The General Manager
Pakistan Stock Exchange Limited Stock Exchange Road
Karachi
CA-25-4836
October 30, 2025
Subject: Financial Results for the 1st Quarter ended on September 30, 2025Dear Sir,
It is informed that the Board of Directors of Mari Energies Limited in its meeting held on October 30, 2025 (today) at 11:30 a.m. at its Registered Office, has recommended the following:
CASH DIVIDEND : NIL
BONUS SHARES : NIL
RIGHT SHARES : NIL
The Financial Results of the Company for the 1st Quarter ended on September 30, 2025, are attached at Annexure 'A'.
It is highlighted that the profit has been impacted by additional 15% wellhead payments on Mari Field from November 2024. Despite the impact of curtailment, the Company demonstrated remarkable operational and financial resilience by reporting Net Sales of Rs.
45.4 billion with a Net Profit of Rs. 15.6 billion. EPS for the period was Rs. 13.03 per share. Reconciliation of Q1 FY 2025-26 profit with Q1 FY 2024-25 is as under:Rs. Billion | |
Profit - Q1 FY 2024-25 | 1G.2 |
Additional Wellhead Charge | (3.6) |
Profit - Q1 FY 2025-26 | 15.6 |
The quarterly report of the Company for the period ended September 30, 2025, will be transmitted through PUCARS and will also be available on the Company's website at https://www.marienergies.com.pk in due course of time.
You may please inform the TRE certificate holders of the exchange, accordingly. Very truly yours,
Brig Sumair Ashraf Sheikh (Retd)Company Secretary
Annex - A
MARI ENERGIES LIMITED |
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION |
AS AT SEPTEMBER 30, 2025 |
(Un-Audited) | (Audited) |
30.09.2025 | 30.06.2025 |
(Rupees in thousand) | |
(Un-Audited) | (Audited) |
30.09.2025 | 30.06.2025 |
(Rupees in thousand) | |
Property, plant and equipment | 9 |
Development and production assets | 10 |
Exploration and evaluation assets | 11 |
Long term investments | 12 |
Right-of-use asset receivable from joint | |
operating partners | 13 |
Long term loans and advances | |
Long term deposits and prepayments |
110,964,050 |
69,072,624 |
22,825,831 |
32,505,544 |
111,738,172 |
61,803,417 |
22,159,867 |
32,566,614 |
EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES
Note Note
ASSETS |
NON CURRENT ASSETS |
Share capital | 4 |
Other reserves | |
Unappropriated profit |
12,006,225 |
6,207,852 |
242,950,255 |
12,006,225 |
6,284,245 |
253,363,585 |
TOTAL EQUITY 261,164,332 271,654,055
NON CURRENT LIABILITIES
Long term financing | |
Lease liabilities | 5 |
Deferred liabilities | 6 |
Deferred tax liability |
489,425 |
5,463,198 |
34,232,691 |
47,684,561 |
87,869,875 |
508,959 |
6,168,130 |
32,904,038 |
43,125,909 |
82,707,036 |
CURRENT LIABILITIES
2,394,413 |
59,550 |
204,111 |
238,026,123 |
2,775,659 |
66,806 |
135,753 |
231,246,288 |
CURRENT ASSETS
Trade and other payables | 7 |
Current portion of long term financing | |
Current portion of lease liabilities | 5 |
Unclaimed dividend | |
Provision for income tax |
38,701,556 | 50,407,289 | |
144,999 | 147,570 | |
3,597,642 | 3,103,249 | |
1,067,085 | 696,411 | |
15,709,761 | 13,554,173 | |
59,221,043 | 67,908,692 |
13,634,562 |
85,897,606 |
6,531,171 |
867,998 |
5,919,065 1,605,806 30,073,560 177,885 25,521,474 |
12,681,811 |
86,581,711 |
6,470,316 |
249,638 |
6,449,787 1,396,462 38,226,461 268,098 38,699,211 |
Stores and spares | |
Trade debts | 14 |
Short term loans and advances | 15 |
Short term prepayments | |
Other receivables | |
Current portion of right-of-use asset | |
receivable from joint operating partners | 13 |
Short term investments | |
Interest accrued | |
Cash and bank balances |
TOTAL LIABILITIES 147,090,918 150,615,728 170,229,127 191,023,495
CONTINGENCIES AND COMMITMENTS | 8 |
TOTAL EQUITY AND LIABILITIES 408,255,250 422,269,783 TOTAL ASSETS 408,255,250 422,269,783
The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.
Nabeel Rasheed | Faheem Haider |
Chief Financial Officer | Managing Director / CEO |
Abid Niaz Hasan |
Director |
Lt Gen Anwar Ali Hyder |
HI(M), (Retd) |
Chairman |
MARI ENERGIES LIMITED |
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) |
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025 |
Three months period ended | |
30.09.2025 | 30.09.2024 |
(Rupees in thousand) | |
51,409,648 51,203,562 |
(5,504,092) (5,350,540) |
(554,323) (555,791) |
(6,058,415) (5,906,331) |
45,351,233 45,297,231 |
(11,274,163) (5,521,601) |
(8,368,756) (8,029,676) |
(2,212,059) (3,001,054) |
(976,620) (834,582) |
(1,380,084) (2,057,242) |
(24,211,682) (19,444,155) |
21,139,551 25,853,076 |
221,131 119,312 |
1,656,467 3,365,485 |
34,162 (209,186) |
23,051,311 29,128,687 |
(7,411,133) (9,900,921) |
15,640,178 19,227,766 |
13.03 16.01 |
Gross sales
General sales tax |
Excise duty |
Net sales 16
Royalty and additional wellhead charge |
Operating and administrative expenses |
Exploration and prospecting expenditure |
Finance cost |
Other charges |
17
Other income |
Finance income |
Share of profit / (loss) in associate |
12.1
Profit before taxation
Provision for taxation 18
Profit for the period
Earnings per share - basic and dilutedEarnings per ordinary share (Rupees) 19
The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.
Nabeel Rasheed | Faheem Haider | Abid Niaz Hasan |
Chief Financial Officer | Managing Director / CEO | Director |
Lt Gen Anwar Ali Hyder |
HI(M), (Retd) |
Chairman |
MARI ENERGIES LIMITED |
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) |
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025 |
Three months period ended | |
30.09.2025 | 30.09.2024 |
(Rupees in thousand) | |
Items that will be subsequently reclassified to profit or |
loss: |
(28,305)
-
12.1 | (101,857) 25,464 |
Effect of translation of investment in a foreign associate
Income tax effect related to translation of investment in |
a foreign associate - deferred tax credit |
Total comprehensive income for the period 15,563,785 19,199,461 The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.
Nabeel Rasheed |
Chief Financial Officer |
Faheem Haider | Abid Niaz Hasan |
Managing Director / CEO | Director |
Lt Gen Anwar Ali Hyder |
HI(M), (Retd) |
Chairman |
MARI ENERGIES LIMITED |
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY |
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025 |
Other reserves | |||||
Share capital | Capital redemption reserve fund | Self insurance reserve | Foreign currency translation reserve | Unappropriated profit | Total |
(Rupees in thousand) | |||||
Total comprehensive income for the period: |
Profit for the period |
Other comprehensive loss |
- | - | - | - | 19,227,766 | 19,227,766 |
- | - | - | (28,305) | - | (28,305) |
- | - | - | (28,305) | 19,227,766 | 19,199,461 |
10,672,200 | (10,590,001) | - | - | (82,199) | - |
- | - | - | - | (17,875,935) | (17,875,935) |
Balance as at July 01, 2024 (Audited) 1,334,025 10,590,001 4,600,000 2,002,507 206,381,187 224,907,720
Issuance of bonus shares * |
Final cash dividend for the year ended June 30, 2024 @ Rs 134.00 per share * |
Balance as at September 30, 2024 (Un-Audited) 12,006,225 - 4,600,000 1,974,202 207,650,819 226,231,246
Total comprehensive income for the period: |
Profit for the period |
Other comprehensive loss |
- | - | - - 45,908,650 45,908,650 |
- | - | - (289,957) (195,884) (485,841) |
- | - | - (289,957) 45,712,766 45,422,809 |
- | - | - | - | 15,640,178 | 15,640,178 |
- | - | - | (76,393) | - | (76,393) |
- | - | - | (76,393) | 15,640,178 | 15,563,785 |
- | - | - | - | (26,053,508) | (26,053,508) |
Balance as at June 30, 2025 (Audited) 12,006,225 - 4,600,000 1,684,245 253,363,585 271,654,055
Total comprehensive income for the period: |
Profit for the period |
Other comprehensive loss |
- | 4,600,000 |
Final cash dividend for the year ended June 30, 2025 @ Rs 21.7 per share *
Balance as at September 30, 2025 (Un-Audited) 12,006,225
* Distribution to owners - recorded directly in equity
The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.
1,607,852 242,950,255 261,164,332
Nabeel Rasheed | Faheem Haider |
Chief Financial Officer | Managing Director / CEO |
Abid Niaz Hasan |
Director |
Lt Gen Anwar Ali Hyder |
HI(M), (Retd) |
Chairman |
MARI ENERGIES LIMITED |
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) |
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025 |
Three months period ended | |
30.09.2025 | 30.09.2024 |
(Rupees in thousand) | |
Cash receipts from customers |
Cash paid to the Government for Government levies |
Cash paid to suppliers, employees and others - net |
Income tax paid |
Cash generated from operating activities |
61,242,544 |
(37,922,034) |
(9,570,390) |
(671,429) |
13,078,691 |
62,841,488 |
(19,843,996) |
(12,527,614) |
(3,594,884) |
26,874,994 |
Property, plant and equipment |
Development and production assets |
Exploration and evaluation assets |
Proceeds from disposal of property, plant and equipment |
Investment in wholly owned subsidiary - MariMinerals |
Income on mutual funds |
Interest received |
Cash utilized in investing activities |
(1,238,309) |
(8,336,665) |
(563,006) |
11,515 |
- |
942,567 |
898,534 |
(8,285,364) |
(1,090,891) |
(6,969,122) |
(1,018,958) |
114 |
(400,000) |
1,313,488 |
2,090,440 |
(6,074,929) |
Cash flows from financing activities |
Repayment of long term financing |
Redemption of preference shares |
Finance cost paid |
Lease rentals paid - net |
Dividend paid |
Cash utilized in financing activities |
(Decrease) / increase in cash and cash equivalents | (21,273,300) | 3,025,259 | |
Cash and cash equivalents at beginning of the period | 76,925,672 | 74,886,288 | |
Effect of exchange rate changes | (57,338) | (42,051) | |
Cash and cash equivalents at end of the period 20 | 55,595,034 | 77,869,496 |
(31,250) |
- |
(7,475) |
(345,068) |
(25,682,834) |
(26,066,627) |
(31,250) |
(197) |
(10,734) |
- |
(17,732,625) |
(17,774,806) |
The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.
Nabeel Rasheed |
Chief Financial Officer |
Faheem Haider | Abid Niaz Hasan |
Managing Director / CEO | Director |
Lt Gen Anwar Ali Hyder
HI(M), (Retd) |
Chairman |
MARI ENERGIES LIMITED |
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
AS AT SEPTEMBER 30, 2025 |
(Un-Audited) | (Audited) |
30.09.2025 | 30.06.2025 |
(Rupees in thousand) | |
(Un-Audited) | (Audited) |
30.09.2025 | 30.06.2025 |
(Rupees in thousand) | |
Note Note
ASSETS |
NON CURRENT ASSETS |
EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES
Share capital | 4 |
Other reserves | |
Unappropriated profit |
12,006,225 |
6,207,852 |
243,336,005 |
261,550,082 |
12,006,225 |
6,284,245 |
253,596,047 |
271,886,517 |
115,077,389 |
69,072,624 |
23,657,590 |
20,006,044 |
114,118,230 |
61,803,417 |
22,669,369 |
20,066,614 |
Property, plant and equipment | 9 |
Development and production assets | 10 |
Exploration and evaluation assets | 11 |
Long term investments | 12 |
Right-of-use asset receivable from joint | |
operating partners | 13 |
Long term loans and advances | |
Long term deposits and prepayments |
2,394,413 |
59,550 |
204,111 |
230,471,721 |
2,775,659 |
66,806 |
146,253 |
221,646,348 |
Non-controlling interests 5,004,658 2,012,282
TOTAL EQUITY 266,554,740 273,898,799
NON CURRENT LIABILITIES
Long term financing | |
Lease liabilities | 5 |
Deferred liabilities | 6 |
Deferred tax liability |
489,425 |
5,463,198 |
34,232,691 |
47,704,419 |
87,889,733 |
CURRENT LIABILITIES
Trade and other payables | 7 |
Current portion of long term financing | |
Current portion of lease liabilities | 5 |
Unclaimed dividend | |
Provision for income tax |
CURRENT ASSETS
508,959 |
6,314,296 |
32,904,038 |
43,133,086 |
82,860,379 |
Stores and spares | |
Trade debts | 14 |
Short term loans and advances | 15 |
Short term prepayments | |
Other receivables | |
Current portion of right-of-use asset | |
receivable from joint operating partners | 13 |
Short term investments | |
Interest accrued | |
Cash and bank balances |
12,681,811 |
86,581,711 |
6,470,316 |
257,820 |
6,375,200 1,396,462 43,904,612 268,098 45,155,755 |
13,634,562 |
85,897,606 |
6,532,470 |
875,389 |
5,947,078 1,605,806 41,532,032 177,885 27,437,990 |
183,640,818 203,091,785
39,056,218 | 51,098,733 | |
144,999 | 147,570 | |
3,597,642 | 3,129,170 | |
1,067,085 | 696,411 | |
15,802,122 | 13,627,071 | |
59,668,066 | 68,698,955 |
Asset classified as held for sale - 720,000
TOTAL LIABILITIES 147,557,799 151,559,334
CONTINGENCIES AND COMMITMENTS | 8 |
TOTAL EQUITY AND LIABILITIES 414,112,539 425,458,133 TOTAL ASSETS 414,112,539 425,458,133
The annexed notes 1 to 23 form an integral part of these condensed interim consolidated financial statements.
Nabeel Rasheed | Faheem Haider |
Chief Financial Officer | Managing Director / CEO |
Abid Niaz Hasan |
Director |
Lt Gen Anwar Ali Hyder |
HI(M), (Retd) |
Chairman |
MARI ENERGIES LIMITED |
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UN-AUDITED) |
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025 |
Three months period ended | |
30.09.2025 | 30.09.2024 |
(Rupees in thousand) | |
51,409,648 51,203,562 |
(5,504,092) (5,350,540) |
(554,323) (555,791) |
(6,058,415) (5,906,331) |
45,351,233 45,297,231 |
(11,274,163) (5,521,601) |
(8,505,532) (8,067,085) |
(2,212,059) (3,001,054) |
(976,620) (834,582) |
(1,380,084) (2,057,242) |
(24,348,458) (19,481,564) |
21,002,775 25,815,667 |
221,131 119,312 |
2,011,664 3,376,142 |
34,162 (209,186) |
23,269,732 29,101,935 |
(7,445,128) (9,900,921) |
15,824,604 19,201,014 |
General sales tax |
Excise duty |
Gross sales
Net sales 16
Royalty and additional wellhead charge |
Operating and administrative expenses |
Exploration and prospecting expenditure |
Finance cost |
Other charges |
17
Other income |
Finance income |
Share of profit / (loss) in associate |
12.1
Profit before taxation
Provision for taxation 18
Profit for the period
Attributable to: |
Equity holders of Mari Energies Limited |
Non-controlling interests |
19,201,014 |
- |
19,201,014 |
31,138
15,824,604
Earnings per share - basic and dilutedEarnings per ordinary share (Rupees) 19 13.15 15.99
The annexed notes 1 to 23 form an integral part of these condensed interim consolidated financial statements.
Nabeel Rasheed | Faheem Haider | Abid Niaz Hasan |
Chief Financial Officer | Managing Director / CEO | Director |
Lt Gen Anwar Ali Hyder |
HI(M), (Retd) |
Chairman |
MARI ENERGIES LIMITED |
CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) |
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025 |
Three months period ended | |
30.09.2025 | 30.09.2024 |
(Rupees in thousand) | |
Note
Profit for the period 15,824,604 19,201,014
Other comprehensive loss:
Items that will be subsequently reclassified to profit or |
loss: |
Effect of translation of investment in a foreign associate |
Income tax effect related to translation of investment in |
a foreign associate - deferred tax credit |
12.1 | (101,857) 25,464 |
(28,305)
-
(76,393) (28,305)
Total comprehensive income for the period 15,748,211 19,172,709
Attributable to: |
Equity holders of Mari Energies Limited |
Non-controlling interests |
19,172,709 |
- |
19,172,709 |
15,717,073
31,138
15,748,211
The annexed notes 1 to 23 form an integral part of these condensed interim consolidated financial statements.
Nabeel Rasheed |
Chief Financial Officer |
Faheem Haider | Abid Niaz Hasan |
Managing Director / CEO | Director |
Lt Gen Anwar Ali Hyder |
HI(M), (Retd) |
Chairman |
MARI ENERGIES LIMITED |
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025 |
Other reserves | |||||
Share capital | Capital redemption reserve fund | Self insurance reserve | Foreign currency translation reserve | Unappropriated profit | Total Non-controlling Total equity interests |
(Rupees in thousand) | |||||
Total comprehensive income for the period: |
Profit for the period |
Other comprehensive loss |
- | - | - | - | 19,201,014 | 19,201,014 | - | 19,201,014 | |
- | - | - | (28,305) | - | (28,305) | - | (28,305) | |
- | - | - | (28,305) | 19,201,014 | 19,172,709 | - | 19,172,709 | |
10,672,200 | (10,590,001) | - | - | (82,199) | - | - | - | |
- | - | - | - | (17,875,935) | (17,875,935) | - | (17,875,935) |
Balance as at July 01, 2024 (Audited) 1,334,025 10,590,001 4,600,000 2,002,507 206,381,133 224,907,666 - 224,907,666
Issuance of bonus shares * |
Final cash dividend for the year ended June 30, 2024 @ Rs 134.00 per share * |
- | - | - - 46,167,918 46,167,918 12,282 46,180,200 |
- | - | - (289,957) (195,884) (485,841) - (485,841) |
- | - | - (289,957) 45,972,034 45,682,077 12,282 45,694,359 |
- | - | - - - - 2,000,000 2,000,000 |
Total comprehensive income for the period: |
Profit for the period |
Other comprehensive loss |
Balance as at September 30, 2024 (Un-Audited) 12,006,225 - 4,600,000 1,974,202 207,624,013 226,204,440 - 226,204,440
Total comprehensive income for the period: |
Profit for the period |
Other comprehensive loss |
Share capital of a subsidiary, SKY47 Limited, subscribed by non-controlling |
interests |
Balance as at June 30, 2025 (Audited) | 12,006,225 | - | 4,600,000 | 1,684,245 | 253,596,047 | 271,886,517 | 2,012,282 | 273,898,799 | |
- | - | - | - | 15,793,466 | 15,793,466 | 31,138 | 15,824,604 | ||
- | - | - | (76,393) | - | (76,393) | - | (76,393) | ||
- | - | - | (76,393) | 15,793,466 | 15,717,073 | 31,138 | 15,748,211 | ||
- | - | - | - | (26,053,508) | (26,053,508) | - | (26,053,508) | ||
- | - | - | - | - | - | 2,961,238 | 2,961,238 | ||
Balance as at September 30, 2025 (Un-Audited) |
Final cash dividend for the year ended June 30, 2025 @ Rs 21.7 per share * |
Share capital of a subsidiary, SKY47 Limited, subscribed by non-controlling |
interests |
12,006,225 - | 4,600,000 1,607,852 243,336,005 261,550,082 5,004,658 266,554,740 |
* Distribution to owners - recorded directly in equity
The annexed notes 1 to 23 form an integral part of these condensed interim consolidated financial statements.
Nabeel Rasheed | Faheem Haider |
Chief Financial Officer | Managing Director / CEO |
Abid Niaz Hasan |
Director |
Lt Gen Anwar Ali Hyder |
HI(M), (Retd) |
Chairman |
MARI ENERGIES LIMITED |
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (UN-AUDITED) |
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025 |
Three months period ended | |
30.09.2025 | 30.09.2024 |
(Rupees in thousand) | |
Cash receipts from customers |
Cash paid to the Government for Government levies |
Cash paid to suppliers, employees and others - net |
Income tax paid |
Cash generated from operating activities |
61,242,544 |
(37,922,034) |
(9,897,372) |
(715,005) |
12,708,133 |
62,841,488 |
(19,843,996) |
(12,562,347) |
(3,595,576) |
26,839,569 |
Cash flows from investing activities |
Property, plant and equipment |
Development and production assets |
Exploration and evaluation assets |
Proceeds from disposal of property, plant and equipment |
Investment in associates |
Proceeds from disposal of asset classified as held for sale |
Income on mutual funds |
Interest received |
Cash utilized in investing activities |
(3,124,798) |
(8,336,665) |
(1,075,135) |
11,515 |
(500) |
720,000 |
993,291 |
1,176,541 |
(9,635,751) |
(1,090,891) |
(6,969,122) |
(1,018,958) |
114 |
- |
- |
1,313,488 |
2,095,053 |
(5,670,316) |
Cash flows from financing activities | ||
Repayment of long term financing | (31,250) | |
Redemption of preference shares | - | |
Finance cost paid | (7,475) | |
Subscription of shares of a subsidiary by non-controlling interests | 2,961,238 | |
Lease rentals paid - net | (345,068) | |
Bank balances under lien | (2,000) | |
Dividend paid | (25,682,834) | |
Cash utilized in financing activities | (23,107,389) | |
(Decrease) / increase in cash and cash equivalents | (20,035,007) | |
Cash and cash equivalents at beginning of the period | 88,794,367 | |
Effect of exchange rate changes | (57,338) | |
Cash and cash equivalents at end of the period | 20 | 68,702,022 |
(31,250) |
(197) |
(10,734) |
- |
- |
- |
(17,732,625) |
(17,774,806) |
3,394,447 |
74,886,395 |
(42,051) |
78,238,791 |
The annexed notes 1 to 23 form an integral part of these condensed interim consolidated financial statements.
Nabeel Rasheed |
Chief Financial Officer |
Faheem Haider | Abid Niaz Hasan |
Managing Director / CEO | Director |
Lt Gen Anwar Ali Hyder
HI(M), (Retd) |
Chairman |