PRL strikes gold, witnessing 8.57x YoY profit surge in 1HFY24

MG News | February 01, 2024 at 02:36 PM GMT+05:00

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February 01, 2024 (MLN): The first half of FY24 proved to be an exceptional year for Pakistan Refinery Limited (PSX: PRL), with the company reporting a phenomenal increase in profit after tax, which stood at Rs6.51 billion [EPS: Rs10.33]. This depicts a substantial surge of 8.57x YoY compared to a profit of Rs759 million [EPS: Rs1.20] in the same period last year (SPLY).

Going by the results, the company's top line marked an increase of 39.77% YoY to Rs182.2bn as compared to Rs130.3bn in SPLY.

The cost of sales also rose by 31% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 7.89x YoY to Rs13.5bn in 1HFY24.

During the review period, other income inched up by 35.49% YoY to stand at Rs2.33bn in 1HFY24 as compared to Rs1.71bn in SPLY.

The company observed a substantial upsurge as the operating, distribution and administrative expenses jumped by 20.65x YoY, 98.5% YoY, and 50.7% YoY to stand at Rs2.53bn, Rs330m, and Rs588m, respectively during the review period.

The company’s finance costs also inflated by 52% YoY and stood at Rs1.98bn as compared to Rs1.29bn in 1HFY24, mainly due to higher interest rates.

On the tax front, the company paid a significantly larger tax worth Rs.99bn against the Rs688.7m paid in the corresponding period of last year, depicting an increase of over 5 times YoY.

Profit and Loss Account for the half year ended on December 31, 2023 ('000 Rupees)
	Dec-23	Dec-22	% Change
Revenue from contracts with customers	182,188,250	130,349,300	39.77
Cost of sales	(168,686,972)	(128,639,941)	31.13
Gross Profit	13,501,278	1,709,359	689.84
Distribution costs	(330,413)	(166,458)	98.50
Administrative expenses	(588,523)	(390,534)	50.70
Other operating expenses	(2,531,922)	(122,584)	1965.46
Other income	2,328,447	1,718,520	35.49
Operating profit	12,378,867	2,748,303	350.42
Finance cost	(1,975,152)	(1,296,674)	52.32
Share of profit/ loss of associated accounted for using the equity method	13,612	(3,801)	-
Profit before taxation	10,417,327	1,447,828	619.51
Taxation	(3,908,604)	(688,733)	467.51
Profit after taxation	6,508,723	759,095	757.43
Earnings per share - basic and diluted (rupees)	10.33	1.20

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