PRL posts 4.36x YoY growth in profit for 1QFY24

October 18, 2023 (MLN): Pakistan Refinery Limited (PSX: PRL) reported a profit after tax of Rs4.48 billion [EPS: Rs7.11] in 1QFY24, depicting a substantial surge by 4.36x YoY compared to a profit of Rs1.03bn [EPS: Rs1.63] in the same period last year (SPLY).

Going by the results, the company's top line marked an increase of 27.71% YoY to Rs93.37bn as compared to Rs73.11bn in SPLY.

The cost of sales also rose by 18.09% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 456.50% YoY to Rs8.93bn in 1QFY23.

During the review period, other income inched up by 5.89% YoY to stand at Rs752.29 million in 1QFY23 as compared to Rs710.43m in SPLY.

On the expense side, the company observed a rise in selling expenses by 95.83% YoY and other expenses by around 8x YoY to clock in at Rs149.84m and Rs890.98m respectively during the review period.

The company’s finance costs inflated by 41.56% YoY and stood at Rs895.26m as compared to Rs632.43m in 1QFY23, mainly due to higher interest rates.

On the tax front, the company paid a significantly larger tax worth Rs2.99bn against the Rs256.14m paid in the corresponding period of last year, depicting an increase of over 10 times YoY.

Amount in thousand except for EPS

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