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Early Trade: KSE-100 index up by 496 points

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November 18, 2019

November 18, 2019 (MLN): The KSE-100 index has gained 496 points in the early trade session, and is currently trading at 38079-level [10:19 am].

So far, Power Generation & Distribution has emerged as the top performer, as it has contributed 94 points to the index, followed by Commercial Banks and Oil and Gas Marketing Sector with 73 and 62 points respectively.

Company-wise, the index is being driven by the scrips of HUBC, PSO, PPL, NBP and ENGRO.

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Posted on: 2019-11-18T10:23:00+05:00

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NRL: Bottomline turns green

October 21, 2021 (MLN): National Refinery Limited turned profitable during 1QFY22 ended September 30, 2021, as it posted a net profit of Rs406million (EPS: Rs5.08), against losses of Rs1.31billion (LPS: Rs16.40) in the same period a year earlier (SPLY).

The profitability is mainly attributable to the increase in net revenue.

Going by the financial statement sent to PSX, the company witnessed a jump in net revenue from contracts with customers by 66.21%YoY, which resulted from lesser trade discounts offered to the customers, taxes, duties, and levies.

Similarly, the financial cost of the company has soared by 10x during the review period to Rs1.53bn whereas non-core expenses ballooned by 18x YoY to Rs56.13mn.

The distribution cost of the company climbed by 2.26x to stand at Rs279.8mn while the administrative expenses up by 1.67% YoY.

On the taxation front, the company also paid Rs220mn in terms of tax during 1QFY22 against the incentives/subsidy of Rs418.29mn received in the SPLY.

Profit and Loss Account for the quarter ended September 30^th 21 ('000 Rupees)
	Sep-21	Sep-20	% Change
Gross sales	54,045,724	42,630,047	26.78%
Trade discounts, taxes, duties, levies and price differentials	(8,733,270)	(15,367,807)	-43.17%
Net sales	45,312,454	27,262,240	66.21%
Cost of sales	(42,660,094)	(28,602,766)	49.15%
Gross profit/(loss)	2,652,360	(1,340,526)	-
Distribution cost	(279,780)	(123,781)	126.03%
Administrative expenses	(210,165)	(206,716)	1.67%
Other income	47,072	95,146	-50.53%
Other operating expenses	(56,125)	(3,117)	1700.61%
Operating profit/(loss)	2,153,362	(1,578,994)	-
Finance cost	(1,527,192)	(150,396)	915.45%
Profit/(loss) before taxation	626,170	(1,729,390)	-
Taxation	(220,202)	418,290	-
Profit/(loss) after taxation	405,968	(1,311,100)	-
Earnings per share - basic and diluted (rupees)	5.08	(16.40)	-

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PIBTL swings into loss

October 21, 2021 (MLN): Pakistan International Bulk Terminal (PIBTL), the country’s first terminal for handling Coal, Clinker and Cement, has reported net loss of Rs94.57 million (LPS: Rs0.05) in its financial results for the quarter ended September 30, 2021 compared to the net profit of Rs461mn (EPS: Rs0.05) in the corresponding period last year ago.

This swing to loss after tax was due to higher taxation and exchange loss.

Pursuant to the financial statement provided to PSX, the company witnessed a 20.5% YoY increase in net sales to Rs3.14bn. However, the cost in sales surged by 25.4% YoY which led the gross margins to decrease by 3ppt to 31% during the first quarter of ongoing fiscal year.

On the expense front, the company’s administrative expenses went up by 13.4% YoY to Rs140mn during 1QFY22.

Notably, the company incurred net losses due to booking of exchange loss to the tune of Rs478mn against Rs110mn gain in 1QFY21 coupled with higher effective tax rate of 184% in the said period.

Some of the positive highlights include a 10.4% YoY decrease in finance cost that stood at Rs246mn, limiting the unfavourable impact of exchange losses.

Lately, PIBTL in its analyst briefing said that the management is engaged with the lenders for restructuring its domestic loan which is expected to be finalized in 2QFY22. The company is also trying to refinance some part of the foreign loan. Once refinancing is done, the expansion would happen very soon.

Profit and Loss Account for the quarter ended September 30, 2021 ('000 Rupees)
	Sep-21	Sep-20	% Change
Revenue - net	3,138,677	2,604,362	20.52%
Cost of services	(2,178,512)	(1,737,590)	25.38%
Gross profit	960,165	866,772	10.77%
Administrative and general expenses	(140,416)	(123,804)	13.42%
Other income	18,287	14,754	23.95%
Finance cost	(246,811)	(275,372)	-10.37%
Exchange (loss)/ gain	(478,214)	110,415	-
Profit before taxation	113,011	592,765	-80.93%
Taxation	(207,586)	(130,982)	58.48%
Net (loss)/profit for the year	(94,575)	461,783	-
Earnings per share - basic and diluted (Rupees)	(0.05)	0.26	-

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