Oilboy Energy reports massive losses despite revenue growth

March 01, 2024 (MLN): Oilboy Engergy Limited (PSX: OBOY) losses after tax surged to Rs29.86 million [LPS: Rs1.19] in 1HFY24, compared to a loss of Rs1.79m [LPS: Rs0.08] in the same period last year (SPLY).

Going by the results, the company's top line soared by 2.5x YoY to Rs89.24m as compared to Rs35.95m in SPLY.

However, the cost of sales also rose to Rs90.92m in 1HFY24 as compared to Rs32.96m in SPLY.

The gross margins worsened to -1.88% as compared to 8.31% in SPLY.

On the expense side, the company observed a rise in administrative expenses by 2.12x YoY while other expenses fell by 86.95% YoY to clock in at Rs10.21m and Rs0.08m respectively during the review period.

On the expense side, the company observed an increase in Administrative Expenses by 2.37x YoY to Rs10.21m, while slashing other operating expenses by 99.92% YoY during the review period.

The company’s finance cost grew to Rs6.95m, mainly due to higher interest rates.

On the taxation front, the company paid a substantial tax worth Rs10.99m as against a tax credit worth Rs0.73m received in SPLY.

Amount in thousand except for EPS

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