KARACHI: Mari Petroleum Company Ltd (MPCL) has reported its highest-ever earnings, posting a record profit of Rs77 billion for FY24, marking a 38% increase from Rs56 billion in FY23.
The company declared a final cash dividend along with an interim dividend of Rs232 per share for FY24, reflecting a payout ratio of 40%, up from 35% in the previous year. Additionally, Mari announced a substantial bonus of 800% (eight shares for every one share held).
Sunny Kumar of Topline Securities noted that MPCL’s net sales surged by 25% year-on-year to Rs181 billion in FY24, driven by a 7% increase in hydrocarbon sales volume, which reached 39.01 million barrels of oil equivalent. The company’s sales stood at Rs146 billion in FY23.
Further, the government approved a five-year extension of Mari’s D&P lease, securing the company’s rights until November 2029, with an additional payment of 15% wellhead value. In addition, Mari’s subsidiary, Mari Mining Co (Pvt) Ltd, received two mineral exploration licenses in Chaghi district, Balochistan.
