Launch of data center initiative in Karachi by MARI petroleum

Mari Petroleum Company Limited (MARI), one of the leading exploration and production companies in Pakistan, had announced plans to open data centers all over the country. The official opening ceremony was held at Karachi on Wednesday.

This follows the approval of the board of directors of an investment of Rs10 billion to be made to develop a wholly owned subsidiary, which will exclusively be dedicated to technology-driven projects. The new subsidiary will focus on data centers, cloud computing, artificial intelligence, and other emerging technologies.

“We will establish data centers in multiple locations across Pakistan to host data for public and private institutions,” MARI announced in a statement on Wednesday. The company will set up scalable data centres and expand its reach into more ventures in the technology sector.

The Board of Directors had sanctioned the venture a subsidiary of this nature as proof of MARI’s new strategy of tapping into the world of fast-growing tech. Now, with IT proving to be one of the important growth sectors in Pakistan’s otherwise slow economy information technology, and IT-enabled services (ITeS) export remittances has surged to an all-time high of $3.223 billion fiscal year 2023-24-up 24 percent from $2.596 billion in FY 2022-23.

FY2024 Profit-after-tax Rs77.28 billion. Overall profit increases by almost 38 per cent to Rs77.28 billion from Rs56.13 billion for the previous year. Final cash dividend of Rs134 per share (1,340%) and issuance of bonus shares at 800% for June 30, 2024.