Mari Energies Posts Strong Profit Growth in Nine Months

Mari Energies Limited has reported a solid financial performance for the nine months ended March 31, 2026, with its standalone profit rising to Rs49.6 billion, compared with Rs46.3 billion in the same period last year.

According to the company’s financial results submitted to the Pakistan Stock Exchange, profit increased by around 7.2% year-on-year, while earnings per share improved to Rs41.32 from Rs38.56.

For the nine-month period, Mari Energies recorded net sales of Rs138.3 billion, up from Rs132.3 billion a year earlier. However, higher operating and administrative expenses and increased exploration expenditure continued to weigh on operating performance. Profit before taxation stood at Rs64.13 billion, compared with Rs66.47 billion in the corresponding period of FY2025.

The company said its nine-month profit would have been higher in the absence of the additional 15% wellhead payment applicable to the Mari Field from November 2024. It estimated that this additional payment had an impact of approximately Rs5.8 billion. Excluding this impact, profit for the nine months would have reached around Rs55.4 billion, compared with Rs46.3 billion in the same period last year.

Stronger Financial Position

Mari Energies’ balance sheet also remained robust. As of March 31, 2026, the company reported total equity of approximately Rs285.0 billion, compared with Rs271.7 billion at June 30, 2025. Total assets increased to Rs452.2 billion from Rs422.3 billion over the same period.

The company’s operating cash generation also improved. Cash generated from operating activities reached Rs67.0 billion during the nine months, compared with Rs54.8 billion in the previous year. At the same time, the company continued to invest heavily in property, development and exploration assets.

Major Investments in Subsidiaries

Alongside its financial results, Mari Energies’ Board approved significant investments aimed at expanding its business interests.

The company approved Rs5 billion investment in Mari Minerals (Private) Limited through subscription to a right issue at par. It also approved Rs2.6 billion for Mari Technologies Limited, again through a right issue at par.

In addition, the Board approved a proposed Rs2.44 billion equity investment in GHG Emissions Mitigation Limited (GEM), in which Mari Energies holds a 51% stake. The investment is subject to approval by the company’s members at the Extraordinary General Meeting scheduled for May 22, 2026.

Mari Energies also plans to provide a Sponsor Support Agreement in favour of GEM’s financier, covering areas including cost overruns, base equity funding, the debt servicing reserve account and arrangements for a term finance facility.

No Fresh Dividend Announced

For the latest nine-month results, the Board recommended no cash dividend, bonus shares or right shares.

Overall, Mari Energies’ latest results show continued profitability and strong cash generation, while the company’s sizeable investments in minerals, technology and emissions mitigation indicate an effort to diversify and build new growth opportunities beyond its core operations.