Mari Energies Limited has reported a 32.8 percent increase in consolidated net profit for the fiscal year ended June 30, 2026, with earnings reaching Rs86.83 billion compared with Rs65.38 billion in the previous fiscal year. The company also announced a dividend of Rs18.70 per share alongside its annual financial results. Consolidated earnings per share increased to Rs72.36 from Rs54.45 in FY25, representing growth of 32.9 percent. The improvement in profitability came despite operational and macroeconomic challenges during the year, with the company recording higher hydrocarbon sales volumes and making progress across exploration, reserves, production and diversification initiatives. A significant contribution to the final profit came from the reversal of Super Tax following a milestone judgment by the Federal Constitutional Court of Pakistan.
Mari Energies recorded its highest-ever hydrocarbon sales volume during FY26, reaching 41.28 million barrels of oil equivalent, equivalent to 113.1 thousand barrels of oil equivalent per day, compared with 39.13 million barrels of oil equivalent, or 107.2 thousand barrels of oil equivalent per day, in FY25. The achievement came despite curtailments linked to excess regasified liquefied natural gas and disruptions in the Sui Northern Gas Pipelines Limited network. The company also added 157 million barrels of oil equivalent in 2P reserves, resulting in a reserve replacement ratio of 375 percent. Its combined 2P and 2C reserves and resources reached 1,029 million barrels of oil equivalent, while the 2P reserve-to-production ratio increased to an all-time high of 21 years. Production also expanded through the commencement of early production at Spinwam in the Waziristan Block on April 1, 2026, taking overall block output to 100 million standard cubic feet per day of gas and approximately 800 barrels per day of condensate. Gas flow from the Shams discovery in the Mari Field also began on June 19, 2026, exceeding 35 million standard cubic feet per day.
The company also made progress in its fertilizer gas supply and exploration portfolio during the year. Mari Energies allocated 222 million standard cubic feet per day of raw gas from the Ghazij Field to three major fertilizer customers. Once fully implemented, the allocation is expected to ensure that all fertilizer plants in Pakistan are supplied with gas from the Mari Field. The company also expanded its exploration acreage to 155,276 square kilometres across 72 licenses. Alongside its core oil and gas activities, Mari Energies continued to develop new business areas. In green energy, it formed a joint venture, GHG Emissions Mitigation Limited, with Ghani Chemical Industries to capture vent gas for liquefied natural gas and industrial carbon dioxide production, while also signing a financing mandate with HBL. Through MariMinerals, more than 45,000 metres were drilled across operated mining blocks, with the company also working to establish a core testing laboratory under Mari MSA Labs in Islamabad.
Technology was another area of strategic diversification for Mari Energies during FY26. Through Mari Technologies, the company commissioned its first 5 megawatt Tier III data centre, Karakoram-01, in Islamabad through SKY47 Limited, while a Karachi facility remained on track. The financial results showed gross sales increasing 8.9 percent year-on-year to Rs218.01 billion from Rs200.21 billion. After general sales tax of Rs24.06 billion and excise duty of Rs2.28 billion, net sales reached Rs191.66 billion, up 8.2 percent from Rs177.10 billion. Operating profit stood at Rs81.48 billion, broadly stable compared with Rs81.12 billion in FY25, despite an additional Rs8.5 billion royalty impact under Rule 35 of the Petroleum Exploration and Production Rules, 2013. Total royalties increased 28.4 percent to Rs45.72 billion, while operating and administrative expenses rose 8.1 percent to Rs44.45 billion and exploration and prospecting expenditure increased 16 percent to Rs17.23 billion.
Below the operating line, finance income declined 40.6 percent to Rs6.34 billion from Rs10.67 billion, while finance costs increased 28.7 percent to Rs4.49 billion. Profit before taxation stood at Rs83.03 billion, compared with Rs88.59 billion in FY25, representing a decline of 6.3 percent. However, the taxation line significantly changed the final result, with Mari Energies recording a net tax reversal of Rs3.80 billion compared with a tax charge of Rs23.21 billion in the previous year. This reversal contributed to the 32.8 percent increase in final consolidated profit to Rs86.83 billion. The company also strengthened its balance sheet position as overdue trade debts declined to Rs61.7 billion from Rs66.9 billion. Pakistan Credit Rating Agency maintained Mari Energies’ AAA long-term and A1+ short-term credit ratings in January 2026. The combination of record hydrocarbon offtake, reserve additions, new production, diversification initiatives and the tax reversal supported the company’s FY26 earnings performance, while the declared Rs18.70 per share dividend provides a direct distribution to shareholders following the year’s financial results.
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