April 27, 2023 (MLN): National Refinery Limited (NRL) has unveiled its financial results for the period of nine months that ended March 31, 2023, wherein, the company has incurred a loss of Rs6 billion (LPS: Rs54.92) compared to a profit of Rs3.62bn (EPS: Rs45.93) earned in the same period of last fiscal year.
According to the financial statement sent to PSX, the company witnessed a jump in net revenue from contracts with customers by 50.42%YoY to Rs232bn, while the cost of sales has increased by 54.11% YoY, proportionately more than revenue in the review period.
As a result, the company’s gross margin plummeted to 3% in 9MFY23 from 6% in 9MFY22.
On the expense side, NRL saw a 17.4% YoY and 9.7% YoY increase in distribution cost and administrative expenses to stand at Rs1.25n and Rs758mn, respectively in 9MFY23 compared to the same period last year.
Similarly, the financial cost of the company has soared by 3x during the review period to Rs14bn, affecting the financial health of the company. An increase in the policy rate by the central bank is one of the prime reasons behind this increase in financial costs.
On the taxation front, the company recorded a tax credit worth Rs1.86bn, compared to Rs1.28bn paid in 9MFY22.
|
Profit and Loss Account for the nine months ended March 31, 2023 ('000 Rupees) |
|||
|---|---|---|---|
|
Mar-23 |
Mar-22 |
% Change |
|
|
Revenue from contracts with customers |
269,645,392 |
178,001,765 |
51.48% |
|
Trade discounts, taxes, duties, levies and price differentials |
(37,618,556) |
(23,747,293) |
58.41% |
|
Net revenue from contracts with customers |
232,026,836 |
154,254,472 |
50.42% |
|
Cost of sales |
(224,076,435) |
(145,404,512) |
54.11% |
|
Gross Profit |
7,950,401 |
8,849,960 |
-10.16% |
|
Distribution cost |
(1,250,629) |
(1,065,429) |
17.38% |
|
Administrative expenses |
(758,800) |
(691,803) |
9.68% |
|
Other income |
210,757 |
193,583 |
8.87% |
|
Other operating expenses |
(36,742) |
(215,452) |
-82.95% |
|
Operating profit |
6,114,987 |
7,070,859 |
-13.52% |
|
Finance cost-net |
(14,007,658) |
(4,680,514) |
199.28% |
|
(Loss)/Profit before taxation |
(7,892,671) |
2,390,345 |
– |
|
Taxation |
1,868,765 |
1,282,398 |
45.72 |
|
Profit after taxation |
(6,023,906) |
3,672,743 |
– |
|
Earnings per share – basic and diluted (rupees) |
(75.33) |
45.93 |
– |
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Posted on: 2023-04-27T11:50:44+05:00
