Mari Energies Limited (PSX: MARI) reported a 39 percent year-over-year increase in profit to Rs. 21.8 billion in the first quarter of fiscal year 2027 (1QFY27), driven by higher gas production and stronger oil and gas prices.
Earnings per share (EPS) reached Rs. 18.13, compared with Rs. 13.03 in the same period last year.
The company’s dividend yield stands at 4.3 percent for FY27 and 6.2 percent for FY28, while its EPS for 1QFY27 arrived at Rs. 18.13. The increase in profitability was primarily driven by a 24 percent rise in net sales.
Revenue and Production
Net sales in 1QFY27 increased by 24 percent year-over-year to Rs. 56.2 billion, supported by higher gas production and stronger oil and gas prices.
Operationally, gas production remained robust, driven by a 35-fold year-over-year increase in output from the Shawal field and 1 percent year-over-year growth at Mari HRL. Additionally, the Shams field contributed 21 million cubic feet per day (mmcfd) of incremental production.
These gains were partially offset by a 3 percent year-over-year decline in Grou-B production and a 37 percent year-over-year drop in output from the Shewa field, reflecting disruptions caused by the SNGPL pipeline rupture.
Exploration Costs and Taxation
Exploration costs declined 7 percent year-over-year to Rs. 2 billion in 1QFY27, likely reflecting lower prospecting expenditure, primarily related to Ghazij, Shawal, and Spinwam, as no dry well was booked during the quarter.
MARI continued to book a lower effective tax rate (ETR) of 23 percent in 1QFY27, compared with 32 percent in 1QFY26.
Debt and Cash Position
Trade debt currently stands at Rs. 89.3 billion, up from Rs. 85.9 billion in 1QFY26 and Rs. 86 billion in 4QFY26.
MARI’s cash position declined to Rs. 45 billion in 1QFY27, compared with Rs. 59 billion in 4QFY26.
Net sales increased 24 percent year-over-year to Rs. 56.2 billion, while gross profit rose 23 percent to Rs. 31.5 billion. Profit before tax (PBT) increased 22 percent to Rs. 28.1 billion, and
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