Home Economy Oil Supply restored as operation resumes at Keamari Terminal

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Oil Supply restored as operation resumes at Keamari Terminal

September 3, 2020

September 3, 2020 (MLN): The supply of oil was restored after operations resumed at the keamari terminal following a fire which broke out earlier.

According to a statement by PSO “A fire erupted in PSO’s pipeline passing through Shell Pakistan’s premises in Keamari during maintenance work under Shell Pakistan’s supervision. PSO reacted swiftly to the incident and worked with emergency services to ensure the safety of all stakeholders.”

Copyright Mettis Link News

Posted on: 2020-09-03T20:15:00+05:00

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NRL’s net losses shrink by 72% YoY during 1HFY21

January 26, 2021 (MLN): National Refinery Limited (NRL) has incurred losses of Rs 822 million during 1HFY21 ended December 31, 2020, depicting a decline of 72.44% YoY against a net loss of Rs 2.98 billion in the same period of last fiscal year.

This has translated into a loss per share which clocked in at Rs 10.29 against the loss per share of Rs 37.33 in the aforementioned period.

According to the financial results issued to PSX, the company made losses due to a 26% YoY decline in net revenue from contracts, which in turn resulted from higher trade discounts offered to the customers. While there was a decline in the cost of sales by 28%, the company still made a gross loss of Rs 211 million i.e. almost 92% YoY lower than the same period of last year.

During 1HFY21, the company witnessed a decrease in its major expense heads as distribution & administrative expenses came down by 27.6% YoY and 4% YoY respectively, giving some relief to the financial position of NRL. The Finance cost, too, depicted a decline of 64.4% YoY owing to a lower interest rate regime.

Meanwhile, the company received tax credit amounting to 192 million i.e. 78% YoY lower as compared to the same period last year.

Profit and Loss Account for the half-year ended December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	% Change
Revenue from contracts with customers	93,051,424	108,148,601	-13.96%
Trade discounts, taxes, duties, levies and price differentials	(33,443,794)	(27,484,758)	21.68%
Net revenue from contracts with customers	59,607,630	80,663,843	-26.10%
Cost of sales	(59,818,920)	(83,191,596)	-28.09%
Gross loss	(211,290)	(2,527,753)	-91.64%
Distribution cost	(320,479)	(442,566)	-27.59%
Administrative expenses	(419,730)	(437,452)	-4.05%
Other income	191,720	236,023	-18.77%
Other operating expenses	(9,732)	(10,177)	-4.37%
Operating loss	(769,511)	(3,181,925)	-75.82%
Finance cost	(245,440)	(689,420)	-64.40%
Loss before taxation	(1,014,951)	(3,871,345)	-73.78%
Taxation	192,384	886,372	-78.30%
Loss after taxation	(822,567)	(2,984,973)	-72.44%
Loss per share - basic and diluted (rupees)	(10.29)	(37.33)	-72.44%

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FFBL witnesses a turnaround in annual profits

January 25, 2021 (MLN): Fauji Fertilizer Bin Qasim (FFBL) has witnessed a turnaround in earnings as its profits after tax for the CY20 clocked in at Rs 6 billion against the net loss of Rs 8.37 billion in CY19.

This reflected in the company’s earnings per share which stood at Rs 6.23 in the period mentioned above as opposed to a loss per share of Rs 6.15 per share in the previous year.

The company managed to post positive earnings largely on the back of an uptick in DAP volumes along with an uptrend in DAP prices, a decline in fuel gas prices due to GIDC elimination, and better pricing dynamics.

During the year, the company registered a 20.3% YoY increase in revenues while its cost of sales jumped by 14.5 % YoY, as a result, the gross profits of the company witnessed a growth of 52.7 % YoY. In addition, the gross margins of the company jumped by 4ppts from 15% to 19%.

The company’s earnings further strengthened by lower finance cost (down by 15.8% YoY) and a higher share of profits from associates (up by 44.5% YoY).

With regards to FFBL’s major expense heads, its admin cost declined by 16.9% YoY, Selling and distribution cost nosedived by 9.3% YoY and its tax expenses shrank by 24% YoY, all these further provided support to pull the company’s bottom-line in green.

Consolidated Profit and Loss for the year ended December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	% Change
Sales-net	98,060,962	81,520,667	20.3%
Cost of Sales	(79,159,441)	(69,139,520)	14.5%
Gross Profit	18,901,521	12,381,147	52.7%
Selling and distribution cost	(6,441,218)	(7,103,557)	-9.3%
Administrative expenses	(2,005,635)	(2,412,601)	-16.9%
	10,454,668	2,864,989	264.9%
Finance costs	(8,344,459)	(9,909,862)	-15.8%
Other operating expenses	(555,196)	(807,238)	-31.2%
Allowance for expected credit losses	(505,040)	(391,459)	29.0%
Other Income	1,260,906	1,369,318	-7.9%
Share of profit of associates and joint venture- net	4,454,881	3,082,969	44.5%
Remeasurement gain in GIDC-net	2,740,855	-	#DIV/0!
Profit/Loss before taxation	9,506,615	(3,791,283)
Taxation-net	(3,473,107)	(4,580,554)	-24.2%
Profit/Loss after taxation	6,033,508	(8,371,837)
Earnings/Loss per share - basic and diluted (Rupees)	6.23	(6.15)

Oil Supply restored as operation resumes at Keamari Terminal

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