February 06, 2024 (MLN): National Refinery Limited (PSX: NRL) has reported a loss after tax of Rs4.653 billion [LPS: Rs58.19] in 1HFY24, down by 15.15% YoY compared to the Rs5.484bn [LPS: Rs68.58] loss recorded in the Same Period Last Year (SPLY).
Going by the results, the company's revenue from contracts with customers rose by 8.03% YoY to Rs197.56bn as compared to Rs182.88bn in 1HFY23.
The net revenue calculation includes the payment of Rs 42.01 billion in taxes, duties, levies, and price differentials by NRL, showing a significant YoY increase of 82.59%.
As a result, the net revenue of the company edged lower to Rs155.55bn in 1HFY24, down by 2.7% YoY.
Despite a decrease in the cost of sales to Rs 157.8 billion, the greater proportion of the decline in sales resulted in a negative gross profit. This is in contrast to the positive profit of Rs102.12m reported last year.
On the expense side, the company observed a decrease in Distribution costs by 78.33% YoY and other expenses by 51.03% YoY to clock in at Rs178.86m and Rs14.87m respectively during the review period.
Meanwhile, the administrative expenses of the company rose 19.41% YoY to Rs587.25m, further contributing to NRL's losses.
During the period under review, other income of NRL contracted by 8.7% YoY to stand at Rs133.18m in 1HFY24 as compared to Rs145.87m in SPLY.
The company’s finance costs deflated by 44.41% YoY and stood at Rs3.45bn as compared to Rs6.2bn in 1HFY24, despite higher interest rates.
On the tax front, the company incurred a tax rebate worth Rs1.68bn against the Rs1.81bn tax credit in the corresponding period of last year, depicting a decrease of 7.13% YoY.
| Interim Financial Results for the 6 months ended 31 December 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 197,562,455 | 182,879,199 | 8.03% |
| Taxes, duties, levies and price differentials | (42,010,361) | (23,008,382) | – |
| Net Revenue | 155,552,094 | 159,870,817 | – |
| Cost of sales | (157,795,858) | (159,768,693) | – |
| Gross Profit | (2,243,764) | 102,124 | – |
| Distribution costs | (178,855) | (825,444) | – |
| Administrative expenses | (587,254) | (491,781) | – |
| Other Income | 133,175 | 145,868 | -8.70% |
| Other expenses | (14,871) | (30,365) | -51.03% |
| Finance cost | (3,445,458) | (6,197,852) | -44.41% |
| Profit before taxation | (6,337,027) | (7,297,450) | -13.16% |
| Taxation | 1,683,897.00 | 1,813,210.00 | – |
| Net profit for the period | (4,653,130) | (5,484,240) | -15.15% |
| Basic earnings/ (loss) per share | (58.19) | (68.58) | |
Amount in thousands except for EPS
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Posted on: 2024-02-06T10:32:40+05:00
