National Refinery Ltd. profits fall 76.49 percent to Rs. 1.568 billion

MG News | April 16, 2018 at 12:20 PM GMT+05:00

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National Refinery Limited (NRL) today announced financial results for the nine months period ending 31 March, 2018 reporting Net Sales worth Rs. 92.094 billion. Furthermore, the company’s gross profit during the outgoing nine months fell by 57 percent to reach 3.132 billion.

NRL releases on the exchange show a very dismal performance during the last nine months year ending March, 2017. Net Sales during the reported period only went up by 16.6 percent, with Cost of Sales increasing by more than 24 percent to reach 88 billion.

Despite a marked reduction in company’s Administrative Expenses, Distribution Costs, and Other Operating Expenses the company’s bottom-line profits fell by more than 76 percent during the period.

Other income also took a fall of more than 34 percent, coupled with the 875 percent jump in financing costs, the company reported an EPS of Rs. 19.62 vs. an EPS of Rs 83.46 during the nine months ending March, 2017.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Nine Months Ended, March 30^th 2018
Key Financials	March, 2018	March, 2017	% Change
	Amounts in PKR ‘000
Gross Sales	126,351,770	109,869,509	15.00%
Trade Discounts, Taxes, Duties, Levies and Price Differential	34,257,447	31,113,455	10.10%
Net Sales	92,094,323	78,756,054	16.94%
Cost of Sales	88,782,044	71,472,748	24.22%
Gross Profit	3,132,279	7,283,306	-56.99%
Distribution Costs	550,055	563,959	-2.47%
Administrative Expenses	552,522	630,518	-12.37%
Other Income	387,605	590,828	-34.40%
Other Operating Expenses	92,153	458,651	-79.91%
Operating Profit	2,405,154	6,221,006	-61.34%
Finance Cost	1,070,724	109,784	875.30%
Profit/(Loss) before Taxation	1,334,430	6,111,222	-78.16%
Taxation	234,179	562,398	-58.36%
Profit/(Loss) after Taxation	1,568,609	6,673,620	-76.50%
Earnings/(Loss) per share - Basic and diluted	19.62	83.46	-76.49%

Company release on Earnings Report can be accessed here.

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