Karachi: Mari Petroleum Company Limited (MARI) has reported a substantial 38% year-over-year increase in its FY24 earnings, with a record-breaking quarterly performance highlighting its fiscal year. The company also announced an impressive 800% bonus issue, underscoring a landmark year.
According to AKD Securities Limited, Mari Petroleum's net profit after tax reached PkR77.3 billion for the year, with earnings per share (EPS) rising to PkR579.4. The final quarter alone brought in a net profit of PkR25.7 billion, the highest in the company's history, attributed largely to a reversal of exploration charges and robust finance income influenced by elevated interest rates and increased short-term investments.
Despite a decline in net sales due to reduced gas production and maintenance halts, Mari's financials were buoyed by significant operational efficiencies and a sharp reversal in exploration expenses. Additionally, the company declared a final cash dividend of PkR134 per share, leading to a total FY24 payout of PkR232 per share.
Looking ahead, AKD Securities maintains a 'Buy' rating on Mari, citing its high reserve base, promising production growth, and resilience against sectoral debt challenges. The ongoing strategic initiatives are expected to further enhance Mari’s market position and financial stability in the coming years.