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.