NRL: Reaping profits after losses

MG News | April 26, 2021 at 11:36 PM GMT+05:00

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April 26, 2021 (MLN): National Refinery Limited turned profitable during 9MFY21 ended March 31, 2021 as it posted net profit of Rs895million (EPS: Rs11.15), against losses of Rs8.12billion (LPS: Rs101.65) in the same period a year earlier (SPLY).

The profitability is mainly attributable to the mega drop in financial cost on the back of lower interest rates.

Going by financial statement, the company witnessed fall in net revenue from contracts with customer by 8.72%YoY, which resulted from higher trade discounts offered to the customers. On the other hand, noticeable decline in cost of sales by 17.34% contributed significantly towards gross profits against the gross losses incurred in the SPLY.

Similarly, financial cost witnessed a dip by 91.66% to Rs155.45mn whereas non-core expenses ballooned by 9.7x YoY to Rs123mn.

The company’s earnings were further strengthened by decline in distribution cost and administrative expenses by 3.80% and 1.38% respectively.

Meanwhile, the company also paid Rs518mn in terms of tax during 9MFY21 against the incentives/subsidy of Rs2.7bn received in the SPLY.

Profit and Loss Account for the nine-months ended March 31, 2021 ('000 Rupees)
	Mar-21	Mar-20	% Change
Revenue from contracts with customers	145,283,529	144,968,533	0.22%
Trade discounts, taxes, duties, levies and price differentials	(47,178,076)	(37,489,174)	25.84%
Net revenue from contracts with customers	98,105,453	107,479,359	-8.72%
Cost of sales	(95,445,576)	(115,466,815)	-17.34%
Gross profit/loss	2,659,877	(7,987,456)
Distribution cost	(591,051)	(614,370)	-3.80%
Administrative expenses	(658,861)	(668,079)	-1.38%
Other income	279,263	314,497	-11.20%
Other operating expenses	(123,807)	(12,699)	874.94%
Operating profit/ loss	1,565,421	(8,968,107)	-117.46%
Finance cost	(155,467)	(1,863,961)	-91.66%
Loss before taxation	1,409,954	(10,832,068)
Taxation	(518,338)	2,703,070
Profit/Loss after taxation	891,616	(8,128,998)
Profit/Loss per share - basic and diluted (rupees)	11.15	(101.65)

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