Mari Petroleum Company Limited Financial Results for the Year Ended June 30, 2022

The Board of  Directors of  Mari Petroleum Company Limited in its meeting held today i.e. August 04, 2022, at 09:30 a.m. has recommended the following:

CASH DIVIDEND

A Fina l Cas h Dividend for the year ended June 30, 2022, @ Rs.62 per share i.e. 620%. This is in addition to Interim Dividend already paid @ Rs. 62 per share i.e. 620%.

The final cash dividend (including interim) will bring the total cash dividend to 50% of the net profits of the Company, which trans late s int o Rs.124 per share i.e. 1,240%.

2 . The Financial  Results  of  the Company are attached at  Annexure ' A' and an over view of the Financial Results is given as follows:

a)     The Company' s natural gas production increased by 5%, while crude oil and condensate production remained steady, which translate d into the  highest-ever total production of 36.91 MMBOE. This equates to  a  net daily average  production of 101,109 boepd, which is above the 100 ,000 boepd mark for the very first time.

b)     Enhancement in production, greater financial discipline and better prices drove the Company' s profit before tax to highest ever Rs 52.1 billion, which is 19% higher from last year results.

c)      The tax charge for the year is Rs 19. 1 billion which includes the provision  for  super tax of Rs 5.2 billion, which has resulted in increased  effective  tax rate  of 36.7% (2020-21: 28.4%). The resulting net profit for the year is Rs  33. 1  billion which is 5% higher than las t year and highest ever for the Company.

d)     Growth in net profit is reflected in EPS, which increased to Rs. 247.8 per share from Rs. 235.7 per share of the previous year.

3.      The above Dividend will be paid to those shareholders whose names will appear on the Register of Members at the close of business on September 21, 2022.

4.      The Share Transfer Books of the Company will remain closed from September 22 to September 28, 2022 (both days inclusive). Transfers received at the office of the Company's Shares Registrar, M/s Corplink (Pvt) Limited , Wings Arcade, 1-K Commercial , Model Town, Lahore, by the close of business on September 21, 2022 will be treated as in time for the purpose of payment of Final Dividend and to attend the Annual General Meeting (AGM).

5.      The AGM of the shareholders of the Company will be held on Wednesday , September 28 at I 0:00 a.m. at the Registered Office of the Company, situated at 21-Mauve Area, 3rd Road, Sector G-10 /4, Islamabad.

6.      The Annual Report of the Company will be transmitted through PUCARS at least 21 days before the AGM and will also be available on the Company' s website at www.mpcl.co m.pk.