MARI posts 38pc increase in annual profits, announces 800pc bonus shares

KARACHI: Mari Petroleum Company Limited (MARI) on Thursday announced an increase of 38 per cent in profits for the financial year that ended June 30 because of an increase in sales.

In a statement to the Pakistan Stock Exchange, the company reported a net profit of Rs77.29 billion during the year against Rs56.13 billion during the same period last year.The company also announced a final cash dividend for the year at Rs134 per share, which is in addition to the interim dividend of Rs98 per share, already paid.

In a big surprise, the company also issued 800 per cent bonus shares (eight shares for every one share held).Earnings per share came in at Rs579.36, compared with EPS of Rs420.75 during the same period last year.

The company said its sales for the year increased to Rs208.6 billion, compared with Rs163.16 billion a year earlier. The bonus announcement was a massive surprise for investors that helped stock price to hit upper circuit in the matter of a couple of minutes and made the stock the highest positive contributor of the day by adding 221 points.