OBOY reduces losses by 70% in FY23 amid lower expenses

October 04, 2023 (MLN): Oilboy Energy Limited (PSX: OBOY) reduced its losses by 70.49% YoY, reporting a loss after tax of Rs18.19 million in FY23 [LPS: Rs0.75] compared to a loss of Rs61.64m [LPS: Rs5.98] in the previous year.

Going by the results, the company's top line expanded by 93.02% YoY to Rs100.47m as compared to Rs52.05m in FY22.

However, the cost of sales also rose by 2.2x YoY, which worsened the gross profit by 68.5% YoY to Rs2.28m.

On the other hand, during the review period, the company was able to generate other income worth Rs0.45m in the financial year.

On the expense side, the company observed a decrease in Administrative expenses by 66.05% YoY to clock in at Rs13.27m.

Moreover, the company was able to almost entirely eliminate the other expenses to just Rs1.44m during the review period, as compared to Rs55.5m in FY22, depicting a significant fall of 97.41% YoY.

The company’s finance costs grew to Rs6.34m in FY23, mainly due to higher interest rates.

On the tax front, the company earned a lower tax credit worth Rs0.54m against the Rs25.7m paid in the corresponding period of last year, depicting a fall of 97.89% YoY.

Amount in thousand except for EPS

Copyright Mettis Link News