Karachi: Mari Energies Limited has released its financial results for the six months ended December 31, 2024, revealing a significant decline in profitability compared to the same period last year. The Board of Directors met on January 27, 2025, to approve the financial statements, announcing no cash dividends, bonus shares, or right shares for shareholders.

For the first half of fiscal year 2025, Mari Energies Limited reported gross sales of 97.87 billion, down from 105.33 billion in the same period last year. After accounting for general sales tax and excise duty, net sales were recorded at 86.65 billion, a decrease from 93.74 billion in the previous year.

Operating and administrative expenses surged to 23.13 billion from 14.64 billion last year, while exploration and prospecting expenditure increased to 6.72 billion compared to 3.26 billion. The overall financial environment resulted in a profit before taxation of 44.04 billion, down from 62.70 billion in the corresponding period of the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the company's profit for the period stood at 30.40 billion, a notable decrease from 37.50 billion reported last year. Earnings per share also dropped to 25.32 from 31.24.

The Pakistan Credit Rating Agency (PACRA) reaffirmed Mari Energies Limited's strong operational and financial positioning with an AAA long-term and A1+ short-term credit rating. The company, formerly known as Mari Energies Limited, underwent a name change following shareholder and SECP approval.

Despite the challenging financial results, the company remains optimistic about future performance. The half-yearly financial statements will be accessible via PUCARS and on the company's website in the near future. The designated market category for Mari Energies Limited is the oil and gas sector.