Karachi: Mari Petroleum Company Limited (MPCL) announced significant financial and operational achievements for the fiscal year 2023-24, despite a challenging global economic landscape. According to information available from the Pakistan Stock Exchange (PSX), the company has demonstrated remarkable resilience and adaptability in the Exploration and Production (EandP) sector.
The past year has seen MPCL navigate both global and domestic economic difficulties, yet the company has managed to deliver sustainable returns, much to the satisfaction of its shareholders. As per the latest financial reports, natural gas production has increased by 6%, and crude oil and condensate production by 13%, leading to a record net profit of Rs. 77.3 billion—a 38% increase over the previous year.
These operational successes have contributed to MPCL's market capitalization surpassing USD 1.5 billion, positioning it as the second-largest company on the PSX. The Board has declared a record-high dividend of 2,320% and an 800% issuance of bonus shares for FY 2023-24, signaling strong investor confidence and a robust financial footing for the company.
In alignment with global industry trends, MPCL is investing in digital transformation, renewable energy integration, and sustainability initiatives. This includes the company's ongoing efforts to reduce carbon emissions and its significant investment in cleaner energy sources, which are essential for achieving Net Zero emissions.
On the domestic front, MPCL's increased production capabilities have played a pivotal role in supporting Pakistan's socio-economic development by reducing the reliance on imported energy and enhancing national energy security. The company's aggressive exploration drive has added 174 million barrels of oil equivalent to its resource base this year, significantly boosting domestic hydrocarbon production.
Additionally, MPCL's contributions of Rs. 84 billion to the government exchequer and its considerable impact on foreign exchange savings through energy import substitution underline its vital role in the national economy. The company's market capitalization reached a milestone on December 11, 2023, when it exceeded USD 1 billion, marking MPCL as the seventh company on PSX to achieve this distinction.
MPCL's commitment to corporate social responsibility is also notable, with Rs 3.78 billion directed towards community development programs across Pakistan in 2024. These initiatives are part of MPCL's broader strategy to ensure sustainable growth and equitable development across its operational regions.
Looking ahead, MPCL is well-prepared to continue its trajectory of growth with a diversified asset base, resilient balance sheet, and clear strategic direction. The company's integration into the mining sector marks a significant expansion, promising new revenue streams and further contributions to Pakistan's industrial advancement.