Mari Petroleum Records Staggering 57% Surge in 1HFY24 Profits

Mari Petroleum Records Staggering 57% Surge in 1HFY24 Profits

Karachi, January 29, 2024 – Mari Petroleum Company Limited (MPCL) has reported a remarkable 57% increase in net profit for the first half (July – December) of the fiscal year 2023-24.

The company’s financial performance, disclosed on Monday, indicates a profit after tax of Rs 37.50 billion, showcasing substantial growth compared to Rs 23.86 billion in the corresponding period of the previous fiscal year.

The earnings per share (EPS) for the period stands at Rs 281.14, demonstrating a significant rise from Rs 178.87 in the same period of the last fiscal year. The board of directors of MPCL, in its meeting held on January 29, 2024, recommended the issuance of a first interim cash dividend at Rs 98 per share.

Financial Highlights:

• The company’s financial and operational performance remained robust, with hydrocarbon sales reaching 19.8 MMBOE.

• A 13% increase in production was driven by the Sachal Gas Processing Complex operating at full capacity and additional gas sales to SNGPL.

• Net sales amounted to Rs 93.7 billion, reflecting a remarkable 54% growth over the same period last year, resulting in an earnings per share of Rs 281.14/share.

• In the period under review, MPCL surpassed US$1 billion in market capitalization on December 11, 2023.

Exploration & Drilling:

• The appraisal-cum-exploratory well Shewa-2 in the Waziristan Block resulted in a gas discovery from the Kawagarh formation and confirmed the extension of hydrocarbon play of Lokhart and Hangu formations.

• Successful drilling and production commenced at the appraisal well Mari Ghazij-2 and horizontal well Mari-124H in the Mari Field.

• The exploratory well Maiwand X-1 in Block-28, Balochistan, has been drilled and is currently under testing.

• MPCL acquired a 44% working interest in the Kalchas South Block.

Development & Production Enhancement:

• The third Amine Sweetening Unit has been commissioned at the Sachal Gas Processing Complex in the Mari Field.

• The Shewa Early Production Facilities (EPF) are nearing completion.

Environmental, Social, and Governance (ESG) Initiatives:

• MPCL has endorsed the “Oil & Gas Decarbonization Charter” at COP28, held in Dubai, UAE, to support actions for minimizing overall emissions.

• The company has published its first Sustainability Report to document and report its environmental, social, and governance performance to its valued stakeholders.

The exceptional financial performance, coupled with significant milestones in exploration, drilling, and sustainability initiatives, positions Mari Petroleum Company Limited as a key player in the energy sector, contributing to the economic landscape of Pakistan. Shareholders and industry stakeholders will be closely watching the company’s continued growth and strategic initiatives in the coming months.