Wednesday, January 27, 2021

MARI earnings up by 85% in 2QFY19

Featured

US aircraft carrier enters South China Sea amid tensions over Taiwan

The US military said on Sunday that the aircraft carrier group Theodore Roosevelt has entered the South China Sea...

India administered one million doses of Corona vaccine within 6 days

Today, the Indian Ministry of Health announced the completion of the distribution of one million doses for the emerging...

Who is Joe Biden? – Learn more about the United States 46th President

Who is Joe Biden? The new American president was Barack Obama's deputy for eight years and a senator for...
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.

- Advertisement -

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.

- Advertisement -

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.

 

- Advertisement -
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]
- Advertisement -

Latest News

US aircraft carrier enters South China Sea amid tensions over Taiwan

The US military said on Sunday that the aircraft carrier group Theodore Roosevelt has entered the South China Sea...

India administered one million doses of Corona vaccine within 6 days

Today, the Indian Ministry of Health announced the completion of the distribution of one million doses for the emerging coronavirus (Covid-19) vaccine within six...

Who is Joe Biden? – Learn more about the United States 46th President

Who is Joe Biden? The new American president was Barack Obama's deputy for eight years and a senator for 36 years. Famous for his...

Macron welcomes US back to the climate agreement

French President Emmanuel Macron tweeted on his Twitter account, directing the tweet to President Joe Biden and Vice President Kamala Harris to welcome the...

Nancy Pelosi: “We are ready to work under the slogan of a united America”

US House of Representatives Speaker Nancy Pelosi said, "We are ready to work under the slogan of a united America". US President Joe Biden has...

Related News