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
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Posted on: 2023-08-29T10:15:31+05:00
