August 12, 2021 (MLN): National Refinery Limited (NRL) has unveiled its financial results yesterday for the year ended on June 30, 2021, as per which the company witnessed a turnaround in profitability.
The net profits of the company clocked in at Rs1.77 billion (EPS: 22.14) in FY21 against the net loss of Rs4.06bn (LPS: 50.82) in the same period last year (SPLY).
As per the financial statement issued by the refinery to PSX, NRL’s sales revenue was increased by 11.16% YoY to stand at Rs3.92bn which has led the gross profit towards the green zone to lock in at Rs139.63bn in FY21, against the gross loss of Rs11.12bn.
On the expense front, the company saw an increase in distribution and administrative expenses by 26.65% YoY and 3.5% YoY, respectively during FY21.
On the other hand, the other income of the company observed a decline of 2.27% YoY to reach at Rs370.39million, compared to SPLY.
During FY21, the company saw a colossal decline in its financial cost, down by 62.58% stood at Rs940.4mn. The dip in financial cost is mainly attributable to the lower interest rate regime which has supported the company’s bottom line significantly.
On the tax front, the company paid Rs369.9mn in terms of taxes, which plunged by 96% in FY21, compared to the corresponding period last year.
|
Profit and Loss Account for the year ended June 30, 2021 ('000 Rupees) |
|||
|---|---|---|---|
|
Jun-21 |
Jun-20 |
% Change |
|
|
Revenue from contracts with customers |
196,579,545 |
175,611,804 |
11.94% |
|
Trade discounts, taxes, duties, levies and price differentials |
(56,954,347) |
(49,999,158) |
13.91% |
|
Net revenue from contracts with customers |
139,625,198 |
125,612,646 |
11.16% |
|
Cost of sales |
(135,700,345) |
(136,730,486) |
-0.75% |
|
Gross loss |
3,924,853 |
(11,117,840) |
– |
|
Distribution cost |
(925,628) |
(730,848) |
26.65% |
|
Administrative expenses |
(897,751) |
(867,167) |
3.53% |
|
Other income |
370,388 |
380,939 |
-2.77% |
|
Other operating expenses |
(131,265) |
(14,931) |
779.14% |
|
Operating profit/loss |
2,340,597 |
(12,349,847) |
– |
|
Finance cost |
(940,388) |
(2,513,245) |
-62.58% |
|
Loss before taxation |
1,400,209 |
(14,863,092) |
– |
|
Taxation |
369,891 |
10,799,330 |
-96.57% |
|
Profit/Loss after taxation |
1,770,100 |
(4,063,762) |
– |
|
Profit/Loss per share – basic and diluted (rupees) |
22.14 |
(50.82) |
– |
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