National Refinery posts Rs7.2bn loss

MG News | October 18, 2024 at 11:55 AM GMT+05:00

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October 18, 2024 (MLN): National Refinery Limited (PSX: NRL) incurred a net loss of Rs7.24 billion [LPS: Rs90.5] in the quarter ending September 2024 as its revenue fell while costs jumped.

That compares to a profit of Rs3.2bn [EPS: Rs40.05] recorded in the same period last year (SPLY).

Going by the results, the company's sales decreased 9.3% to Rs66.98bn as compared to Rs73.83bn in SPLY. Moreover, the cost of sales rose by 10.2%, leading to a gross loss of Rs6.3bn in Q3 2024.

During the period under review, other income marked an increase of 39.2% to stand at Rs105.8m in Q3 2024 as compared to Rs76.01m in SPLY.

On the expense side, the company's administrative expenses inched up by 0.2% from a year ago to Rs279.5m, while selling and distribution expenses surged 108.6% to Rs209.68m.

The company’s finance cost also soared 97.0% and stood at Rs2.89bn as compared to Rs1.47bn in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	66,975,812	73,828,454	-9.28%
Cost of sales	(73,273,053)	(66,474,560)	10.23%
Gross Profit/ (loss)	(6,297,241)	7,353,894	-
Administrative Expenses	(279,499)	(278,904)	0.21%
Selling And Distribution Expenses	(209,678)	(100,518)	108.60%
Other Income	105,795	76,011	39.18%
Other Operating Expenses	(11,007)	(395,604)	-97.22%
Finance Cost	(2,886,556)	(1,465,652)	96.95%
Profit/ (loss) before taxation	(9,578,186)	5,189,227	-
Taxation	2,341,601	(1,986,525)	-
Net profit/ (loss) for the period	(7,236,585)	3,202,702	-
Basic earnings/ (loss) per share	(90.50)	40.05	-

Amount in thousand except for EPS

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