Mari Petroleum Company posts 84.3pc growth in profits |

Mari Petroleum Company posts 84.3pc growth in profits

KARACHI: Mari Petroleum Company Limited (MPCL) has announced a net profit of Rs5.915 billion for the quarter ended December 31, 2018, which is 84.3 percent higher than the profit of Rs3.202 billion recorded in the corresponding quarter last year. The earnings per share (EPS) for the quarter under review clocked in at Rs48.78 as against Rs26.41 last year. The company also declared an interim cash dividend of Rs4.0/share along with the corporate announcement. The net sales revenue for the quarter ended December 31, 2018 stood at Rs14.64 billion, up 68.6 percent compared with the net revenues of Rs8.68 billion in the corresponding quarter ended December 31, 2017. Mari Petroleum Company’s other income declined significantly to Rs131.8 million during the period under review as against income of Rs666.73 million last year, while Finance Cost declined to Rs50.98 million as against Rs312.65 million last year. “Net profitability increased on the back of unwinding of Mari Gas Field (MGF) pricing entitlement, higher production, jump in oil prices, and PKR depreciation. Moreover, lower exploration and finance costs due to absence of any dry well augmented earnings,” a report issued by Taurus Securities said. For the six month period ended December 31, 2018, Mari Petroleum Company posted a net profit of Rs11.05 billion translating into EPS of Rs91.18 as against profit of Rs6.815 billion and EPS of Rs56.2 in the corresponding period previous year.[the_ad id="32940"]
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