Mari Petroleum Company Limited is expected to announce its FY22’s financial result on 4th Aug’22, where we expect the net profit to settle at PKR 33,441mn (EPS: PKR 250.68) against PKR 31,445mn (EPS: PKR 235.71) in FY21, up by 6% YoY. This growth comes on the back of i) 5% YoY growth in gas production, and ii) 19% YoY jump in wellhead price of Mari Gas Field.

On a quarterly basis, 4QFY22’s earnings are forecasted to plummet by 26% YoY, clocking-in at PKR 5,982mn (EPS: PKR 44.84) given i) imposition of 10% super tax charged in this quarter on PBT of FY22, and ii) 30% YoY fall in oil production.

The net sales are expected to witness a growth of 69% YoY given i) augmented gas production by 6% YoY, ii) 43% YoY ascend in wellhead price of Mari Gas Field, and iii) Pak Rupee depreciation by 20% YoY against the greenback.

The exploration cost is anticipated to surge by 6.6x YoY, settling at PKR 3,762mn in 4QFY22 amid dry well Surghar X-01 at Karak Block incurred during the quarter. In addition to the result, we expect the company to announce a final cash dividend of PKR 90.00 (PKR 152.00 in FY22).

Courtesy – AHL Research