PRL's profit spikes 123% in FY24, declares dividend

August 22, 2024 (MLN): Pakistan Refinery Limited (PSX: PRL) recorded an increase of 122.6% YoY in its profitability, clocking in its profit after tax at Rs4.06 billion [EPS: Rs6.45] in FY24, compared to a profit of Rs1.82bn [EPS: Rs2.9] in the same period last year (SPLY).

Considering the improved financial performance, the company's directors have announced a final cash dividend of Rs2 per ordinary share.

Going by the results, the company's top line went up by 16.7% YoY to Rs305.54bn as compared to Rs261.86bn in SPLY.

The cost of sales increased by 14.1%, but this rise was less proportionate to the increase in sales, leading to a 106.7% YoY improvement in gross profit, which reached Rs 15.09 billion in FY24.

Accordingly, the gross margins improved to 4.9% as compared to 2.8% in SPLY.

On the expense side, the company's administrative expenses rose 29.4% YoY to Rs1.26bn, selling and distribution expenses rose 33.6% YoY to Rs668.59m, and other operating expenses increased 176.6% YoY to Rs6.76bn.

The other income section also recorded a notable increase, rising to Rs4.43bn in FY24 as compared to Rs4.07bn in FY23.

The company’s finance cost fell by 6.9% YoY and stood at Rs3.79bn as compared to Rs4.07bn in SPLY.

On the tax front, the company paid a significantly higher tax worth Rs2.65bn against the Rs573.24m paid in the corresponding period of last year, depicting a rise of 362.5% YoY.

Amount in thousand except for EPS

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