Mari Petroleum has become the largest company on the Pakistan Stock Exchange (PSX) by market capitalisation, overtaking Oil & Gas Development Company (OGDC) for the first time.
According to a brokerage firm, Mari’s market value surged to Rs984 billion ($3.5 billion), surpassing OGDC’s Rs963 billion ($3.4 billion). This marks a significant shift, as Mari Petroleum ranked seventh in market capitalisation last year, with OGDC holding the top position.
Mari Petroleum’s FY24 annual report highlights a 7% year-on-year (YoY) increase in hydrocarbon sales, totaling 39.01 million barrels of oil equivalent (MMBOE). This growth was driven by expanded operations at the Sachal Gas Processing Complex, increased production from the newly discovered Ghazij reservoir, and better management of key reservoirs and satellite fields.
Mari Petroleum’s share in the gas market rose to 29% in FY24 from 24% in the previous fiscal year, while its oil market share increased to 2.5% from 2.1%. The company posted a profit-after-tax of Rs77.28 billion in FY24, reflecting a 38% YoY increase compared to Rs56.13 billion in FY23.
In October, the company secured a renewal of its Development and Production (D&P) Lease until November 2029, under which it will contribute an additional 15% of the wellhead gas value to the federal government.
Mari Petroleum also launched a new subsidiary, Mari Technologies Limited, in September 2024, focusing on data centres, artificial intelligence, cloud computing, and petroleum-related technologies.
