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Mari Petroleum profit rises to Rs6.05bn

Mari Petroleum profit rises to Rs6.05bn

KARACHI: Mari Petroleum Company Limited recorded a profit-after-tax (PAT) of Rs6.05 billion translating into earnings per share (eps) at Rs54.89 for the year ended June 30, 2016.

The earnings represented an improvement of 7pc over the PAT at Rs5.65bn and eps at Rs51.25 for the previous year.

Analysts said that the earnings were slightly higher than expected with lower effective tax rate as a major source of deviation.

The board also recommended a final cash dividend of Rs2.10 per share (21pc), taking the full year payout at Rs5.10 per share (51pc). The company proposes to hold the Annual General Meeting (AGM) of shareholders, on Tuesday, Sept 27, 2016 in Islamabad, subject to approval of the PSX.

Gross sales to customers amounted to Rs95.0bn (2015:Rs88.2bn). After deducting aggregate sum of Rs73.3bn (2015: Rs19.4bn) in the form of gas development surcharge of Rs25.9bn (2015: Rs18bn); general sales tax at Rs13.5bn (12.4bn); excise duty at Rs1.7bn (Rs1.6bn); Gas infrastructure development cess amounting to Rs31.9bn (36.1bn) and windfall levy at Rs0.29m (0.79m), net sales to customers amounted to Rs21.7bn, up 21pc from Rs19.4bn the earlier year.

Exploration and prospecting expenditure climbed to Rs6.46bn in the latest year, from Rs3.19bn YoY, which pulled down the operating profit to Rs6.79bn from Rs7.82bn last year.

Published in Dawn, August 12th, 2016

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