Hascol posts Rs14.5bn loss in 2022, up by 91.52% YoY

August 03, 2023 (MLN): Hascol Petroleum Limited (PSX: HASCOL) experienced a significant rise of 91.52% YoY in its losses, incurring a substantial loss after tax of Rs14.5bn in 2022 compared to a loss of Rs7.57bn in 2021.

Going by the results, the company's top line went up by 12.73% YoY to Rs72.45bn in 2023 as compared to Rs64.27bn in SPLY.

The cost of sales rose by 11.22% YoY but was lesser than proportionate to sales decline, which improved the gross profit by 49.46% YoY to Rs3.48bn in 2022.

During the period under review, other income shrank by 89.31% YoY to stand at Rs476.01m in 2022 as compared to Rs4.45bn in SPLY.

On the expense side, the company observed a significant rise in distribution and marketing expenses by 28.12% YoY and administrative expenses by 4.64% YoY to clock in at Rs3.41bn and Rs1.25bn respectively during the review period.

While the other expenses were reduced by 86.71% YOY to stand at Rs191,239 in 2022 as compared to Rs1.44bn in SPLY.

HASCOL witnessed a significant exchange loss of Rs4.83bn in 2022, which rose by 2.87x YoY compared to Rs1.68bn in 2021.

The company’s finance costs rose by 25.28% YoY and stood at Rs8.41bn as compared to Rs6.71bn in 2022, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs381.14m against the Rs436.67m paid in the corresponding period of last year, depicting a rise of 12.72% YoY.