MARI ENERGIES LIMITED
CONDENSED INTERIM FINANCIAL STATEMENTS (Un-audited)
For The Three Months Period Ended
September 30, 2025
COMPANY INFORMATIONRegistered / Head Office
21- Mauve Area, 3rd Road, G-10/4
P.O. Box 1614, Islamabad 44000
Tel: 051-111-410-410, 051-8092200
Fax: 051-2352859
Email: info@marienergies.com.pk Web: marienergies.com.pk
Field Office Daharki Daharki, District Ghotki Tel: 0723-111-410-410,
0723-660403-30
Fax: 0723-660402
Karachi Liasion Office
D-87, Block 4, Kehkashan, Clifton
P.O. Box 3887, Karachi -75600
Tel: 021-111-410-410
Fax: 021-35870273
Quetta Liasion Office
26, Survey-31, Defence Officers . Housing Scheme, Airport Road, Quetta Tel: 081-2821052, 2864085, 2839790
Fax: 081-2834465
KP Liasion Office
Bannu Cantt
Tel: +92 8621794 - 5
External Auditors
A.F. Ferguson & Co., Chartered Accountants A member firm of PWC network
74- East 2nd Floor, Blue Area, Jinnah Avenue
P.O. Box 1614, Islamabad-44000, Pakistan Tel: 051-2273457-60
Email: Imtiaz.aslam@pwc.com Web: https://www.pwc.com/pk
Shares Registrar
M/s Corplink (Pvt) Limited Wings Arcade, 1-K Commercial Model Town, Lahore
Tel: 042-35839182, 042-35916714
Email: corporate@corplink.com.pk
Legal Advisor
Barrister Panni Law Associates Advocates - Corporate Consultants Apt. # E-1, Karakoram Enclave - 1
Hamza Road, Sector F-11/1, Islamabad. Tel: 051-2856086-88
Bankers Standard Chartered Bank
Allied Bank Limited Meezan Bank Limited
Askari Bank Limited Bank Islami Pakistan
Bank Alfalah Limited JS Bank Limited
Habib Bank Limited Dubai Islamic Bank Limited
National Bank of Pakistan Faysal Bank Limited
United Bank Limited Habib Metropolitan Bank Limited
Al-Baraka Bank Limited MCB Bank Limited Bank of Punjab
Bankers
Allied Bank Limited | Standard Chartered Bank |
Askari Bank Limited | Meezan Bank Limited |
Bank Alfalah Limited | Bank Islami Pakistan Limited |
Habib Bank Limited | The Bank of Khyber |
National Bank of Pakistan | Dubai Islamic Bank Limited |
United Bank Limited | Faysal Bank Limited |
Al-Baraka Bank Limited | Habib Metropolitan Bank Limited |
Bank of Punjab | MCB Bank Limited |
Sindh Bank Limited |
Registration Number
00012471
National Tax Number
1414673-8
GST No.
07-01-2710-039-73
Symbol on Pakistan Stock Exchange
MARI
Registration, NTN and GST Numbers
Registration Number | 00012471 |
National Tax Number | 1414673-8 |
GST No. | 07-01-2710-039-73 |
Symbol on Pakistan Stock Exchange | MARI |
TABLE OF
CONTENTS
BOARD OF DIRECTORS COMMITTEES OF THE BOARD DIRECTORS' REVIEW
CONDENSED INTERIM FINANCIAL STATEMENTS
Statement of Financial Position Statement of Profit or Loss Statement of Comprehensive Income Statement of Changes in Equity Statement of Cash Flows
Notes to the Interim Financial Statements
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Statement of Financial Position Statement of Profit or Loss Statement of Comprehensive Income Statement of Changes in Equity Statement of Cash Flows
Notes to the Interim Financial Statements DIRECTORS' REVIEW IN URDU
03
04
05
13 - 30
14
15
16
17
18
19
31 - 48
32
33
34
35
36
37
49
BOARD OF DIRECTORS
1
2
Lt Gen Anwar Ali Hyder HI(M) (Retd) Chairman, Non-Executive Director Mr. Syed Bakhtiyar Kazmi
3
4
Non-Executive Director Mr. Qamar Haris Manzoor Non-Executive Director Mr. Faheem Haider
Managing Director/CEO, Executive Director
5
Mr. Momin Agha
Non-Executive Director
6
Mr. Zafar Abbas
7
8
Non-Executive Director Mr. Ahmed Hayat Lak Non-Executive Director
Mr. Muhammad Aamir Salim
Non-Executive Director
9
Mr. Abid Hasan
10
Non-Executive Independent Director
Ms. Seema Adil
11
Non-Executive Independent Director
Ms. Ayla Majid
Non-Executive Independent Director
Mr. Nabeel Rasheed
Chief Financial Officer
Brig Sumair Ashraf Sheikh (Retd)
Company Secretary
COMMITTEES OF THE BOARDAUDIT COMMITTEE
Director
Mr. Abid Niaz Hasan
Mr. Syed Bakhtiyar Kazmi Mr. Momin Agha
Mr. Ahmed Hayat Lak
HR&R COMMITTEE
Director
Ms. Ayla Majid
Mr. Qamar Haris Manzoor Mr. Ahmed Hayat Lak
Mr. Zafar Abbas
TECHNICAL COMMITTEE
Director
Mr. Qamar Haris Manzoor Mr. Zafar Abbas
Mr. Ahmed Hayat Lak Ms. Seema Adil
INVESTMENT COMMITTEE
Director
Mr. Syed Bakhtiyar Kazmi Ms. Ayla Majid
Mr. Zafar Abbas
Mr. Muhammad Aamir Salim
Designation Chairman Member Member Member
Designation
Chairperson
Member Member Member
Designation Chairman Member Member Member
Designation Chairman Member Member Member
ENVIRONMENT, SOCIAL & GOVERNANCE COMMITTEE
Director
Ms. Seema Adil
Mr. Abid Niaz Hasan Mr. Momin Agha
Mr. Muhammad Aamir Salim
Designation
Chairperson
Member Member Member
MARI ENERGIES LIMITED DIRECTORS' REVIEW
We are pleased to present our review report along with the condensed interim standalone
and consolidated financial statements of the Company for the three-month period ended on September 30, 2025.
Key Highlights:
A final cash dividend of Rs. 21.7 per share (217%) was distributed for FY 2024-25.
Despite forced gas curtailment, the Company achieved a slight rise in sales volumes, demonstrating operational resilience.
Key exploration and appraisal milestones included the completion of three wells in Ghazij and two wells in Shawal, while drilling is ongoing at Spinwam East, and testing activities are in progress at Zarghun ZSG-1 and Shawal-3.
Development success was marked by SML-2's smart completion, Bolan East-2's production start up and enhanced oil recovery at Halini Deep-1 through gas lift.
Evaporative coolers were installed at Swing Volume Processing Facility (SVPF) enabling consistent supply during peak summer hours, enhancing operational reliability and sales volume consistency.
The government approved the Declaration of Commerciality and granted a 20-year DCP lease for Bolan East Field, along with Declaration of Commerciality (DoC) for Shewa Discovery.
Mari Minerals (Private) Limited, under the joint venture agreement with International Resource Holding Mining RSC Ltd (IRH), incorporated two project companies, Amuri Minerals Private Limited and Amuri Resources Private Limited, during the period.
MariEnergies expanded its exploration portfolio with acquisition of additional acreage.
Operational Environment and Key Challenges:
Security situation in KP and Balochistan remains a critical factor for operations continuity. The Company continues to work closely with all stakeholders to ensure adaptive security measures and foster goodwill.
Forced curtailments by distribution companies due to high network pressure continue to challenge operations, impacting sales volumes, revenues and facility operability. The Company, along with industry, is actively discussing solutions with government stakeholders to address this issue and maximize indigenous production of hydrocarbons.
The ongoing issue of circular debt, amounting to Rs 78.5 billion, remains a significant challenge. The Company is actively working with authorities and stakeholders to resolve the issue and improve recovery trends.
DETAILED REPORT
HEALTH, SAFETY AND ENVIRONMENTAL PERFORMANCE
The year began with renewed focus on Health, Safety, and Environment (HSE) excellence, driving safety culture, operational assurance and workforce engagement. Process safety advanced through Process safety management (PSM) Champion Program kickoff, PSM Leadership Development Program (Phase I), supported by cyclic Hazard and Operability Study (HAZOPs) at four fields and two PSM Committee meetings.
Safety culture strengthened via Time Out for Safety sessions, Level 1,2 C 3 Committee meetings, 225 mock drills, 14,490 training man-hours, and multiple Talent Learning Management System (Talent LMS) courses.
Functional assurance included 2,032 inspections, 08 cross-functional audits by safety leadership and 11 pre-incident investigations. Control of work (COW) workshop, TRA sessions and 15 contractor Service Quality Meetings reinforced compliance and operational safety.
Environmental, Social G Governance (ESG) Performance and Sustainability Leadership
The Company continued to advance its ESG and IFRS S1 and S2 compliance journey through structured assessments, capacity building and strengthened governance. In this regard, a comprehensive in-house gap assessment was performed against the ESG Reporting Guidelines.
The Company engaged with sustainability experts of prominent energy organization in the region to seek insights on developing "Climate Smart" field projects, integrating climate resilience into future operations. The Composting Facility Project also progressed, with the design currently under review by respective stakeholders, reinforcing the Company's commitment to circular economic principles.
HYDROCARBON SALES
The hydrocarbon sales during the period are summarized below:
Period ended September 30 | Increase / (Decrease) Cumulative | ||||
2026 | 2025 | ||||
Cumulative | Per day | Cumulative | Per day | ||
Gas (MMSCF) | |||||
Mari Field | 72,061 | 783 | 72,909 | 792 | (1%) |
Other Fields | 2,768 | 30 | 1,530 | 17 | 81% |
74,82G | 813 | 74,43G | 80G | 1% | |
Crude oil (BBLs) | |||||
Mari Field | 10,268 | 112 | 12,382 | 134 | (17%) |
Other Fields | 115,734 | 1,258 | 100,430 | 1,092 | 15% |
126,002 | 1,370 | 112,812 | 1,226 | 12% |
Total Net Sales in BOEs | 10.03 Million | 109,068 (per day) | 9.93 Million | 107,982 (per day) | 1% |
The Company faced challenges due to frequent forced curtailments by distribution companies and gas suspension from Shewa due to export line rupture incidents. The Company implemented efficient strategies, operational optimizations, and proactive customer engagement to manage sales volume, which would have been much lower in the absence of these strategies.
The Company remains committed to enhancing production capacity through the rapid development and commissioning of new wells. During the quarter, MD-23 was commissioned into the SGPC network, while another new well, Bolan East-2 was integrated with the Bolan East field, showing our continued efforts to sustain and expand hydrocarbon output.
FINANCIAL PERFORMANCE
Despite additional 15% wellhead charge on Mari Field from November 2024, 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. Earnings per share for the period was Rs. 13.03 per share. Reconciliation of Q1 2025-26 profit with Q1 2024-25 is as follows:
Rs. in Billion
Profit after tax - Q1 2024-25 1G.2
Additional Wellhead Impact (3.6)
Profit after tax - Q1 2025-26 15.6
Description | Three-months period ended September 30 | Increase / (Decrease) | |
2026 | 2025 | ||
(Rs. in Million) | |||
Net Sales | 45,351 | 45,297 | 0% |
Profit Before Tax | 23,051 | 29,129 | (21%) |
Income Tax | (7,411) | (9,901) | (25%) |
Net Profit | 15,640 | 1G,228 | (1G%) |
EPS (Rs. Per Share) | 13.03 | 16.01 | (19%) |
EPS (Consolidated - Rs. Per Share) | 13.16 | 15.99 | (18%) |
Net sales remained in line with the corresponding period, as the impact of higher sales volumes was offset by decline in applicable prices.
Profitability was impacted by the imposition of 15% additional wellhead charge on sales from the Mari Field and decline in finance income reflecting the decreased policy rate.
EXPLORATION, DEVELOPMENT AND OPERATIONAL ACTIVITIES
The Company's drilling initiatives reflect a strategic commitment to expanding its resource base and strengthening production capabilities through targeted exploration and development efforts. Significant progress has been achieved in recent drilling operations, underscoring the effectiveness of these initiatives.
Exploration and Appraisal Wells:
Ghazij exploration wells (Ghazij CF-A1, Ghazij CF-C1 and Ghazij CF-B1) have successfully been drilled and completed in Ghazij formation.
Shawal appraisal (Shawal-4 and Shawal-5) wells have successfully been completed whereas Shawal-3 is currently under testing as part of the Shawal appraisal program.
Spinwam East- Shewa-3 well in Waziristan Block was spud-in on August 11, 2025, to appraise the hydrocarbon potential of Lockhart, Hangu C Kawagarh Formations. Currently, drilling is in progress.
ZSG well in Zarghun was spud in on August 19, 2025, to test the hydrocarbon potential of limestone reservoir beds within Ghazij Formation. Currently well is under testing after reaching target depth.
Development Wells:
SML-2 was successfully drilled and completed as a gas producer in Ghazij and SML-SUL reservoirs using Smart Completion. The well was tested at gas rate of 5 MMscfd from Ghazij and 2.6 MMscfd from SML-SUL reservoirs.
Five Ghazij development wells are planned to be drilled during the current year as part of Ghazij Phase-I Field Development.
One HRL horizontal development well is planned to be drilled during the year as part of horizontal drilling campaign to enhance the production capacity from HRL reservoir.
Portfolio Expansion
MariEnergies, along with Fatima Petroleum Company Limited (FPCL), has entered into a farm-out agreement with Hycarbex-American Energy Inc. ("Hycarbex") for the Peshawar Block in Khyber Pakhtunkhwa. Under the agreement, MariEnergies will acquire 65% working interest and Operatorship, while FPCL will take 25% working interest. The transaction is subject to regulatory approvals.
In addition, the Company participated in the onshore bid round held on October 1, 2025, and secured Block-28 North, subject to regulatory approvals.
With the addition of these two blocks, the Company's portfolio will expand to 48 Licenses, including Offshore Block 5 in Abu Dhabi, collectively covering an area of 100,288 sq. km.
Seismic Data Acquisition Projects and GGM Surveys:
Sr | Seismic/ GGM Projects | Operator | Initiated in | Status |
Operated Blocks | ||||
1 | Wali West - 2D Seismic | MariEnergies | 2022-23 | Crew demobilized due to security reasons |
2 | Sharan - 2D Seismic | MariEnergies | 2023-24 | Project completed. Crew demobilization is in progress |
3 | Waziristan GCM Survey C 2D Seismic | MariEnergies | 2025-26 | In progress |
Non-operated Blocks | ||||
1 | Kohat - 3D Seismic | OGDCL | 2025-26 | In progress |
Offshore Block-5 (UAE)
Following execution of the PCA, the project has formally transitioned into the development phase and it is progressing in line with the approved development plan. Exploration activities are also in progress as per the approved work program.
Significant Development Projects:
Optimizing Swing Volume Flow Through Evaporative Cooling Integration
High gas temperature had previously been a limiting factor in achieving desired gas sales volumes from Swing Volume Processing Facility (SVPF), particularly during peak summer hours. To address this challenge, two evaporative coolers have been installed, commissioned, and brought into operation. As a result of this modification, SVPF is now able to consistently supply approximately 57 MMscfd of specified gas, even during the high-temperature conditions of summer peak hours. This improvement has enhanced operational reliability and sales volume consistency.
HRL Pressure Enhancement Facilities (PEF) Project
MariEnergies, in collaboration with its fertilizer customers, is implementing the PEF project at the Mari Field to manage declining reservoir pressure and sustain the HRL production plateau. Debottlenecking (DBN)-III is currently in progress, while nodal compression is expected to be commissioned in next fiscal year.
SML-SUL Development
SML-2 was drilled and completed using Smart Completion in Ghazij and SML-SUL reservoirs. SML-3 are SML-4 are planned Smart Completion wells to sustain plateau production and improve recovery from the field.
Carbon Capture and Sequestration (CCS) Project
The CCS project aiming to pave way for efficient carbon capture and storage is progressing with Front-End Engineering Design (FEED) to commence soon, supported by reservoir studies and regulatory coordination for carbon credit certification. The project is now named "Cquestra". The project has been listed with VERRA (Voluntary Market platform for carbon credits registration) as an under-development project.
Approval of Commerciality / Field Development Plan
The government has approved Declaration of Commerciality as well as Field Development Plan and granted DCP Lease over Bolan East Field, Balochistan for 20 years w.e.f 8th July 2024. Further, the Government has approved the Declaration of Commerciality over Shewa Discovery w.e.f. 07th April 2025.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company remains steadfast in its commitment to corporate social responsibility, investing in initiatives that advance sustainable development, skills training, food security, environmental protection and equitable access to education and healthcare. These efforts are strategically designed to empower local economies, strengthen stakeholder relationships and leave a lasting positive legacy in the communities we operate.
Strategic Partnerships:
Mari Champion Program has been launched to support youth early in their careers in education, sports and other fields by fostering guidance, collaboration and recognition. As part of this effort, quarterly virtual meetups bring changemakers together to share knowledge, build networks and celebrate success stories, inspiring collective action for sustainable community impact.
Baseline studies for the Mari Kissan Dost Program and Mari Meal Program were finalized, with impact evaluations planned after one year of implementation to measure long-term results.
DIVIDEND
The final cash dividend for FY 2024-25 of Rs. 21.7 per share (217%) was distributed to the shareholders during the period.
FUTURE OUTLOOK OF THE COMPANY
The Company remains fully committed to its Vision 2030 and long-term growth strategy. The primary focus is on strengthening core business to ensure national energy and food security. Company's diversification into the mining and technology sectors represents a strategic extension which is aligned with its broader objectives and reinforces its path toward sustainable growth and positions it as a national leader in ESG.
The Company's key priorities in the short to medium term include the following:
Development of Ghazij, Shewa, Spinwam, Shawal, Soho, and Pateji discoveries
Submission of field development plan of Shewa field to regulatory authorities
Progressive C Sustainable ramp-up from Shewa, Jhim-East and Pateji discoveries
Surface and subsurface activities for execution of HRL PEF Project in Mari Field
Construction and operationalization of data centers in Islamabad and Karachi
Focused drilling operations under its mining licences
Supporting PIOL in development of the discoveries to achieve first oil from offshore Block-5, Abu Dhabi.
DIVERSIFICATION EFFORTS
The Company is driving its diversification strategy into mineral mining and technology through its wholly owned subsidiaries, Mari Minerals (Private) Limited and Mari Technologies Limited.
Mari Minerals (Private) Limited
MariMinerals, a wholly owned subsidiary of MariEnergies, entered into a Joint Venture Agreement (JVA) for mining licenses EL 302 and EL 303 with International Resources Holding Mining RSC Ltd (IRH), Balochistan Mineral Resources Limited, and the Government of Balochistan. In line with the terms of JVA, two project companies, Amuri Minerals (Private) Limited and Amuri Resources (Private) Limited, have been incorporated and the process to transfer the relevant licenses to these project companies has commenced. Field activities have commenced under the operator, IRH. Drilling activities in EL-322 and EL 323 are also in-progress.
Mari Technologies Limited
MariTechnologies, a wholly owned subsidiary of MariEnergies, is focused on advancing data centers, cloud computing, artificial intelligence and emerging technologies, particularly in the petroleum and mining sectors.
MariTechnologies, through its majority owned subsidiary SKY47 Limited (SKY47), is spearheading the development of Tier III/IV certified data centers to strengthen Pakistan's digital infrastructure and contribute to economic diversification.
Currently, construction of data center at Islamabad site is in progress. Second site is located at Port Qasim near Karachi where preliminary project works are in progress,
Awards and Recognitions:
MariEnergies won Environment Excellence Award at the Annual Environment Excellence Awards 2025, organised by the National Forum for Environment and Health on July 28, 2025.
ESG Excellence Award in Renewable Energy Development at the ESG Summit Pakistan 2025, held on September 25, 2025.
TRIBUTE TO LAW ENFORCEMENT AGENCIES (LEAs)
The Company conveys its deep appreciation to the Law Enforcement Agencies for their steadfast support, commitment and exemplary professionalism in safeguarding our people and operations of national importance.
ACKNOWLEDGEMENT
The Board of Directors would like to commend all employees of the Company for their dedication and commitment to delivering on various significant projects of national importance.
The Board also wishes to express its appreciation for the continued assistance and cooperation received from Federal and Provincial Governments, Local Administrations and various departments of the Federal Government especially the Ministry of Energy (Petroleum Division), Ministry of Finance, OGRA, DGs (Petroleum Concessions, Oil and Gas), Fauji Foundation, OGDCL, FBR, LEAs, Suppliers, JV partners, and all other stakeholders.
For and on behalf of the Board
Faheem Haider Lt. Gen. Anwar Ali Hyder, HI (M), (Retd)
Managing Director/CEO
Islamabad October 30, 2025
Chairman
CONDENSED INTERIM FINANCIAL STATEMENTS
MARI ENERGIES LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2025
(Un-Audited) (Audited) (Un-Audited) (Audited)
30.09.2025 30.06.2025 30.09.2025 30.06.2025
Note
(Rupees in thousand)
Note
(Rupees in thousand)
EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES | ASSETS NON CURRENT ASSETS | ||||||||
Share capital | 4 | 12,006,225 | 12,006,225 | Property, plant and equipment | 9 | 110,964,050 | 111,738,172 | ||
Other reserves | 6,207,852 | 6,284,245 | Development and production assets | 10 | 69,072,624 | 61,803,417 | |||
Unappropriated profit | 242,950,255 | 253,363,585 | Exploration and evaluation assets | 11 | 22,825,831 | 22,159,867 | |||
Long term investments | 12 | 32,505,544 | 32,566,614 | ||||||
TOTAL EQUITY | 261,164,332 | 271,654,055 | Right-of-use asset receivable from joint | ||||||
operating partners | 13 | 2,394,413 | 2,775,659 | ||||||
NON CURRENT LIABILITIES | Long term loans and advances | 59,550 | 66,806 | ||||||
Long term deposits and prepayments | 204,111 | 135,753 | |||||||
Long term financing | 489,425 | 508,959 | 238,026,123 | 231,246,288 | |||||
Lease liabilities | 5 | 5,463,198 | 6,168,130 | ||||||
Deferred liabilities | 6 | 34,232,691 | 32,904,038 | CURRENT ASSETS | |||||
Deferred tax liability | 47,684,561 | 43,125,909 | |||||||
87,869,875 | 82,707,036 | Stores and spares | 13,634,562 | 12,681,811 | |||||
CURRENT LIABILITIES | Trade debts | 14 | 85,897,606 | 86,581,711 | |||||
Short term loans and advances | 15 | 6,531,171 | 6,470,316 | ||||||
Trade and other payables | 7 | 38,701,556 | 50,407,289 | Short term prepayments | 867,998 | 249,638 | |||
Current portion of long term financing | 144,999 | 147,570 | Other receivables | 5,919,065 | 6,449,787 | ||||
Current portion of lease liabilities | 5 | 3,597,642 | 3,103,249 | Current portion of right-of-use asset | |||||
Unclaimed dividend | 1,067,085 | 696,411 | receivable from joint operating partners | 13 | 1,605,806 | 1,396,462 | |||
Provision for income tax | 15,709,761 | 13,554,173 | Short term investments | 30,073,560 | 38,226,461 | ||||
59,221,043 | 67,908,692 | Interest accrued | 177,885 | 268,098 | |||||
Cash and bank balances | 25,521,474 | 38,699,211 | |||||||
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 Abid Niaz Hasan Lt Gen Anwar Ali Hyder
Chief Financial Officer
Managing Director / CEO
Director HI(M), (Retd)
Chairman
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30 , 2025
14
Three months | period ended | ||
Note | 30.09.2025 (Rupees in | 30.09.2024 thousand) | |
Gross sales | 51,409,648 | 51,203,562 | |
General sales tax | (5,504,092) | (5,350,540) | |
Excise duty | (554,323) | (555,791) | |
(6,058,415) | (5,906,331) | ||
Net sales | 16 | 45,351,233 | 45,297,231 |
Royalty and additional wellhead charge | 17 | (11,274,163) | (5,521,601) |
Operating and administrative expenses | (8,368,756) | (8,029,676) | |
Exploration and prospecting expenditure | (2,212,059) | (3,001,054) | |
Finance cost | (976,620) | (834,582) | |
Other charges | (1,380,084) | (2,057,242) | |
(24,211,682) | (19,444,155) | ||
21,139,551 | 25,853,076 | ||
Other income | 221,131 | 119,312 | |
Finance income | 1,656,467 | 3,365,485 | |
Share of profit / (loss) in associate | 12.1 | 34,162 | (209,186) |
Profit before taxation | 23,051,311 | 29,128,687 | |
Provision for taxation | 18 | (7,411,133) | (9,900,921) |
Profit for the period | 15,640,178 | 19,227,766 | |
Earnings per share - basic and diluted | |||
Earnings per ordinary share (Rupees) | 19 | 13.03 | 16.01 |
The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.
Nabeel Rasheed Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder
Chief Financial Officer
Managing Director / CEO
Director HI(M), (Retd)
Chairman
Note
Three months period ended
30.09.2025 30.09.2024
(Rupees in thousand)
Profit for the period 15,640,178 19,227,766
Other comprehensive loss:
Items that will be subsequently reclassified to profit or
loss: | ||||
Effect of translation of investment in a foreign associate | 12.1 | (101,857) | (28,305) | |
Income tax effect related to translation of investment in a foreign associate - deferred tax credit | 25,464 | - | ||
(76,393) | (28,305) | |||
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 Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder
Chief Financial Officer
Managing Director / CEO
Director 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)
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 |
Total comprehensive income for the period: | ||||||
Profit for the period | - | - | - | - | 19,227,766 | 19,227,766 |
Other comprehensive loss | - | - | - | (28,305) | - | (28,305) |
- | - | - | (28,305) | 19,227,766 | 19,199,461 | |
Issuance of bonus shares * | 10,672,200 | (10,590,001) | - | - | (82,199) | - |
Final cash dividend for the year ended June 30, 2024 @ Rs 134.00 per share * | - | - | - | - | (17,875,935) | (17,875,935) |
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 | - | - | - | - | 45,908,650 | 45,908,650 |
Other comprehensive loss | - | - | - | (289,957) | (195,884) | (485,841) |
- | - | - | (289,957) | 45,712,766 | 45,422,809 | |
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 | - | - | - - | 15,640,178 | 15,640,178 | |
Other comprehensive loss | - | - | - (76,393) | - | (76,393) | |
- | - | - (76,393) | 15,640,178 | 15,563,785 | ||
Final cash dividend for the year ended June 30, 2025 @ Rs 21.7 per share * | - | - | - - | (26,053,508) | (26,053,508) | |
Balance as at September 30, 2025 (Un-Audited) | 12,006,225 | - | 4,600,000 | 1,607,852 | 242,950,255 | 261,164,332 |
* Distribution to owners - recorded directly in equity
The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.
Nabeel Rasheed Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder
Chief Financial Officer
Managing Director / CEO
Director HI(M), (Retd)
Chairman
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30 , 2025
17
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
Cash flows from operating activities
Note
Three months period ended 30.09.2025 30.09.2024
(Rupees in thousand)
Cash receipts from customers | 61,242,544 | 62,841,488 | |
Cash paid to the Government for Government levies | (37,922,034) | (19,843,996) | |
Cash paid to suppliers, employees and others - net | (9,570,390) | (12,527,614) | |
Income tax paid | (671,429) | (3,594,884) | |
Cash generated from operating activities | 13,078,691 | 26,874,994 | |
Cash flows from investing activities | |||
Property, plant and equipment | (1,238,309) | (1,090,891) | |
Development and production assets | (8,336,665) | (6,969,122) | |
Exploration and evaluation assets | (563,006) | (1,018,958) | |
Proceeds from disposal of property, plant and equipment | 11,515 | 114 | |
Investment in wholly owned subsidiary - MariMinerals | - | (400,000) | |
Income on mutual funds | 942,567 | 1,313,488 | |
Interest received | 898,534 | 2,090,440 | |
Cash utilized in investing activities | (8,285,364) | (6,074,929) | |
Cash flows from financing activities | |||
Repayment of long term financing | (31,250) | (31,250) | |
Redemption of preference shares | - | (197) | |
Finance cost paid | (7,475) | (10,734) | |
Lease rentals paid - net | (345,068) | - | |
Dividend paid | (25,682,834) | (17,732,625) | |
Cash utilized in financing activities | (26,066,627) | (17,774,806) | |
(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 |
The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.
Nabeel Rasheed Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder
Chief Financial Officer
Managing Director / CEO
Director HI(M), (Retd)
Chairman
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
LEGAL STATUS AND OPERATIONS
Mari Energies Limited "MariEnergies or the Company" is a public limited company incorporated in Pakistan on December 4, 1984 under the repealed Companies Ordinance, 1984 (replaced by the Companies Act, 2017). The shares of the Company are listed on the Pakistan Stock Exchange Limited. The Company is principally engaged in exploration, production and sale of hydrocarbons. The registered office of the Company is situated at 21 Mauve Area, 3rd Road, G-10/4, Islamabad.
BASIS OF PREPARATION
These condensed interim financial statements of the Company for the three months period ended September 30, 2025 have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of International Accounting Standard (IAS) 34 'Interim Financial Reporting', issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017 and provisions of and directives issued under the Companies Act, 2017. Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed interim financial statements are un-audited and are being submitted to the members as required under Section 237 of the Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited.
The disclosures in these condensed interim financial statements do not include all the information and disclosures reported in the annual audited financial statements and should therefore be read in conjunction with the audited financial statements of the Company for the year ended June 30, 2025.
These condensed interim financial statements are the separate condensed interim financial statements of the Company in which investment in subsidiary is accounted for at cost less accumulated impairment, if any. Consolidated condensed interim financial statements are prepared separately.
Exemption from application of Expected Credit Losses model
The Securities and Exchange Commission of Pakistan (SECP) through S.R.O. 1784(I)/2024 dated November 4, 2024 has notified that in respect of companies holding financial assets due or ultimately due from the Government of Pakistan (GoP) in respect of circular debt, the requirements contained in IFRS 9 'Financial Instruments' with respect to application of Expected Credit Losses (ECL) model shall not be applicable for financial years ending on or before December 31, 2025, provided that such companies shall follow relevant requirements of IAS 39 'Financial Instruments: Recognition and Measurement' in respect of above referred financial assets during the exemption period. Effective July 1, 2025, the industry has opted to apply the exemption from SECP. The approval is currently pending and is expected to be received in due course.
Consequently, the Company has not recorded impact of application of ECL model on the financial assets due directly/ultimately from the GoP in these condensed interim financial statements.
ACCOUNTING POLICIES, SIGNIFICANT ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS
The preparation of these condensed interim financial statements in conformity with the approved accounting standards as applicable in Pakistan for interim financial reporting requires management to make estimates, assumptions and apply judgments that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revision to accounting estimates are recognized from the period of revision.
The accounting policies adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the audited financial statements for the year ended June 30, 2025.
The estimates, assumptions and judgments made in the preparation of these condensed interim financial statements are substantially the same as those applied in the preparation of the audited financial statements for the year ended June 30, 2025. The management also believes that standards, amendments to published standards and interpretations that are effective for the Company from accounting periods beginning on or after July 1, 2025 do not have any significant effect on these condensed interim financial statements or are not relevant to the Company.
(Un-Audited) (Audited)
30.09.2025 30.06.2025
(Rupees in thousand)
SHARE CAPITAL
Authorized capital
17,000,000,000 (June 30, 2025: 17,000,000,000) ordinary
shares of Rs 10 each
170,000,000 170,000,000
Issued, subscribed and paid up capital
24,850,007 (June 30, 2025: 24,850,007) ordinary shares of Rs 10 each issued for cash
11,899,993 (June 30, 2025: 11,899,993) ordinary shares of Rs 10 each issued for consideration other than cash
1,163,872,500 (June 30, 2025: 1,163,872,500) ordinary shares of Rs 10 each issued as bonus shares
248,500 248,500
119,000 119,000
11,638,725 11,638,725
12,006,225 12,006,225
(Un-Audited) (Audited)
Three months ended Year ended
30.09.2025 30.06.2025
(Rupees in thousand) | ||||
5. | LEASE LIABILITIES | |||
Balance at the beginning of the period / year | 9,271,379 | - | ||
Addition during the period / year | 184,254 | 9,272,412 | ||
Payments made during the period / year | (613,078) | (334,513) | ||
Unwinding of interest during the period / year | 242,795 | 262,777 | ||
Exchange (gain) / loss during the period / year | (24,510) | 70,703 | ||
Balance at end of the period / year | 9,060,840 | 9,271,379 | ||
Less: Current portion classified under current liabilities | (3,597,642) | (3,103,249) | ||
5,463,198 | 6,168,130 | |||
(Un-Audited) | (Audited) | |||
30.09.2025 | 30.06.2025 | |||
(Rupees in thousand) | ||||
6. DEFERRED LIABILITIES | ||||
Provision for decommissioning cost | 32,727,688 | 31,312,631 | ||
Provision for employee benefits - unfunded | 1,505,003 | 1,591,407 | ||
34,232,691 | 32,904,038 | |||
7. TRADE AND OTHER PAYABLES | ||||
Creditors | 319,820 | 696,197 | ||
Accrued liabilities | 24,009,365 | 26,541,612 | ||
Joint operating partners | 1,953,711 | 1,743,347 | ||
Retention money and performance bonds payable | 1,012,761 | 1,101,643 | ||
Management and Non-Management Gratuity Fund | 135,818 | - | ||
Provident fund | 76,605 | - | ||
Gas Development Surcharge | 2,972,091 | 3,007,762 | ||
Excise duty | - | 41,974 | ||
Royalty and additional wellhead charge | 4,925,760 | 15,633,331 | ||
Workers' Welfare Fund | 902,724 | 734,069 | ||
Workers' Profit Participation Fund | 1,036,815 | - | ||
Others | 1,356,086 | 907,354 | ||
38,701,556 | 50,407,289 | |||
7.1 Gas Development Surcharge (GDS), Gas Infrastructure Development Cess (GIDC) and their related sales tax amounting to Rs 150,560,524 thousand (June 30, 2025: Rs 150,251,863 thousand) are not reflected in these condensed interim financial statements in accordance with the accounting guidance issued by the Institute of Chartered Accountants of Pakistan (ICAP) through Circular no. 1/2021 dated January 21, 2021, whereby, these are recorded as payables to the extent that they are received from customers and are to be deposited with GoP as per their respective rules and regulations.
On August 13, 2020, the Supreme Court of Pakistan has decided the matter of GIDC, which has restrained the charging of GIDC from August 1, 2020 onwards and ordered gas consumers to pay GIDC arrears due up to July 31, 2020 in installments. The fertilizer companies have obtained stay orders against recovery from the Sindh High Court, where the matter is subjudice.
CONTINGENCIES AND COMMITMENTS
Contingencies
The Company is currently defending multiple cases in Pakistan relating to its routine business activities. Based on review by legal counsel appointed for each case, it is expected that the outcomes will favor the Company. Consequently, no provisions and/or disclosure have been made in these condensed interim financial statements.
The Company has given corporate guarantees to the GoP under various Petroleum Concession Agreements (PCAs) for the performance of obligations.
As part of the investment arrangement in Pakistan International Oil Limited (PIOL), a related party, each of the consortium partners including MariEnergies has also provided, joint and several, parent company guarantees to Abu Dhabi National Oil Company, Abu Dhabi Company for Offshore Petroleum Operations Limited and Supreme Council for Financial and Economic Affairs Abu Dhabi, UAE, to guarantee the obligations of PIOL.
Commitments
(Un-Audited) (Audited)
30.09.2025 30.06.2025
(Rupees in thousand)
a) Commitments for capital expenditure:
Wholly owned | 9,382,753 | 4,311,938 | |
Joint operations | 11,237,552 | 5,242,546 | |
20,620,305 | 9,554,484 | ||
b) The Company's share in outstanding minimum work commitments, | |||
other than capital commitments included in 'a' above, under various | |||
PCAs aggregating to US$ 85.17 million (June 30, 2025: US$ 85.91 million) | 24,009,423 | 24,342,599 |
c) As part of the Shareholders Agreement with the consortium partners in PIOL, the Company has committed to invest up to US$ 100 million in PIOL during five years from August 31, 2021, out of which US$ 85 million have been invested up to September 30, 2025 (June 30, 2025: US$ 85 million). The remaining amount of US$ 15 million (equivalent Rs 4,229 million) will be invested in subsequent periods / years.
(Un-Audited) Three months ended | (Audited) Year ended | ||
30.09.2025 | 30.06.2025 | ||
Note | (Rupees in | thousand) | |
9. PROPERTY, PLANT AND EQUIPMENT | |||
Opening carrying value | 111,738,172 | 97,355,350 | |
Movement during the period / year: | |||
Additions | 9.2 | 1,432,992 | 23,750,773 |
Revision due to change in estimates of provision for | |||
decommissioning cost | - | (658,503) | |
Net book value of disposals | (170) | (101,279) | |
Depreciation charge | (2,206,944) | (8,608,169) | |
(774,122) | 14,382,822 | ||
Closing carrying value | 110,964,050 | 111,738,172 | |
9.1 Property, plant and equipment comprises: | |||
Operating assets - owned assets | 71,433,485 | 70,950,211 | |
Operating assets - right-of-use assets | 6,606,219 | 6,603,166 | |
Capital work in progress | 11,362,381 | 12,711,652 | |
Stores and spares held for capital expenditure | 21,561,965 | 21,473,143 | |
110,964,050 | 111,738,172 | ||
9.2 It includes additions amounting to Rs Nil (year ended June 30, 2025: Rs 1,661,688 thousand) on account of provision for decommissioning cost.
(Un-Audited) Three months ended | (Audited) Year ended | |||
Note | 30.09.2025 (Rupees in | 30.06.2025 thousand) | ||
10. | DEVELOPMENT AND PRODUCTION ASSETS | |||
Opening carrying value | 61,803,417 | 35,118,195 | ||
Movement during the period / year: | ||||
Additions | 10.1 | 9,027,616 | 24,484,318 | |
Transferred from exploration and evaluation assets | 11 | - | 12,440,321 | |
Revision due to change in estimates of provision for decommissioning cost | - | (2,030,774) | ||
Amortization charge | (1,758,409) | (8,208,643) | ||
7,269,207 | 26,685,222 | |||
Closing carrying value | 69,072,624 | 61,803,417 | ||
10.1 It includes additions amounting to Rs 590,883 thousand (year ended June 30, 2025: Rs 2,596,085 thousand) on account of provision for decommissioning cost.
(Un-Audited) (Audited)
Three months ended Year ended
Note 30.09.2025 30.06.2025
(Rupees in thousand)
11. | EXPLORATION AND EVALUATION ASSETS | ||||
Opening carrying value | 22,159,867 | 25,532,040 | |||
Movement during the period / year: | |||||
Additions | 11.1 | 665,964 | 11,068,000 | ||
Transferred to development and production assets | 10 | - | (12,440,321) | ||
Revision due to change in estimates of provision for decommissioning cost | - | 5,245 | |||
Reversal of impairment loss | - | 196,436 | |||
Cost of dry and abandoned wells | - | (2,201,533) | |||
665,964 | (3,372,173) | ||||
Closing carrying value | 22,825,831 | 22,159,867 | |||
11.1 It includes additions amounting to Rs Nil (year ended June 30, 2025: Rs 754,833 thousand) on account of provision for decommissioning cost.
LONG TERM INVESTMENTS
(Un-Audited) (Audited)
30.09.2025 30.06.2025
Note (Rupees in thousand)
Investment in related parties
2,500,000
10,000,000
2,500,000
10,000,000
Associate (Un-quoted) 12.1 19,810,140 19,877,835 Wholly owned subsidiaries (Un-quoted):
Mari Minerals (Private) Limited (MariMinerals)
Mari Technologies Limited (MariTechnologies)
12,500,000 12,500,000
Term Finance Certificates (TFCs) (Quoted) - at fair
value through profit or loss 195,404 188,779
32,505,544 32,566,614
(Un-Audited) (Audited)
Three months ended Year ended
30.09.2025 | 30.06.2025 | ||
12.1 | Investment in related party - associate (Un-quoted) | (Rupees in | thousand) |
Pakistan International Oil Limited - foreign operation | |||
Opening carrying value | 19,877,835 | 12,306,218 | |
Movement during the period / year: | |||
Cost of investment | - | 7,037,250 | |
Share of profit | 34,162 | 291,214 | |
Effect of translation of investment | (101,857) | 243,153 | |
(67,695) | 7,571,617 | ||
Closing carrying value - at equity method | 19,810,140 | 19,877,835 | |
(Un-Audited) (Audited)
Three months ended Year ended
30.09.2025 30.06.2025
Balance at beginning of the period / year Addition during the period / year | 4,172,121 - | - 4,172,586 | |
Payments received during the period / year | (268,010) | (150,531) | |
Unwinding of interest during the period / year | 107,138 | 118,249 | |
Exchange (loss) / gain during the period / year | (11,030) | 31,817 | |
Balance at end of the period / year | 4,000,219 | 4,172,121 | |
Less: Current portion classified under current assets | (1,605,806) | (1,396,462) | |
2,394,413 | 2,775,659 | ||
(Un-Audited) 30.09.2025 | (Audited) 30.06.2025 | ||
TRADE DEBTS (Rupees in thousand) | |||
Due from associated companies and related parties - considered good | 81,860,710 | 80,445,969 | |
Due from others - considered good | 4,036,896 | 6,135,742 | |
85,897,606 | 86,581,711 | ||
RIGHT-OF-USE ASSET RECEIVABLE FROM JOINT (Rupees in thousand) OPERATING PARTNERS
As detailed in note 7.1 to these condensed interim financial statements, GDS, GIDC and their related sales tax billed to customers but not received are not included in these condensed interim financial statements.
SHORT TERM LOANS AND ADVANCES
Considered good
(Un-Audited) (Audited)
30.09.2025 30.06.2025
(Rupees in thousand)
Current portion of long term loans and advances 56,587 57,874
Advances to employees against expenses 203,196 191,487
Advances to suppliers, contractors and deposits for LC margin 3,114,501 2,241,173
Receivables from joint operating partners 3,156,887 3,805,168 Workers' Profit Participation Fund - 174,614
6,531,171 6,470,316
NET SALES
Three months period ended 30.09.2025 30.09.2024
(Rupees in thousand)
Product wise breakup of net sales is as follows:
Natural gas 43,674,655 43,402,194
Crude oil 1,673,264 1,895,037
Liquefied Petroleum Gas (LPG) 3,314 -
45,351,233 45,297,231
17. | ROYALTY AND ADDITIONAL WELLHEAD CHARGE | Note | Three months 30.09.2025 (Rupees in | period ended 30.09.2024 thousand) |
Royalty | 5,505,842 | 5,521,601 | ||
Additional wellhead charge | 17.1 | 5,768,321 | - | |
11,274,163 | 5,521,601 |
17.1 This represents additional 15% of wellhead value payable to the Federal Government on petroleum produced from Mari Development and Production Lease with effect from November 11, 2024 following renewal of the said lease, in accordance with rule 35 of the Pakistan Onshore Petroleum (Exploration and Production) Rules, 2013.
Three months period ended
30.09.2025 30.09.2024
(Rupees in thousand)
18. | PROVISION FOR TAXATION | |||
Current tax - charge for the period | 2,827,017 | 5,309,378 | ||
Deferred tax - charge for the period | 4,584,116 | 4,591,543 | ||
7,411,133 | 9,900,921 | |||
19. | Three month 30.09.2025 EARNINGS PER SHARE - BASIC AND DILUTED | s period ended 30.09.2024 | ||
Profit for the period (Rupees in thousand) 15,640,178 | 19,227,766 | |||
Number of ordinary shares outstanding (in thousand) 1,200,623 | 1,200,623 | |||
Earnings per ordinary share (in Rupees) 13.03 | 16.01 | |||
There is no dilutive effect on the basic earnings per ordinary share of the Company. | ||||
30.09.2025 | 30.09.2024 | |||
(Rupees in thousand) | ||||
20. | CASH AND CASH EQUIVALENTS | |||
Cash and bank balances | 25,521,474 | 44,194,780 | ||
Short term investments | 30,073,560 | 33,674,716 | ||
55,595,034 | 77,869,496 | |||
21. TRANSACTIONS AND BALANCES WITH RELATED PARTIES AND ASSOCIATED COMPANIES
The related parties of the Company comprise of entities having significant influence over the Company and entities controlled by such entities, subsidiaries, associates, employees' retirement funds and key management personnel. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. The Company considers its Directors, MD/CEO, senior managers and above to be key management personnel. Associated companies have been identified in accordance with the requirements of the Companies Act, 2017. Transactions and balances with related parties and associated companies, other than below, have been disclosed in relevant notes to these condensed interim financial statements.
The Company, in the normal course of business, pays for utilities and makes regulatory payments to entities controlled by GoP which are either disclosed in respective notes to these condensed interim financial statements or are collectively, but not individually, significant to these condensed interim financial statements.
Transactions for the three months period ended
Name and nature of relationship Nature of transaction 30.09.2025 30.09.2024
(Rupees in thousand)
Related parties
Entities with significant influence over the Company
Fauji Foundation* | Dividend paid Cost and other expenses recharged to the Company | 10,334,558 191,534 | 7,090,788 212,638 |
Oil and Gas Development Company | Dividend paid | 5,167,279 | 3,545,394 |
Limited* | Sale of stores and spares | 67,137 | 88,666 |
Contractual services income | 32,093 | - | |
Expenses against studies | - | 32,141 | |
Government of Pakistan | Dividend paid | 5,207,196 | 3,572,781 |
Entities controlled by those entities having | |||
significant influence over the Company | |||
Sui Northern Gas Pipelines Limited* | Gas sale | 18,575,207 | 18,223,970 |
Sui Southern Gas Company Limited* | Gas sale | 1,556,411 | 1,917,292 |
Pipeline expense | 35,220 | 42,491 | |
Central Power Generation Company Limited | Gas sale | 3,377 | 27,397 |
Pak Arab Refinery Company Limited | Crude oil sale | 353,711 | 20,836 |
Pakistan Refinery Limited* | Crude oil sale | 79,421 | 12,655 |
Askari Bank Limited* | Interest income | 568,163 | 785,754 |
Fauji Fertilizer Company Limited* | Gas sale | 10,174,614 | 9,744,546 |
Income against services | 187,365 | 8,285 | |
Foundation Power Company Daharki Limited* | Gas sale | 1,512,825 | 1,500,658 |
Olive Technical Services Limited* | Purchase of services | 550 | 7,921 |
Foundation Gas* | LPG sale | 3,932 | - |
National Investment Trust | Income on mutual funds | 219,491 | 416,642 |
National Bank of Pakistan | Interest income | 955 | 35,661 |
Income on mutual funds | 237,574 | 413,846 | |
Transactions for the three months period ended
Name and nature of relationship Nature of transaction 30.09.2025 30.09.2024
(Rupees in thousand)
Related parties
Entities controlled by those entities having significant influence over the Company
Government Holdings (Private) Limited* | Expenses against studies | - | 32,141 |
Pakistan Petroleum Limited* | Gas processing income Expenses against studies | 586,248 - | -32,141 |
Fauji Cement Company Limited* | Crude oil sale | 6,719 | 4,873 |
Key management personnel | |||
Key management personnel | Remuneration and benefits | 501,076 | 493,897 |
Employees' retirement funds | |||
Provident Fund | Company's contribution | 62,274 | 50,319 |
Subsidiaries
Mari Minerals (Private) Limited* Mari Technologies Limited* SKY47 Limited*
Associated companies by virtue of common directorship
Siemens Pakistan Engineering Co.
Cost and other expenses recharged by the Company
Cost and other expenses recharged to the Company
Cost and other expenses recharged by the Company
Cost and other expenses recharged to the Company
2,564 -
65,314 -
41,216 -
4,757 -
Limited | Purchase of services | 35,937 | - |
Pakistan Petroleum Exploration & | |||
Production Companies Association | Membership fee | - | 298 |
Balance as at
Name and nature of relationship Nature of balance 30.09.2025 30.06.2025
(Rupees in thousand)
Related parties
Entities with significant influence over the Company
Fauji Foundation* | Dividend payable | 386,261 | 299,416 |
Cost and other expenses payable | 14,732 | 121,229 | |
Oil and Gas Development Company | Dividend payable | 193,132 | 149,709 |
Limited* | Payable to joint operating partner | 498,879 | 358,958 |
Receivable from joint operating partner | 1,204,945 | 1,465,608 | |
Right-of-use asset receivable | 3,111,281 | 3,244,983 | |
Receivable against contractual services | 209,800 | 357,644 | |
Receivable against sale of stores and spares | 67,137 | - | |
Receivable against studies | 43,503 | 55,147 |
Balance as at
Name and nature of relationship Nature of balance 30.09.2025 30.06.2025
(Rupees in thousand)
Related parties
Entities controlled by those entities having significant influence over the Company
Sui Northern Gas Pipelines Limited* | Trade debts | 69,067,033 | 67,291,712 |
Receivable against studies | 1,761 | 33,130 | |
Sui Southern Gas Company Limited* | Trade debts | 9,435,249 | 9,859,612 |
Payable against pipeline expenses | 187,545 | 144,854 | |
Receivable against studies | 20,848 | 6,194 | |
Central Power Generation Company Limited | Trade debts | 2,701 | 1,446 |
Pak Arab Refinery Company Limited | Trade debts | 351,579 | 254,654 |
Pakistan Refinery Limited* | Trade debts | 79,264 | 101,286 |
Askari Bank Limited* | Bank balances | 19,898,273 | 23,091,614 |
Interest accrued | 126,413 | 250,070 | |
Fauji Fertilizer Company Limited* | Trade debts | 1,766,396 | 1,771,937 |
Advance received against services | - | 90,833 | |
Receivable against services | 278,594 | 50,486 | |
Foundation Power Company Daharki Limited* | Trade debts | 1,149,289 | 1,100,852 |
Olive Technical Services Limited* | Payable against services | - | 407 |
Foundation Gas* | Trade debts | 9,199 | 64,470 |
Government Holdings (Private) Limited* | Payable to joint operating partner | 39,357 | 117,094 |
Receivable from joint operating partner | 32,436 | 7,814 | |
Receivable against studies | 91,018 | 62,789 | |
National Investment Trust | Mutual funds | 4,753,303 | 7,469,835 |
National Bank of Pakistan | Bank balances | 84,776 | 16,328 |
Mutual funds | 4,579,029 | 10,784,455 | |
Interest accrued | 473 | 3,735 | |
Pakistan Petroleum Limited* | Payable to joint operating partner | 193,333 | 108,913 |
Receivable from joint operating partner | 1,424,834 | 1,659,377 | |
Receivable against sale of stores and spares | - | 213 | |
Receivable against gas processing charges | 689,680 | 656,537 | |
Receivable against studies | 122,170 | 93,940 | |
Associate | |||
Pakistan International Oil Limited* | Other payable | - | 53,438 |
Subsidiaries | |||
Mari Minerals (Private) Limited* | Other receivable | 2,564 | 250 |
Mari Technologies Limited* | Other payable | - | 33,290 |
SKY47 Limited* | Other receivable | 87,275 | 136,422 |
Associated companies by virtue of common directorship
Siemens Pakistan Engineering Co. Limited
Payable against services 5,437 2,111
* These entities are also associated entities by virtue of common directorship.
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