Mari Petroleum’s Profit Rises 21.5% in Q1 FY 21

Mari Petroleum Company Limited has announced its financial results for the first quarter, ending on September 30th, 2020(Q1 FY21).

The company’s profit soared by 21.50% to Rs. 9.06 billion in the quarter, according to a bourse filing on Monday. The petroleum exploration company had earned a profit of Rs. 7.46 billion in the same quarter last year.

The net sales of the company increased by 14% YoY to Rs. 20.37 billion as compared to Rs. 17.84 billion due to an increase in gas sales by 6% YoY along with a higher PKR/USD average of Rs. 167 vs. Rs. 158 in Q1 FY 20.

According to a report by Topline Securities, the result came in higher than their estimate due to lower than expected operating expenditures during the quarter.

The operating expenditures clocked in at $1.4/barrel in Q1 FY21 compared to an average of $1.83/barrel in the last four quarters. It declined by 7% YoY to Rs. 3.02 billion during Q1 FY21 versus Rs. 3.26 billion in the same period last year.

The exploration charges fell by 73% QoQ (-40% YoY) due to the absence of dry wells. During the last quarter, the company had expensed out Miraj 1.

YoY the exploration charges went down by 40% to Rs. 1.22 billion as compared to Rs. 2.04 billion.

The finance income declined by 21% to Rs. 938 million from Rs. 1.18 billion due to a decline in yields of government papers. Earning per share of the company increased to Rs. 67.96 from Rs. 55.94.

MARI’s shares at the bourse closed at Rs. 1,324.76, up by Rs. 33.02 or 2.56%, with a turnover of 27,780 shares on Monday.

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