NRL’s annual loss shrinks to Rs4.46bn after profitable Q4
MG News | August 29, 2023 at 10:15 AM GMT+05:00
August 29, 2023 (MLN): National Refinery Limited (PSX: NRL) unveiled its financial results for FY23, wherein the loss after tax clocked in at 4.46bn [LPS: Rs55.81], compared to a profit of Rs9.08bn [EPS: Rs113.53] in the last year.
It is important to highlight that during the initial three-quarters of FY23, the company experienced a net loss of Rs6.02 billion [LPS: Rs75.33].
However, the final quarter brought about a positive turnaround, enabling the company to achieve profitability. This positive shift in the last quarter has led to a reduction in overall losses and a decrease in the loss per share (LPS).
In just the fourth quarter of FY23, the company made a profit of Rs1.56 billion [EPS: Rs19.52].
Going by the FY23 results, the company's top line grew by 18.63% YoY to Rs298.81bn in FY23 as compared to Rs251.88bn in SPLY.
The cost of sales also rose by 25.22% YoY, which worsened the gross profit by 44.54% YoY to Rs13.2bn in FY23.
During the review period, other income expanded by 43.73% YoY to stand at Rs450.65m in FY23 as compared to Rs313.53m in SPLY.
On the expense side, the company observed a fall in distribution expenses by 2.89% YoY and other expenses by 94.83% YoY to clock in at Rs1.42bn and Rs42.51m respectively during the review period.
The company’s finance costs increased by 79.14% YoY and stood at Rs16.24bn as compared to Rs9.07bn in FY23, mainly due to higher interest rates.
On the taxation front, the company got a tax credit worth Rs660m as against paying a tax of Rs2.73bn in FY22.
| Unconsolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Net Revenue | 298,805,449 | 251,875,728 | 18.63% |
| Cost of sales | (285,608,763) | (228,080,832) | 25.22% |
| Gross Profit | 13,196,686 | 23,794,896 | -44.54% |
| Distribution expenses | (1,416,958) | (1,459,169) | -2.89% |
| Administrative expenses | (1,066,269) | (948,703) | 12.39% |
| Other Income | 450,650 | 313,534 | 43.73% |
| Other expenses | (42,508) | (822,315) | -94.83% |
| Finance cost | (16,244,345) | (9,067,973) | 79.14% |
| Operating profit | (5,122,744) | 11,810,270 | - |
| Taxation | 659,658 | (2,731,257) | - |
| Net profit for the period | (4,463,086) | 9,079,013 | - |
| Basic and diluted earnings/ (loss) per share | (55.81) | 113.53 | - |
Amount in thousand except for EPS
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 162,994.17 366.14M | -1.71% -2829.70 |
| ALLSHR | 97,525.91 833.18M | -1.65% -1634.99 |
| KSE30 | 49,090.22 171.05M | -2.02% -1011.73 |
| KMI30 | 234,097.76 141.71M | -1.92% -4583.61 |
| KMIALLSHR | 63,284.58 381.76M | -1.79% -1151.00 |
| BKTi | 45,458.10 90.77M | -1.53% -707.82 |
| OGTi | 33,162.89 14.24M | -2.82% -962.44 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 77,445.00 | 77,850.00 76,515.00 | 705.00 0.92% |
| BRENT CRUDE | 111.41 | 112.22 111.06 | 1.01 0.91% |
| RICHARDS BAY COAL MONTHLY | 113.00 | 113.00 113.00 | -1.30 -1.14% |
| ROTTERDAM COAL MONTHLY | 109.25 | 112.00 108.20 | -1.20 -1.09% |
| USD RBD PALM OLEIN | 1,191.50 | 1,191.50 1,191.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 105.54 | 106.38 105.06 | 0.47 0.45% |
| SUGAR #11 WORLD | 14.61 | 14.85 14.49 | -0.16 -1.08% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|
MTB Auction