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Thursday March 28, 2024

Mari Petroleum Q2 profit surges 77.7pc

By Our Correspondent
February 23, 2018

KARACHI: Profit of Mari Petroleum Company increased 77.7 percent to Rs3.2 billion for the quarter ended December 31, 2017, translating into earnings per share (EPS) of Rs29.05, a bourse filing said on Thursday.

The company’s profit was Rs1.84 billion with EPS of Rs16.75 in last year’s quarter ended Dece,ber 31, 2016. The company also announced an interim cash dividend of Rs3.5/share. Net sales during the period stood at Rs8.6 billion up 48.2 percent from revenues of Rs5.7 billion in the quarter ended December 31, 2016. “Revenues registered a considerable growth owing to 25 percent higher Arab Light oil prices, unwinding of entitlement factor of Mari gas field price, higher gas production and higher price benefit on incremental production,” Nabeel Khursheed at Topline Securities said. Mari Petroleum booked exploration expenditure of Rs1.11 billion during the quarter ended December 31, 2017 as against expenditure of Rs422.67 million in the corresponding quarter previous year. Analysts flag inability to meet set benchmark of incremental production levels to avail higher pricing, slowdown in demand from fertiliser sector, lower than anticipated international oil prices and delay in settlement of the company’s dues by its customers.