


     (1,322,975)


        (735,005)


80.00%




Other charges


     (4,174,761)


    (2,629,357)


58.77%




 


   (43,570,779)


  (28,348,952)


53.69%




 


     55,269,101


    39,268,130


40.75%




Other income/(expenses)


         (758,766)


          145,571


–




Finance income


       6,858,305


       2,711,996


152.89%




Share of loss in associate


         (565,514)


    (2,594,730)


-78.21%




Profit before taxation


     60,803,126


    39,530,967


53.81%




Provision for taxation


   (20,511,642)


  (12,071,677)


69.92%




Profit for the year


     40,291,484


    27,459,290


46.73%




Earnings per ordinary share


             302.03


             205.84


–




Copyright  Mettis Link News
 
Posted on: 2023-04-28T17:40:39+05:00
The post Mari shows resilience, records 47% YoY higher profit in tough economy appeared first on Mettis Global Link .