NRL posts Rs11.73bn loss in 1HFY25, up by 152.15% YoY

By MG News | January 27, 2025 at 12:34 PM GMT+05:00

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January 27, 2025 (MLN): National Refinery Limited (PSX: NRL) has reported a loss after tax of Rs11.73 billion [LPS: Rs146.72] in 1HFY25, up by 152.15% YoY compared to the Rs4.65bn [LPS: Rs58.19] loss recorded in the Same Period Last Year (SPLY).

Going by the results, the company's revenue from contracts with customers fell by 6.05% YoY to Rs185.61bn as compared to Rs197.56bn in 1HFY24.

The net revenue calculation includes the payment of Rs43.77bn in taxes, duties, levies, and price differentials by NRL, showing a significant YoY increase of 4.21%.

As a result, the net revenue of the company edged lower to Rs141.83bn in 1HFY25, down by 8.82% YoY.

Despite a decrease in the cost of sales to Rs149.6bn, the greater proportion of the decline in sales resulted in gross loss.

On the expense side, the company observed an increase in Distribution costs by 84.82% YoY and other expenses decreased by 53.65% YoY to clock in at Rs330.56 million and Rs6.9m respectively during the review period.

Meanwhile, the administrative expenses of the company fell 5.12% YoY to Rs557.2m.

During the period under review, the other income of NRL increased by 153.6% YoY to stand at Rs337.72m in 1HFY25 as compared to Rs133.17m in SPLY.

The company’s finance costs increased by 59.03% YoY and stood at Rs5.47bn as compared to Rs3.44bn in 1HFY25, despite higher interest rates.

Financial Results for the 6 months ended 31 December 2024 (Rupees in '000)	Dec-24	Dec-23	% Change
Revenue from contracts with customers	185,611,822	197,562,455	-6.05%
Trade discounts, taxes, duties, levies and price differentials	(43,779,976)	(42,010,361)	4.21%
Net revenue from contracts with customers	141,831,846	155,552,094	-8.82%
Cost of sales	(149,580,240)	(157,795,858)	-
Gross loss	(7,748,394)	(2,243,764)	-
Distribution cost	(330,567)	(178,855)	84.82%
Administrative expenses	(557,210)	(587,254)	-5.12%
Other income	337,722	133,175	153.59%
Other operating expenses	(6,892)	(14,871)	-53.65%
Operating profit	(8,306,341)	(2,891,569)	-
Finance cost-net	(5,479,452)	(3,445,458)	59.03%
Loss before taxation and Levies	(13,784,793)	(6,337,027)	-
Levies	(176,167)	(67,157)	-
Loss before Income tax	(13,960,960)	(6,404,184)	-
Taxation	2,228,065	1,751,054	-
Loss after taxation	(11,732,905)	(4,653,130)	152.15%
loss per share (LPS)	(146.72)	(58.19)

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