Mari Petroleum Company Limited (MARI) announced its financial result today, posting a bottom line of Rs. 51.629 billion during 9MFY24 against Rs. 40.291 billion in 9MFY23, up by 28 percent YoY.
On a quarterly basis, the company’s profitability arrived at Rs. 14.1 billion, down by 14 percent YoY.
MARI didn’t announce any dividend payouts to its shareholders for the nine-month period.
Net sales in 9MFY24 swelled up by 44 percent YoY, settling at Rs. 141.992 billion compared to Rs. 98.840 billion in SPLY amid 16 percent and 18 percent YoY jump in gas and oil production, respectively, 19 percent YoY hike in the wellhead price of Mari Gas Field, and 17 percent YoY devaluation of PKR against USD, Arif Habib Limited said in a review note.
During 3QFY24, the net sales jumped up by 28 percent YoY, arriving at Rs. 48.247 billion given 11 percent YoY higher wellhead gas price of Mari Gas Field and 26 percent YoY growth in gas production.
The exploration cost surged by 97 percent YoY to Rs. 18.783 billion in 9MFY24
. Meanwhile, the exploration cost during 3QFY24 arrived at Rs. 15.527 billion, augmenting by 4x YoY on account of a dry well (Maraab X-1) incurred during the quarter coupled with higher prospecting expenditure undertaken during the quarter.
The finance income arrived at Rs. 6.105 billion in 9MFY24 versus Rs. 6.858 billion in SPLY, down by 11 percent YoY on account of lower income on cash and cash balances. Meanwhile, finance income during 3QFY24 settled at Rs. 2 billion, depicting a decline of 57 percent YoY given the absence of exchange gains during the quarter.
The company booked effective taxation at 8 percent in 3QFY24 vis-à-vis 33 percent in 3QFY23. AHL said the company has booked tax reversals during the quarter since the court has given favorable judgment relating to a depletion allowance.
MARI posted earnings per share (EPS) of Rs. 387.02 in 9MFY24 compared to an EPS of Rs. 302.03 in the same period last year.
During 9MFY24, the company made two gas discoveries; Maiwand X-1, and Shewa-2. In additi
on to this, a gas discovery was also made in partner-operated well Jhim East X-1.
Post 9MFY24, the company has also made an oil discovery at Shawal-1 well at Mari Field. The company has acquired 27.55 percent, 40.00, percent and 44.00 percent working interest in Nareli, Zarghun South, and Kalchas South Block, respectively.
Post commissioning of the third Amine Sweetening Unit and first turnaround, gas sales volumes from Sachal Gas Processing Complex have reached 108mmcfd. As a part of the Ghazij Appraisal Program, the Mari Ghazij-2, 4, and 5 were drilled and tested at Mari Field during 9MFY24.
During the period, the company successfully drilled and tested the third horizontal development well Mari 124H, and development well MD-20.
Early Production Facilities at Shewa have reached completion during the period. Meanwhile, the completion of the SNPGL pipeline is still pending and after completion, production will commence.
MARI’s BoD has approved an investment of around -Rs. 2.5 billion in Mari Mining Compa
ny in terms of equity injection. The company will invest in this subsidiary in tranches spread over two years through subscription of the right issue of Mari Mining Company shares.
Mari Mining Company has been offered two mineral exploration licenses in the Chagai District of Balochistan during the 9MFY24, for which obligatory approvals/formalities are ongoing.
Source: Pro Pakistani