Islamabad, Oct 31: Mari Petroleum Reports Rs. 19.2 Billion Q1 FY25 Profit
In contrast to SPLY, which reported a profit after tax of Rs. 19.143 billion (EPS: Rs. 15.94) for the first quarter of FY25,
Mari Petroleum Company Limited (PSX: MARI) reported a profit after tax of Rs. 19.201 billion (EPS: Rs. 15.99).
The company profits decreased by 25% on a quarterly basis.
The 1QFY25 topline dropped 6% year over year to Rs. 45,297 million, whereas SPLY’s topline was Rs. 48,206 million.
i) a 5% YoY decrease in the wellhead price of Mari field,
ii) a 10% YoY decline in oil prices,
iii) the devaluation of the USD relative to the PKR, and iv) a 1% YoY decline in oil production, according to Arif Habib Limited.
On the other hand, gas production increased 11% year over year.
Due to gas output from Mari HRL falling below the threshold level of 577.5 mmcfd during 4QFY24, net sales increased by 14% on a QoQ basis.
Due to increasing prospecting expenditures throughout the quarter, the exploration cost in 1QFY25 grew by 68 percent year over year to Rs. 3,001 million.
Due to the reversal of the impairment loss recorded in 4QFY24, the business reported a reversal in exploration costs in the preceding quarter.
Due to increased cash and cash balance income, the finance income increased by 35% year over year and 9% quarter over quarter to Rs. 3,376 million in 1QFY25.
In 1QFY25, the company recorded effective taxation at 34 percent, compared to 41 percent in 1QFY24.
