Saturday, February 22, 2020

MARI earnings up by 85% in 2QFY19

Featured

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to...

China: Corona virus death toll rises to 2239, and 75,567 infections

China’s National Health Committee announced on Friday that it has received reports of 889 new confirmed cases of the...

A major reshuffle in the British Government

Several British government ministers have been fired in a drastic reshuffle by Prime Minister Boris Johnson. The list includes...
Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Mari Petroleum Limited (MARI) announced its financial results today, posting a profit after tax of PKR 5,916mn (EPS: PKR 48.78) during 2QFY19 from PKR 3,202mn (EPS: PKR 26.41) in SPLY, massively up by 85% YoY.

With this, the bottom-line in 1HFY19 settled at PKR 11,058mn (EPS: PKR 91.18), portraying an upsurge of 62% YoY. Furthermore, the company has announced a interim cash dividend of PKR 4.00/share.

Topline in 1HFY19 witnessed a growth of  61% YoY to PKR  28,987mn from PKR 18,017mn in SPLY supported by  6% YoY uptick in gas production, 53% YoY uptick hike in wellhead price of Mari gas field and 31% YoY surge in average oil prices. However, oil production witnessed an 18% decline.

On sequential basis, net sales jumped up by 69% YoY to PKR 14,646mn during 2QFY19 amid entitlement factor of Mari gas field, higher gas production by 9% YoY, and PKR depreciation against greenback of 26% YoY.

The company’s exploration costs declined by 13% YoY to PKR 971mn during 2QFY19.

On a cumulative basis, 1HFY19 exploration costs clocked-in at PKR 2,647mn, up by 95% YoY, amid cost incurred on exploratory well Dharian-1 during 1QFY19.

Other income in 2QFY19 decline to PKR 132mn from PKR 667mn in SPLY owed to decline in income from seismic unit of Mari.

Meanwhile, cumulative other income for 1HFY19 clocked-in at PKR 371mn, depicting an increase of 20% YoY.

The company booked effective taxation at 32% in 2QFY19 vis-à-vis 19% in 2QFY18.

 

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Latest News

Trump adviser Roger Stone sentenced to 3 years in prison for lying

A federal judge issued a ruling on Thursday against Roger Stone, a longtime adviser to US President Donald Trump,...

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to purchase more US goods under...

Voting begins in Iran’s parliamentary elections

The Iranians began voting on Friday in a parliamentary election that is unlikely to change Tehran's troubled relations with the United States, after excluding...

Austrian Parliament: There is no place for ISIS operatives in the country

Herbert Kickel, head of the Parliamentary Bloc of the Freedom Party (the third largest Austrian party), confirmed that anyone who joined the terrorist group...

Reports of Russian intervention supporting Trump in the US 2020 elections

Informed sources reported that Shelby Pearson, the chief election security official in US intelligence, had warned lawmakers that Russian intelligence was taking steps to...

Related News