Mari Energies Reports Decline in FY25 Net Profit Amid Operational Challenges

Karachi: Mari Energies Ltd (MARI) conducted its FY25 analyst briefing, revealing a 3% year-over-year decline in net sales to PkR177 billion. The downturn was attributed to reduced production volumes due to curtailments on the SNGPL transmission network and lower wellhead prices.

The company’s net profit also saw a significant decrease, dropping 16% year-over-year to PkR65 billion, equating to earnings per share of PkR54.3. This reduction was largely due to additional royalty charges imposed on the Mari D and PL lease. Despite the financial decline, the board approved a final cash dividend of PkR21.7 per share.

During the fiscal year, MARI drilled 16 wells, including two exploratory wells named Soho-1 and Ghazij CF-A1. The total expenditure on exploration and production activities amounted to US$116 million, slightly down from US$117 million in FY24.

A notable success for MARI was the Soho-1 discovery in the Sujawal block, where the company holds a 100% working interest. Moreover, the Pateji X-1 well, operated by PPL and with MARI holding a 32% interest, was connected to MARI’s Sujawal gas processing facility via a newly constructed 40-kilometer pipeline. Together, the gas flows from Pateji and Jhim East now contribute approximately 20 million cubic feet per day to the SSGC system.

Looking ahead, MARI plans to enhance production through facility upgrades, aiming to integrate Soho field gas into the same processing facility, with expectations to reach up to 60 million cubic feet per day of combined gas production from the area.