NRL reports impressive Q1 profit of Rs3.2bn in FY24

MG News | October 10, 2023 at 09:32 AM GMT+05:00

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October 10, 2023 (MLN): National Refinery Limited (PSX: NRL) unveiled its profitability for the first quarter of FY24, wherein the profit after tax clocked in at 3.2bn [EPS: Rs40.05], compared to a loss of Rs4.39bn [LPS: Rs54.92] in the same period last year (SPLY).

Going by the results, the company's top line inflated by 21.65% YoY to Rs94.56bn as compared to Rs77.73bn in SPLY.

However, trade discounts, taxes, duties, levies and price differentials rose by 2.2x YoY, but were lesser than proportionate to sales increase, which improved the gross profit to Rs7.35bn in 1QFY24.

During the review period, other income inched up by 1.41% YoY to stand at Rs76.01m in 1QFY24 as compared to Rs74.96m in SPLY.

On the expense side, the company observed a fall in Distribution cost by 74.37% YoY, while other expenses surged by 19.5x YoY to clock in at Rs100.52m and Rs395.6m respectively during the review period.

The company’s finance costs contracted by 72.60% YoY and stood at Rs1.47bn as compared to Rs5.35bn in 1QFY23, mainly due to higher interest rates.

Unconsolidated (un-audited) Financial Results for Quarter ended 30 September, 2023 (Rupees in '000)
	Sep 23	Sep 22	% Change
Sales	94,557,558	77,729,058	21.65%
Trade discounts, taxes, duties, levies and price differentials	(20,729,104)	(9,395,074)	120.64%
Cost of sales	(66,474,560)	(68,307,673)	-2.68%
Gross Profit	7,353,894	26,311	-
Distribution cost	(100,518)	(392,181)	-74.37%
Administrative expenses	(278,904)	(240,596)	15.92%
Other Income	76,011	74,956	1.41%
Other expenses	(395,604)	(19,305)	1949.23%
Finance cost	(1,465,652)	(5,348,822)	-72.60%
Profit before taxation	5,189,227	(5,899,637)	-
Taxation	(1,986,525)	1,508,272	-
Net profit for the period	3,202,702	(4,391,365)	-
Basic earnings/ (loss) per share	40.05	(54.92)	-

Amount in thousand except for EPS

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