KARACHI: Net income of Mari Petroleum amounted to Rs6.9 billion for the January-March quarter, down 18 per cent from a year ago, the company said in a stock exchange filing on Monday.

The energy company also announced an unexpected cash dividend of Rs60 per share, taking the nine-month (July-March) dividend to Rs66 per share.

Earnings of Mari Petroleum totalled Rs23.3bn in the first nine months of 2020-21, slightly higher than Rs23.2bn reported in the corresponding period of last year.

In a separate filing, the company informed its shareholders that an amendment agreement to Mari Wellhead Gas Pricing Agreement (2015) was signed and executed between the government and the company on April 17.

It brought into effect a decision by the Economic Coordination Committee of the Cabinet regarding the removal of the cap on dividend distribution by the energy company. Therefore, Mari Petroleum is now allowed to declare and distribute dividends with effect from July 1, 2020.

Engro Fertilisers’ profit surges

Engro Fertilisers posted a profit of Rs5.7bn for the January-March quarter, up 905pc from the earnings of Rs571 million a year ago.

Revenue increased 173pc on a yearly basis because of better urea pricing and higher margin on trading products. The finance cost declined 78pc year-on-year, thanks to a decline in the borrowing cost and a reduction in the debt level.

The company also announced a surprise cash dividend of Rs4 per share for the quarter.

Earnings of Engro Polymer jump

Engro Polymer and Chemicals grew its net profit for the Jan-March quarter more than 21 times to Rs4.1bn in line with industry expectations.

The company also declared an interim cash dividend of Rs0.8 per share.

Its PVC sales were up 60pc year-on-year to 53,000 tonnes in the quarter. This was mainly because of the low-base effect originating from the closure of its plant last year, according to Topline Securities. It added that quarter-on-quarter sales were also up 10pc on the expectations of a further hike in PVC prices.

Published in Dawn, April 20th, 2021