National Refinery posts Rs8.3bn loss in three months

MG News | September 02, 2024 at 10:08 AM GMT+05:00

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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.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	72,260,615	66,778,613	8.21%
Cost of sales	(76,860,601)	(61,532,328)	24.91%
Gross Profit/ (loss)	(4,599,986)	5,246,285	-
Administrative Expenses	(299,332)	(307,469)	-2.65%
Selling And Distribution Expenses	(370,620)	(166,329)	122.82%
Other Income	107,265	239,893	-55.29%
Other Operating Expenses	(74,488)	(5,766)	1191.85%
Finance Cost	(3,264,877)	(2,236,687)	45.97%
Profit/ (loss) before taxation	(8,502,038)	2,769,927	-
Taxation	234,577	(1,209,107)	-
Net profit/ (loss) for the period	(8,267,461)	1,560,820	-
Basic earnings/ (loss) per share	(103.39)	19.52	-

Amount in thousand except for EPS

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