National Refinery posts Rs8.3bn loss in three months

September 02, 2024 (MLN): National Refinery Limited (PSX: NRL) incurred a loss after tax of Rs8.27 billion [LPS: Rs103.39] during the quarter ending June 2024, a stark contrast from a profit of Rs1.56bn [EPS: Rs19.52] in the same period last year (SPLY).

The company's sales revenue rose 8.2% to Rs72.26bn as compared to Rs66.78bn in SPLY.

However, the cost of sales also surged by 24.9%, translating to a gross loss of Rs4.6bn in Q2 2024.

The gross margins plummeted to -6.4% as compared to 7.9% in SPLY.

Moreover, other income fell 55.3% to stand at Rs107.27m in Q2 2024 as compared to Rs239.89m in SPLY.

On the expense side, the company's administrative expenses fell 2.7% YoY to Rs299.33m, selling and distribution expenses rose 122.8% YoY to Rs370.62m, and other operating expenses rose 1191.9% YoY to Rs74.49m.

The company’s finance cost rose 46.0% and stood at Rs3.26bn as compared to Rs2.24bn in SPLY, mainly due to higher interest rates.

On the tax front, the company received a tax credit of Rs234.58m against the tax expense worth Rs1.21bn paid in the corresponding period of last year.

Amount in thousand except for EPS

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