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Karachi, Mari Petroleum Company Limited, a prominent player in the energy sector, has unveiled its impressive financial results for the fiscal year that ended on June 30, 2023. The Board of Directors convened a meeting on August 8, 2023, at the Fauji Foundation Head Office, Rawalpindi, where they recommended several noteworthy developments:
Cash Dividend: The company recommended a substantial final cash dividend of Rs. 58 per share, which translates to an impressive 580%. This comes in addition to the previously paid interim dividend of Rs. 89 per share (890%). The cumulative effect of these dividends totals Rs. 147 per share (1,470%).
Transformation Success: The company’s strategic transformation program initiated in mid-2020 has borne fruit, focusing on core business enhancement, disciplined capital allocation, operational excellence, technology integration, and significant investments in exploration and development projects.
Financial Highlights:
Net Sales: Rs. 145.7 billion
Net Profit: Rs. 56.1 billion (after super tax @ 10%)
Increase of 53% in Net Sales and 70% in Net Profit compared to the previous year
Earnings per share surged to Rs. 420.75 per share, compared to Rs. 247.84 per share in the preceding fiscal year.
Operational Successes:
Successful commissioning of the Sachal Gas Processing Complex (SGPC) and its integration with SNGPL network, leading to the monetization of the Goru-B discovery.
Implementation of cost optimization measures to maintain an operating cost of around USD 2 per Barrel of Oil Equivalent.
Ghazij-1 gas discovery and successful drilling of horizontal wells, marking a technological milestone.
Addition of five new exploration blocks, expanding the portfolio to 34 exploration licenses.
Dividend Details: The recommended cash dividend will be distributed to shareholders whose names appear on the Register of Members by September 19, 2023. The Share Transfer Books of the company will be closed from September 20 to September 26, 2023.
Annual General Meeting (AGM): The AGM of the shareholders is scheduled for September 26, 2023, at the Registered Office of the company in Islamabad.
The exceptional performance of Mari Petroleum, coupled with its commitment to value creation for stakeholders, showcases the company’s resilience and strategic acumen in a dynamic energy landscape.
The post Mari Petroleum Reports Robust Financial Performance for FY 2022-23; Recommends Significant Dividend Payout appeared first on Pakistan Company News.