NRL: Bottomline turns green

MG News | October 21, 2021 at 12:24 PM GMT+05:00

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October 21, 2021 (MLN): National Refinery Limited turned profitable during 1QFY22 ended September 30, 2021, as it posted a net profit of Rs406million (EPS: Rs5.08), against losses of Rs1.31billion (LPS: Rs16.40) in the same period a year earlier (SPLY).

The profitability is mainly attributable to the increase in net revenue.

Going by the financial statement sent to PSX, the company witnessed a jump in net revenue from contracts with customers by 66.21%YoY, which resulted from lesser trade discounts offered to the customers, taxes, duties, and levies.

Similarly, the financial cost of the company has soared by 10x during the review period to Rs1.53bn whereas non-core expenses ballooned by 18x YoY to Rs56.13mn.

The distribution cost of the company climbed by 2.26x to stand at Rs279.8mn while the administrative expenses up by 1.67% YoY.

On the taxation front, the company also paid Rs220mn in terms of tax during 1QFY22 against the incentives/subsidy of Rs418.29mn received in the SPLY.

Profit and Loss Account for the quarter ended September 30^th 21 ('000 Rupees)
	Sep-21	Sep-20	% Change
Gross sales	54,045,724	42,630,047	26.78%
Trade discounts, taxes, duties, levies and price differentials	(8,733,270)	(15,367,807)	-43.17%
Net sales	45,312,454	27,262,240	66.21%
Cost of sales	(42,660,094)	(28,602,766)	49.15%
Gross profit/(loss)	2,652,360	(1,340,526)	-
Distribution cost	(279,780)	(123,781)	126.03%
Administrative expenses	(210,165)	(206,716)	1.67%
Other income	47,072	95,146	-50.53%
Other operating expenses	(56,125)	(3,117)	1700.61%
Operating profit/(loss)	2,153,362	(1,578,994)	-
Finance cost	(1,527,192)	(150,396)	915.45%
Profit/(loss) before taxation	626,170	(1,729,390)	-
Taxation	(220,202)	418,290	-
Profit/(loss) after taxation	405,968	(1,311,100)	-
Earnings per share - basic and diluted (rupees)	5.08	(16.40)	-

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