Mari Petroleum posts highest-ever profit

KARACHI: Mari Petroleum Company Ltd (MPCL) has recorded the highest-ever earnings of Rs77 billion during FY24 from Rs56bn in FY23, up by 38 per cent.

The company declared a final cash dividend along with interim dividend of Rs232 per share for FY24, thus translating into payout ratio of 40pc in FY24 compared to 35pc in FY23. Mari also announced a bonus of 800pc (eight shares for every one share held).

According to Sunny Kumar of Topline Securities, net sales increased by 25pc year-on-year in FY24 where hydrocarbon sales volume clocked in at 39.01 million barrel of oil equivalen, up 7pc year-on-year. Net sales surged by 25pc to Rs181bn from Rs146bn in FY23.

A five-year extension of Mari D&P lease was approved by the government, extending the company’s rights on the lease until November 2029 with an additional payment of 15pc wellhead value.

Mari’s subsidiary Mari Mining Co (Pvt) Ltd has been awarded two mineral exploration licences in Chaghi district of Balochistan.

Meezan earns Rs26.9bn

Meezan Bank Ltd (MBL) on Thursday reported its consolidated earnings surged 55pc to Rs26.89bn in the second quarter of calendar 2024 from Rs17.39bn in the same period last year.

Earnings per share (EPS) rose to Rs14.90 compared to Rs9.66. In a stock filing, the bank informed the Pakistan Stock Exchange that the board of directors announced a cash dividend of Rs7 per share for the first half of 2024.

Published in Dawn, August 9th, 2024