Mari Petroleum declares Rs33 billion as annual profit for FY22

Mari Petroleum declares Rs33 billion as annual profit for FY22

KARACHI: Mari Petroleum Company Limited (MPCL) on Thursday declared over Rs33 billion after tax profit for the fiscal year 2021/2022.

According to annual financial results submitted to the Pakistan Stock Exchange (PSX), the net profit of the company increased by 5.15 per cent when compared with Rs31.44 billion in the preceding fiscal year.

The company announced earnings per share (EPS) at Rs247.84 for the year ended June 30, 2022 as compared with EPS Rs235.71 in the previous year.

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The board of directors of Mari Petroleum Company Limited was held on Thursday August 4, 2022, which recommended a final cash dividend for the year ended June 30, 2022 at Rs62 per share at 62 per cent. This is in addition to the interim dividend already paid at Rs62 i.e. 62 per cent.

The final cash dividend (including interim) will bring the total cash dividend to 50 per cent of the net profits of the company.

The overview of the financial results revealed that the company’s natural gas production increased by five per cent, while crude oil and condensate production remained steady, which translated into the highest-ever total production of 36.91 MMBOE. “This equates to a net daily average production of 101,109 boepd, which is above the 100,000 boepd mark for the very first time,” the company said.

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The company further said that the enhancement in production, greater financial discipline and better prices drove the company’s profit before tax to the highest ever Rs52.1 billion, which is 19 per cent higher from the last year’s results.

The tax charge for the year is Rs19.1 billion, which includes the provision for super tax of Rs5.2 billion, which has resulted in increased effective tax rate of 36.7 per cent in the fiscal year under review as compared with 28.4 per cent in the last fiscal year.

The company said that the above dividend will be paid to those shareholders whose names will appear on the register of members at the close of business on September 21, 2022.

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According to the financial results the gross sales of the company massively increased to Rs108.97 billion for the year ended June 30, 2022 as compared with Rs82.69 billion in the preceding year. The payment impact of general sales tax and federal excise duty was Rs13.84 billion in the year ended June 30, 2022 as compared with Rs9.67 billion in the preceding year.

This brings the net sales of the company at Rs95.13 billion as compared with Rs73.02 billion. The company paid an amount Rs12 billion as royalty during the fiscal year 2021/2022 as compared with Rs9.31 billion in the preceding fiscal year.

Operating expenses of the company grew to Rs17.40 billion during the year ended June 30, 2022 as compared with Rs15.04 billion in the preceding year.

Meanwhile, the expenses on exploration and prospecting expenditure recorded massive growth to Rs10.93 billion during the fiscal year 2021/2022 as against Rs4.54 billion in the preceding fiscal year.

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