Islamabad: Mari Petroleum Company Limited disclosed its financial results for the fiscal year ending June 30, 2024, today, revealing substantial growth and shareholder benefits, including significant dividends and the issuance of bonus shares.
The company reported a net profit of Rs. 77.3 billion, a 38% increase from the previous year, on net sales of Rs. 181.8 billion, which itself marks a 25% rise. Earnings per share soared to Rs. 579.4. According to information available from the Pakistan Stock Exchange (PSX), this financial strength facilitated a final cash dividend of Rs. 232 per share, totaling a 2,320% dividend for the year, combined with an interim dividend previously distributed.
Mari Petroleum also declared an 800% bonus share issue, reflecting its strengthened balance sheet and strategic aim to grow and diversify further. These shares will be allocated from the Capital Redemption Reserve Fund and Revenue Reserves, underlining the company's robust financial health.
Key operational achievements included a 7% increase in hydrocarbon sales volume to 39.01 MMBOE. The company contributed Rs. 84 billion to the national exchequer and supported significant oil and gas import substitution, saving over USD 2.7 billion. New discoveries and expansions in exploration acreage were notable, with additions in the Nareli, Zarghun South, and Kalchas South blocks enhancing the company’s portfolio.
In appraisal and development, Mari Petroleum successfully expanded its reserves, with 2P reserves reported at 704 MMBOE, translating into a 423% Reserves Replacement Ratio. Development initiatives included the completion of several wells and the commencement of production in newly constructed facilities.
Further commitments included a five-year extension on the Mari DandP lease and significant contributions to community development, totaling Rs. 3.8 billion. The company also reinforced its commitment to environmental, social, and governance standards by endorsing the Oil and Gas Decarbonization Charter at COP28 and publishing its inaugural Sustainability Report.
A notable corporate development was the board’s approval to establish a subsidiary focused on Cloud Computing and Artificial Intelligence, aiming to integrate cutting-edge technology into its operations.
The financial year's dividends and new shares will be available to registered shareholders by September 18, 2024, with the company’s Share Transfer Books closing from September 19 to September 24, 2024. The Annual General Meeting is scheduled for September 24, 2024, at the company’s registered office in Islamabad.