Corporate result: Mari Petroleum’s profit spikes 58% to Rs24b
Robust sales, higher finance income behind increase in earnings
Mari oil field. PHOTO: FILE
KARACHI:
Mari Petroleum Company’s profit surged 58% to Rs24.32 billion in the year ended June 30, 2019 due to robust sales and growth in finance income.
The company had recorded a profit of Rs15.37 billion in the previous year ended June 30, 2018, according to a notification sent to the Pakistan Stock Exchange (PSX) on Tuesday.
Earnings per share increased to Rs200.59 in FY19 from Rs126.77 in the preceding year.
The board of directors recommended a final cash dividend of Rs2 per share and one bonus share in proportion of 10 shares held by the shareholders. The entitlement will be paid to the shareholders whose names appear on the register of members on October 12, 2019.
The entitlement is in addition to the interim dividend of Rs4 per share which has already been paid.
Mari’s stock price rose 1.38%, or Rs12.51, to close at Rs919.71 with trading in 69,940 shares at the PSX on Tuesday.
Net sales of the company surged 46% to Rs59.44 billion in FY19 compared to Rs40.67 billion in the preceding year.
Finance income increased over 130% to Rs1.76 billion compared to Rs766 million last year. The company also recorded other income of Rs326 million in FY19 compared to other expenses of Rs582 million last year.
On the flip side, the exploration and prospecting expenditure rose 30% to Rs4.30 billion compared to Rs3.31 billion in the previous year.
Royalty payment surged 46% to Rs7.57 billion compared to Rs5.18 billion in FY18. Finance cost rose to Rs802 million compared to Rs640 million.
The company paid tax at the rate of 27.53% (Rs10.38 billion) in the year under review compared to 24.23% (Rs4.91 billion) in the previous year.
In the fourth quarter ended June 30, 2019, the company posted a stellar growth of 64% in earnings, which stood at Rs62 per share, the brokerage house reported.
Published in The Express Tribune, July 31st, 2019.
Mari Petroleum Company’s profit surged 58% to Rs24.32 billion in the year ended June 30, 2019 due to robust sales and growth in finance income.
The company had recorded a profit of Rs15.37 billion in the previous year ended June 30, 2018, according to a notification sent to the Pakistan Stock Exchange (PSX) on Tuesday.
Earnings per share increased to Rs200.59 in FY19 from Rs126.77 in the preceding year.
The board of directors recommended a final cash dividend of Rs2 per share and one bonus share in proportion of 10 shares held by the shareholders. The entitlement will be paid to the shareholders whose names appear on the register of members on October 12, 2019.
The entitlement is in addition to the interim dividend of Rs4 per share which has already been paid.
Mari’s stock price rose 1.38%, or Rs12.51, to close at Rs919.71 with trading in 69,940 shares at the PSX on Tuesday.
Net sales of the company surged 46% to Rs59.44 billion in FY19 compared to Rs40.67 billion in the preceding year.
Finance income increased over 130% to Rs1.76 billion compared to Rs766 million last year. The company also recorded other income of Rs326 million in FY19 compared to other expenses of Rs582 million last year.
On the flip side, the exploration and prospecting expenditure rose 30% to Rs4.30 billion compared to Rs3.31 billion in the previous year.
Royalty payment surged 46% to Rs7.57 billion compared to Rs5.18 billion in FY18. Finance cost rose to Rs802 million compared to Rs640 million.
The company paid tax at the rate of 27.53% (Rs10.38 billion) in the year under review compared to 24.23% (Rs4.91 billion) in the previous year.
In the fourth quarter ended June 30, 2019, the company posted a stellar growth of 64% in earnings, which stood at Rs62 per share, the brokerage house reported.
Published in The Express Tribune, July 31st, 2019.