- Mari Energies Limited (MARI) announced its financial results today, posting earnings of PKR 15,640mn (EPS: PKR 13.03) during 1QFY26, down 19% YoY. Earnings decline is due to the imposition of an incremental royalty on revenue from the Mari D&P Lease, leading to higher royalties and an additional wellhead charge, according to a report published by AHL Research.
- Result Highlights
- Net Sales in 1QFY26 were flat on a YoY basis, settling at PKR 45,351mn. To recall, oil production for 1QFY26 declined by 4% YoY to 1,180 bop/d, and gas production was flat on a YoY basis at 905 mmcfd. Mari wellhead pricing declined slightly in 1QFY26, to USD 5.5110 or PKR 516.5790/mmbtu, from USD 5.5412 or PKR 519.2371/mmbtu in 1QFY25.
- The royalty charges during 1QFY26 increased by 104% YoY, settling at PKR 11,274mn, attributable to the imposition of incremental royalty on wellhead revenue from the Mari D&P Lease.
- The exploration cost declined by 26% YoY to PKR 2,212mn in 1QFY26. On a QoQ basis, exploration cost declined by 58% QoQ. Lower exploration cost on a YoY and QoQ basis is due to lower prospecting expenditure during the quarter.
- Finance income amounted to PKR 1,656mn in 1QFY26, down 51% YoY on lower interest rates.
- The company recorded effective tax rate of 32% in 1QFY26, down from 34% in 1QFY25.
- MARI’s cash and cash equivalents during Sep’25 stood at PKR 56bn compared to PKR 77bn in Jun’25.
- The company’s trade debts stand at PKR 85.9bn, compared to PKR 86.6bn at the end of 4QFY25.
AHL Research
