Hascol Petroleum incurs Rs17.8bn loss in 2023

By MG News | July 01, 2024 at 10:03 AM GMT+05:00
July 01, 2024 (MLN): Hascol Petroleum Limited (PSX: HASCOL) recorded an increase of 23.4% YoY in its losses in 2023, incurring a loss after tax at Rs17.81 billion [LPS: Rs17.83], compared to a loss of Rs14.44bn [LPS: Rs14.45] in the same period last year (SPLY).
This comes despite a significant surge of 129.1% YoY in its sales worth Rs162.93bn as compared to Rs71.11bn in SPLY.
Going further by the results, the company saw its cost of sales rise 133.1% YoY which was less than proportionate to sales increase, which improved the gross profit by 45.0% YoY to Rs4.61bn in 2024.
The gross margins, however, worsened to 2.83% as compared to 4.48% in SPLY.
During the period under review, other income deflated by 63.9% YoY to stand at Rs172.97m in 2024 as compared to Rs479.66m in SPLY.
On the expense side, the company's distribution and marketing costs fell 1.1% YoY to Rs3.34bn, administrative expenses fell 0.7% YoY to Rs912.37m, while other expenses rose 322.4% YoY to Rs807.69m.
The company’s finance cost went up by 31.0% YoY and stood at Rs11.01bn as compared to Rs8.41bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs654.47m against the Rs381.14m paid in the corresponding period of last year, depicting a rise of 71.7% YoY.
Unconsolidated (un-audited) Financial Results for year ended December 31, 2023 (Rupees in '000) | |||
---|---|---|---|
Dec 23 | Dec 22 | % Change | |
Sales | 162,926,201 | 71,110,638 | 129.12% |
Cost of sales | (158,312,436) | (67,928,083) | 133.06% |
Gross Profit/ (loss) | 4,613,765 | 3,182,555 | 44.97% |
Distribution and marketing costs | (3,338,416) | (3,375,091) | -1.09% |
Administrative expenses | (912,369) | (918,715) | -0.69% |
Exchange Loss | (5,799,034) | (4,829,443) | 20.08% |
Allowance for expected credit on trade debts | (81,007) | - | - |
Other Income | 172,969 | 479,659 | -63.94% |
Other Operating Expenses | (807,692) | (191,239) | 322.35% |
Finance Cost | (11,008,090) | (8,406,119) | 30.95% |
Profit/ (loss) before taxation | (17,159,874) | (14,058,393) | 22.06% |
Taxation | (654,474) | (381,143) | 71.71% |
Net profit/ (loss) for the period | (17,814,348) | (14,439,536) | 23.37% |
Basic earnings/ (loss) per share | (17.83) | (14.45) | - |
Amount in thousand except for EPS
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