External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>MARI reported an 18% QoQ growth in its earnings to Rs15.69/share in 4QFY25, taking FY25 earnings to Rs54.25/share, down 16%.</li><li>The earnings are higher than industry expectations primarily due to a lower Effective Tax Rate (ETR), which stood at 13% in 4QFY25 compared to 29% in 3QFY25 and 20% in 4QFY24.</li><li>Royalty expense as a % of net sales in 4Q has clocked in at 23% compared to 11% in 4QFY24. The higher royalty expense is attributable to the imposition of an additional 15% royalty on Mari field after its renewal.</li></ul>

MARI reported an 18% QoQ growth in its earnings to Rs15.69/share in 4QFY25, taking FY25 earnings to Rs54.25/share, down 16%.The earnings are higher than industry expectations primarily due to a lower Effective Tax Rate (ETR), which stood at 13% in 4QFY25 compared to 29% in 3QFY25 and 20% in 4QFY24.Royalty expense as a % of net sales in 4Q has clocked in at 23% compared to 11% in 4QFY24. The higher royalty expense is attributable to the imposition of an additional 15% royalty on Mari field after its renewal.

MARI, 주당 순이익 15.69루피로 전분기 대비 18% 증가

Mari Petroleum

MARI, 주당 순이익 15.69루피로 전분기 대비 18% 증가