Hascol cuts annual losses by 37% in 2024

By MG News | Category Equity | May 16, 2025 at 09:56 AM GMT+05:00

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May 16, 2025 (MLN): Hascol Petroleum Limited (PSX: HASCOL) reported a 37.1% year-on-year (YoY) reduction in losses for the year ended December 31, 2024, with a loss after tax of Rs11.63 billion [LPS: Rs11.64], compared to a loss of Rs18.48bn [LPS: Rs18.49] in the same period last year (SPLY).

This came despite an 11.6% YoY decline in net sales, which dropped to Rs145.52bn from Rs164.63bn in SPLY.

Cost of sales also decreased by 11.0% YoY to Rs142.39bn, slightly offsetting the impact on gross profitability. As a result, gross profit declined by 29.5% YoY to Rs3.61bn in 2024.

During the year, the company recorded a substantial increase of 1,751% in other income, reaching Rs3.26bn compared to just Rs176.3 million in 2023, largely driven by non-core activities.

On the expense front, distribution and marketing expenses fell by 2.4% YoY, while administrative expenses also decreased by 4.0% YoY. Conversely, other expenses more than doubled, rising 117.9% YoY to Rs2.61bn.

The finance cost declined slightly by 4.3% YoY to Rs10.54bn, offering marginal relief in an otherwise challenging financial year.

Additionally, the company recorded an exchange gain of Rs208m in 2024, compared to an exchange loss of Rs5.84bn in SPLY, helping cushion the bottom line.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED DECEMBER 31, 2024 (Rs '000')
Description	2024	2023 (Restated)	%Change
Sales - net	145,875,707	165,033,841	-11.61%
Sales tax	(357,984)	(399,678)	-10.43%
Net Sales	145,517,723	164,634,163	-11.61%
Other revenue	477,339	507,518	-5.95%
Net Revenue	145,995,062	165,141,681	-11.59%
Cost of sales	(142,388,459)	(160,023,528)	-11.02%
Gross Profit	3,606,603	5,118,153	-29.53%
Distribution and marketing expenses	(3,772,011)	(3,864,013)	-2.38%
Administrative expenses	(1,075,155)	(1,120,326)	-4.03%
Operating Expenses	(4,847,166)	(4,984,339)	-2.75%
Allowance for expected credit loss on trade debts	(64,999)	(85,688)	-24.14%
Other expenses	(2,614,130)	(1,199,613)	117.91%
Other income	3,263,414	176,309	1750.96%
Operating Loss	(656,278)	(975,178)	-32.70%
Finance cost	(10,542,970)	(11,010,600)	-4.25%
Exchange gain/(loss) - net	208,159	(5,844,896)
Share of (loss)/profit from associates	(34,510)	7,654
Loss Before Income Tax and Levy	(11,025,599)	(17,823,020)	-38.14%
Minimum tax differential	(606,085)	(654,474)	-7.39%
Loss Before Income Tax	(11,631,684)	(18,477,494)	-37.05%
Income Tax
- Current (for the year/prior year)	-	-
- Deferred	-	-
Loss for the Year	(11,631,684)	(18,477,494)	-37.05%
Loss Per Share - Basic and Diluted	(11.64)	(18.49)	-37.05%

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