Mari Petroleum has overtaken Oil & Gas Development Company (OGDC) to become the largest company on the Pakistan Stock Exchange (PSX) by market capitalization.
Mari’s market value surged to Rs984 billion ($3.5 billion), driven by a 7% year-on-year increase in hydrocarbon sales. The company’s share in the gas market rose to 29%, with a profit-after-tax of Rs77.28 billion in FY24, reflecting a 38% YoY increase.
According to a brokerage firm, Mari’s market value surged to Rs984 billion ($3.5 billion), surpassing OGDC’s Rs963 billion ($3.4 billion). This marks a significant shift, as Mari Petroleum ranked seventh in market capitalisation last year, with OGDC holding the top position.
Mari Petroleum’s FY24 annual report highlights a 7% year-on-year (YoY) increase in hydrocarbon sales, totaling 39.01 million barrels of oil equivalent (MMBOE). This growth was driven by expanded operations at the Sachal Gas Processing Complex, increased production from the newly discovered Ghazij reservoir, and better management of key reservoirs and satellite fields.
Mari Petroleum also launched a new subsidiary, Mari Technologies Limited, in September 2024, focusing on data centres, artificial intelligence, cloud computing, and petroleum-related technologies.
