Mari Petroleum Company and Meezan Bank Report Record Profits in FY24

Mari Petroleum Company Ltd (MPCL) Achieves Highest-Ever Profit

KARACHI: Mari Petroleum Company Ltd (MPCL) has reported the highest-ever profit of Rs77 billion during FY24, up 38% from Rs56 billion in FY23.

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

Key Financial Highlights

According to Bright Kumar of Topline Securities, net sales increased by 25% year-on-year in FY24, with hydrocarbon sales volume reaching 39.01 million barrels of oil equivalent, up 7% year-on-year. Net sales surged by 25% to Rs181 billion from Rs146 billion in FY23.

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

Expansion into Mineral Exploration

Mari's subsidiary, Mari Mining Co (Pvt) Ltd, has been awarded two mineral exploration licenses in the Chaghi area of Balochistan.

Meezan Bank Ltd (MBL) Reports Significant Profit Increase

Meezan Bank Ltd (MBL) on Thursday announced that its consolidated profit surged 55% to Rs26.89 billion in the second quarter of the calendar year 2024, up from Rs17.39 billion in the same period last year.

Earnings Per Share (EPS)

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 declared a cash dividend of Rs7 per share for the first half of 2024.