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Mari Petroleum Company Ltd (MPCL) has achieved a record-breaking financial performance for the fiscal year 2024 (FY24), reporting the highest-ever earnings of Rs77 billion. This represents a notable increase of 38% from the Rs56 billion earned in FY23. The company also declared a substantial final cash dividend, alongside an interim dividend of Rs232 per share for FY24, marking a payout ratio of 40% compared to 35% in the previous fiscal year. Additionally, Mari announced an impressive bonus of 800% (eight shares for every one share held).
According to Sunny Kumar of Topline Securities, Mari Petroleum’s net sales surged by 25% year-on-year, reaching Rs181 billion from Rs146 billion in FY23. The hydrocarbon sales volume increased to 39.01 million barrels of oil equivalent, reflecting a 7% year-on-year growth. The company’s financial success was bolstered by the government’s approval of a five-year extension of the Mari D&P lease, extending the company’s rights until November 2029 with an additional payment of 15% wellhead value. Furthermore, Mari’s subsidiary, Mari Mining Co (Pvt) Ltd, has been granted two mineral exploration licenses in the Chaghi district of Balochistan.
Meezan Bank Ltd (MBL) also reported strong financial results, with consolidated earnings soaring 55% to Rs26.89 billion in the second quarter of 2024. This increase is up from Rs17.39 billion in the same period last year. The bank’s earnings per share (EPS) rose to Rs14.90, compared to Rs9.66 in the previous year. In line with its positive performance, Meezan Bank announced a cash dividend of Rs7 per share for the first half of 2024.
