MARI Petroleum Limited (MARI):2QFY23 Result Review - By AKD Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Mari Petroleum Company Limited (MARI) reported its 2QFY23 earnings earlier today, wherein the company posted Profit After Tax (PAT) of PkR 11.15bn (EPS: PkR83.56) for the quarter, lower by 12%QoQ and although higher by 49%YoY&mdash;slightly higher than our estimate of PkR81/sh.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Net sales clocked in at PkR61bn for the 1HFY23 (up by 44%YoY), the highest half yearly topline posted in the company&rsquo;s history. The growth in net sales was majorly driven by a weaker PkR against the US$ (1QFY23: PkR223/US$ vs. 1HFY22: PkR169/US$).</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">This offset the lower productio...