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