Mari profits rise on the back of increased production

Mari Energies Ltd – until last year known as Mari Petroleum Company – has posted another year of double‑digit earnings growth, shrugging off a difficult pricing environment and pipeline constraints. For the year to December 2024 the company reported profit after tax of Rs77.29 billion, up 38% on the previous year, translating into earnings per share of Rs64.37 versus Rs46.75 in calendar year 2023. Top‑line revenue expanded 25% to Rs181.83 billion, while operating profit climbed an impressive 30% to Rs110.90 billion. A softer royalty burden in percentage terms, lower exploration write‑offs and disciplined field costs all helped reinforce the bottom line.

Momentum continued into the current year: in first quarter of calendar year 2025 the explorer booked EPS of Rs13.25, 13% higher than the same quarter last year, even though net sales for the period dipped 5% owing to temporary pipeline curtailments as imported LNG crowded out indigenous volumes. Management told analysts during a post‑results briefing that throughput at key downstream offtakers has since normalised, setting the stage for a stronger second quarter.