NRL’s annual loss shrinks to Rs4.46bn after profitable Q4

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.

Amount in thousand except for EPS

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