NRL: Bottomline turns green

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 30th 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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Posted on: 2021-10-21T12:24:48+05:00

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