Mari Petroleum Company Limited (PSX:MARI) - Annual Financial Results as of June 30, 2024
For the year ending June 2024, MARI earned a net income of Rs. 579.4 per share and declared a total cash dividend of Rs. 232 per share.
On an annual basis, revenue registered a 25% increase, profit before tax increased by 29%, and profit after tax increased by 38%.
Financial charges registered an increase of 61%. The tax rate remained at 30%, compared to 35% last year.
In the last quarter (Q4, June 2024), MARI earned a net income of Rs. 192.4 per share and declared a cash dividend of Rs. 134 per share.
The profit after tax in the last quarter increased by 52% compared to the average of the last four quarters.
MARI is trading at a price-to-earnings ratio of 4.9 with a dividend yield of 8.12%.
MARI has a 3.12% exposure in the KSE100 Index, 4.46% in the KSE30 Index, and 7.05% in the KMI30 Index.
Disclosure with the Results Announcement:
Mari Lease Extension:
A five-year extension of Mari D&P lease was approved by the Government, extending the company’s rights on the lease until November 2029 with an additional payment of 15% wellhead value. Additionally, with the latest amendments in the Petroleum Policy 2012, the Company now has the right to extend the lease until the field production remains commercially viable.
Mining:
MPCL’s subsidiary Mari Mining Co. (Pvt) Ltd has been awarded two mineral exploration licenses in Chaghi district of Balochistan.
https://dps.psx.com.pk/download/document/235025.pdf
