Fakiha Tariq

Mari Petroleum Company Limited (MARI) posted Rs68 billion gross revenue in the first half (July-Dec) of the ongoing fiscal year 2022-23 (1HFY23), which is the highest over the corresponding periods of the last five years, reports WealthPK. The record high semi-annual gross sales in 1HFY23 pushed the average half-yearly sales to Rs51 billion for Mari Petroleum. When compared to the same period of last fiscal (1HFY22), MARI earned 38% incremented gross revenue in 1HFY23 In 1HFY23, MARI reported net sales (net of GST and Excise duty) of Rs61 billion, which is again the highest of all times in the last five years. In comparison to the same period of FY22, MARI’s net sales in 1HFY23 were 44% higher.

In 1HFY23, MARI declared 44% incremented net profit of Rs23 billion. It reported a net profit ratio of 39% and earnings per share value of Rs178.87 in 1HFY23. Mari Petroleum Company Limited is listed as MARI on the Pakistan Stock Exchange in the oil and gas exploration sector. With a market capitalisation of Rs199.3 billion, MARI is the third largest company out of its four peer firms in the sector. Incorporated in 1984, MARI mainly deals in hydrocarbons.

MARI – Quarterly Analysis – 1HFY23

During the first quarter of FY23, MARI posted gross sales of Rs35 billion and net sales of Rs31 billion. The company made a net profit of Rs12 billion. In 1HFY23, MARI reported a net profit ratio of 40% and EPS value of Rs95.31.

In the second quarter (Oct-Dec) of FY23, MARI reported gross and net sales of Rs32 billion and Rs29 billion, respectively. The net profit declared by the company was Rs11 billion. MARI reported a net profit ratio of 38% and EPS value of Rs83.56.

MARI – Market Value Review – 1HFY23

MARI’s market cap dropped by 11% in the first half of FY23.

MARI opened FY23 with a market cap of Rs233 billion, which dropped by 10% to Rs208 billion at the end of the first quarter (July-Sept) FY23. However, MARI reversed the declining trend in market value in the second quarter (Oct-Dec). In 2QFY23, MARI shed only 1.4% of its market cap from Rs209 billion to Rs206 billion.

Credit: Independent News Pakistan-WealthPk