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Mari petroleum profit falls 31pc

Mari Petroleum Company recorded a net profit of Rs5.6 billion in April-June, down 31 percent year-on-year on account of the imposition of super tax during the quarter as well as a higher exploration and prospecting expenditure.

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Mari Petroleum Company recorded a net profit of Rs5.6 billion in April-June, down 31 percent year-on-year on account of the imposition of super tax during the quarter as well as a higher exploration and prospecting expenditure.

A stock market notice showed on Thursday total earnings in 2021-22 clocked in at Rs33bn, up 5pc from the preceding fiscal year. The company also announced a final cash dividend of Rs62 per share, taking the annual payout to Rs124 a piece.

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According to Arif Habib Ltd, the company’s quarterly top line grew 56pc to settle at Rs27.5bn as it was supported by a 43pc increase in the wellhead price of Mari gas field and depreciation of 20pc against the greenback.

The company booked effective taxation at 55pc in the quarter under review versus 27pc a year ago.

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