Pakistan Refinery Limited’s profit plummets by 85% in FY23

MG News | August 18, 2023 at 03:17 PM GMT+05:00

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August 18, 2023 (MLN): Pakistan Refinery Limited (PSX: PRL) experienced a significant fall of 85.49% YoY in its profitability, clocking in its profit after tax at Rs1.82bn [EPS: Rs2.9] in FY23, as compared to a profit of Rs12.57bn [EPS: Rs19.96] in the same period last year (SPLY).

Going by the results, the company's top line went up by 36.87% YoY to Rs261.86bn as compared to Rs191.32bn in SPLY.

However, the cost of sales also surged by 48.83% YoY, worsening the gross profit by 63.99% YoY to Rs7.3bn in FY23.

On the expense side, the company observed a rise in selling expenses by 55.81% YoY and other expenses by 0.42% YoY to clock in at Rs975.19 million and Rs2.44bn respectively during the review period.

The company’s finance costs surged by 2.58x YoY and stood at Rs4.07bn as compared to Rs1.58bn in FY23, mainly due to higher interest rates.

On the other hand, the company saw a substantially larger other income, up by 7.6x YoY to stand at Rs4.07bn in FY23 as compared to Rs534.83m in SPLY.

On the tax front, the company paid a lower tax worth Rs1.55bn against the Rs3.34bn paid in the corresponding period of last year, depicting a fall of 53.73% YoY.

Unconsolidated (un-audited) Financial Results for the year ended 30 June, 2023 (Rupees in '000)
	June 23	June 22	% Change
Sales	261,860,404	191,316,055	36.87%
Cost of sales	(254,559,762)	(171,043,647)	48.83%
Gross Profit	7,300,642	20,272,408	-63.99%
Selling expenses	(500,583)	(321,270)	55.81%
Administrative expenses	(975,189)	(552,145)	76.62%
Share of loss of associate - accounted for using the equity method	(9,660)	(3,416)	182.79%
Other Income	4,066,495	534,828	660.34%
Other expenses	(2,443,188)	(2,432,894)	0.42%
Finance cost	(4,065,998)	(1,579,332)	157.45%
Profit before taxation	3,372,519	15,918,179	-78.81%
Taxation	(1,547,552)	(3,344,729)	-53.73%
Net profit for the period	1,824,967	12,573,450	-85.49%
Basic and diluted earnings/ (loss) per share	2.9	19.96	-

Amount in thousand except for EPS

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