NRL’s profits rebound
MG News | February 04, 2022 at 03:45 PM GMT+05:00
February 04, 2022 (MLN): National Refinery Limited (NRL) has announced its financial results for the 1HFY22 ended December 31, 2021, whereby it has witnessed a positive swing in its net profits worth Rs2.55 billion (EPS: Rs31.89) against a net loss of Rs822 million (LPS: Rs10.29) recorded in the same period of last fiscal year.
This turnaround in earnings is due to net revenue income.
According to the financial statement sent to PSX, the company witnessed a jump in net revenue from contracts with customers by 72.5%YoY to Rs102bn, which resulted from lesser trade discounts offered to the customers, taxes, duties, and levies.
Due to an increase in working capital financing requirement amid levy of sales tax on crude oil purchases and downward adjustment of sales tax on petroleum products, the company has incurred markup expense of Rs1.12bn during the said period.
Similarly, the financial cost of the company has soared by 13x during the review period to Rs3.13bn, affecting the financial health of the company. An increase in the policy rate by the central bank might be one of the reasons behind this increase in financial costs whereas non-core expenses ballooned to Rs86mn.
On the taxation front, the company also paid taxes worth Rs2.55bn during 1HFY22, up by 9.14 times YoY, restricting its bottom line.
|
Profit and Loss Account for the half-year ended December 31, 2021 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Dec-21 |
Dec-20 |
% Change |
|
Revenue from contracts with customers |
120,782,026 |
93,051,424 |
29.80% |
|
Trade discounts, taxes, duties, levies and price differentials |
(17,984,207) |
(33,443,794) |
-46.23% |
|
Net revenue from contracts with customers |
102,797,819 |
59,607,630 |
72.46% |
|
Cost of sales |
(97,752,104) |
(59,818,920) |
63.41% |
|
Gross Profit/(Loss) |
5,045,715 |
(211,290) |
- |
|
Distribution cost |
(687,426) |
(320,479) |
114.50% |
|
Administrative expenses |
(433,834) |
(419,730) |
3.36% |
|
Other income |
128,545 |
191,720 |
-32.95% |
|
Other operating expenses |
(86,212) |
(9,732) |
785.86% |
|
Operating profit/ (Loss) |
3,966,788 |
(769,511) |
- |
|
Finance cost-net |
(3,174,773) |
(245,440) |
1193.50% |
|
Profit/ (Loss) before taxation |
792,015 |
(1,014,951) |
- |
|
Taxation |
1,758,462 |
192,384 |
814.04% |
|
Profit/(Loss) after taxation |
2,550,477 |
(822,567) |
- |
|
Earnings/(Loss) per share - basic and diluted (rupees) |
31.89 |
(10.29) |
- |
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