Hascol Petroleum incurs Rs17.8bn loss in 2023

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

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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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