Mari Petroleum Company to announce its FY22’s financial result tomorrow

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

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