Mari Petroleum Company Limited (MARI), one of Pakistan’s leading exploration and production firms, has reported a profit-after-tax (PAT) of Rs77.28 billion for the fiscal year 2024, marking a nearly 38% increase from Rs56.13 billion the previous year.
In a recent Board of Directors (BoD) meeting, MARI declared a final cash dividend of Rs134 per share, equating to 1,340%. This follows an interim dividend of Rs98 per share, or 980%, bringing the total dividend payout to Rs232 per share, or 2,320%.
The BoD also announced an impressive 800% bonus share issuance, with shareholders receiving eight new shares for every one held. This move reflects the company’s robust financial health and its strategic intent to expand and diversify further.
The company reported earnings per share (EPS) of Rs579.36, up from Rs420.75 the previous year. The market was surprised by both the earnings results and the bonus share issuance.
MARI’s gross sales increased by over 25% to Rs204.6 billion, compared to Rs163.2 billion last year. Net sales for the year stood at Rs181.8 billion, also up nearly 25% year-on-year.
Cost of sales surged to Rs58 billion, up from Rs44.66 billion the previous year, while exploration and prospecting expenditures decreased by 19% to Rs12.9 billion. However, finance costs increased by over 61%, although finance income rose slightly from Rs9.07 billion to Rs9.2 billion.
Income before tax grew by nearly 29% to Rs110.36 billion from Rs85.84 billion the previous year. MARI also contributed Rs84 billion to the government and helped save over $2.7 billion through oil and gas import substitution.
The company’s share price hit its upper limit, gaining 10% to reach Rs2,858.76 on Thursday.
