Islamabad August 9 2023: Mari Petroleum Limited (MARI), Pakistan’s largest gas producer, has recorded Net Sales of PKR 145.7 billion and Net Profit of PKR 56.1 billion, showing an increase of 53 percent and 70 percent respectively compared to last year, according to company filing to the exchange.
Earnings per share stood at PKR 420.75 per share (vs. PKR 247.84 per share in 2021-2022), as per the notice.
Share price of the company drops 4.58 percent with thinly traded volume as cash payout disappoints investors. Company announced a final cash dividend for the year ended June 30, 2023 at PKR 58 per share i.e. 580 percent. This is in addition to the interim dividend already paid PKR 89 per share i.e. 890 percent. The recommended final dividend along with the interim dividend amounts to PKR 147 per share i.e. 1,470 percent.
“Commissioning of Sachal Gas Processing Complex (SGPC) and its connectivity with SNGPL network via cross country pipeline has resulted in monetization of Goru-B discovery. In addition, HRL Swing Volumes project has created flexibility for the first time to divert undrawn volumes of fertilizer and power customers to SNGPL, thus optimizing the production and sales. Hydrocarbon sales stood at 36.35 MMBOE” says Company Chairman Mr. Waqar Ahmed Malik.
“The management implemented conscious cost optimization measures in all operations and has been able to sustain operating cost of around USD 2 per Barrel of Oil Equivalent” says Chief Executive Officer Mr. Faheem Haider.
“Ghazij-1 gas discovery in Mari D&PL added a new reservoir horizon in the existing Mari Field after a gap of 18 years and has opened a new play concept in mature basins across the country. In addition, the Company achieved a technological milestone by drilling its first-ever horizontal well (Mari-122H) in HRL Reservoir. A second horizontal well (Mari 123H) has also been successfully drilled and put on production subsequent to year end” Faheem added.
Five (05) new exploration blocks have been added to the Company’s portfolio including Kalchas South block. The Company’s exploration portfolio now consists of 34 exploration licenses (16 added in the last 3 years).
During the year, company contributed PKR 74 billion towards the government exchequer and over USD 3 billion foreign exchange savings.
“Installation of Early Production Facilities (EPF) at Shewa (Waziristan) discovery in North Waziristan is in progress. Subject to completion of SNGPL pipeline, this project will be ready for production by Q1 2024” says Chairman.
Faheem added, “Drilling of Shewa-2 appraisal well is underway and in case of success it will be connected to the Shewa-1 EPF facilities”.
“We are working closely with GoP and our customers to reduce the circular debt being faced by the energy sector. We understand that the Government is considering various options to resolve this issue,” says Malik.
