Hascol Petroleum incurs Rs17.8bn loss in 2023

MG News | July 01, 2024 at 10:03 AM GMT+05:00

0:00

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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