With a net profit of Rs. 37.5 billion for the first half of the financial year 2023–24, Mari Petroleum Company Limited (MARI) has declared strong financial performance. This represents a noteworthy 57% increase over the same period in the preceding fiscal year.
Mari Petroleum reported a healthy profit of Rs. 18.4 billion for the quarter, indicating an impressive 65 percent year-over-year gain. In addition to this encouraging outcome, the business has announced an interim cash dividend for the second quarter of the 2023–24 fiscal year, equal to Rs. 98 per share.
At Rs. 93.7 billion, the first half of the fiscal year’s net sales had increased by 54% year over year. A 17 percent increase in gas output, a 34 percent increase in oil production, a 29 percent increase in the wellhead price of Mari Gas Field, and a 22 percent depreciation of the Pakistan Rupee versus the US dollar are all credited with this noteworthy expansion.
Net sales increased to Rs. 45.5 billion in the second quarter of the fiscal year 2023–24, a 56 percent year-over-year increase. The Pakistani Rupee’s 21% depreciation versus the US dollar, the higher wellhead gas price of Mari Gas Field, and the 19% increase in oil production combined with the 25% increase in gas output are some of the causes contributing to this expansion.
Due to the lack of dry wells at this time, exploration costs for the first half of the fiscal year dropped by 47% year over year to Rs. 3.25 billion. The fiscal year’s second quarter saw a further 66% year-over-year decline in exploration expenses, coming in at Rs. 1.46 billion.
Driven by higher revenue on cash and cash balances, the finance income for the first half of the fiscal year increased by 85% year over year to Rs. 4.1 billion. Finance income reached Rs. 1.6 billion in the second quarter, up 35% over the previous year.
During the second quarter of the fiscal year 2023–24, the effective taxation rate was 40%, as opposed to 34% during the same period the previous year.
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