NRL’s losses surge over five times in 1Q2024

By MG News | April 25, 2024 at 10:44 AM GMT+05:00

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April 25, 2024 (MLN): National Refinery Limited (PSX: NRL) experienced a rise of 5.3x YoY in its losses in the first quarter of 2024, clocking in at Rs2.87 billion [LPS: Rs35.88], compared to a loss of Rs539.67 million [LPS: Rs6.75] in the same period last year (SPLY).

Going by the results, the company's revenue increased by 12.3% YoY to Rs81.03bn as compared to Rs72.16bn in SPLY.

However, the cost of sales also rose to Rs81.95bn in 1Q2024 as compared to Rs64.31bn in SPLY.

The gross margins fell to -1.14% as compared to 10.88% in SPLY.

During the review period, other income increased by 64.8% YoY to stand at Rs106.96m in 1Q2024 as compared to Rs64.89m in SPLY.

On the expense side, the company observed a rise in administrative expenses by 10.1% YoY while other expenses fell 4.2% YoY to clock in at Rs293.98m and Rs6.11m respectively during the review period.

The company’s finance cost deflated by 66.7% YoY and stood at Rs2.6bn as compared to Rs7.81bn in SPLY.

On the tax front, the company earned a significantly larger tax credit worth Rs947.26m against the Rs55.56m earned in the corresponding period of last year.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	81,029,119	72,156,019	12.30%
Cost of sales	(81,953,366)	(64,307,742)	27.44%
Gross Profit/ (loss)	(924,247)	7,848,277	-
Administrative Expenses	(293,980)	(267,019)	10.10%
Selling And Distribution Expenses	(99,784)	(425,185)	-76.53%
Other Income	106,958	64,889	64.83%
Other Operating Expenses	(6,111)	(6,377)	-4.17%
Finance Cost	(2,599,718)	(7,809,806)	-66.71%
Profit/ (loss) before taxation	(3,816,882)	(595,221)	541.25%
Taxation	947,258	55,555	1605.08%
Net profit/ (loss) for the period	(2,869,624)	(539,666)	431.74%
Basic earnings/ (loss) per share	(35.88)	(6.75)	-

Amount in thousand except for EPS

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