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NRL’s net losses shrink by 72% YoY during 1HFY21
January 26, 2021 (MLN): National Refinery Limited (NRL) has incurred losses of Rs 822 million during 1HFY21 ended December 31, 2020, depicting a decline of 72.44% YoY against a net loss of Rs 2.98 billion in the same period of last fiscal year.
This has translated into a loss per share which clocked in at Rs 10.29 against the loss per share of Rs 37.33 in the aforementioned period.
According to the financial results issued to PSX, the company made losses due to a 26% YoY decline in net revenue from contracts, which in turn resulted from higher trade discounts offered to the customers. While there was a decline in the cost of sales by 28%, the company still made a gross loss of Rs 211 million i.e. almost 92% YoY lower than the same period of last year.
During 1HFY21, the company witnessed a decrease in its major expense heads as distribution & administrative expenses came down by 27.6% YoY and 4% YoY respectively, giving some relief to the financial position of NRL. The Finance cost, too, depicted a decline of 64.4% YoY owing to a lower interest rate regime.
Meanwhile, the company received tax credit amounting to 192 million i.e. 78% YoY lower as compared to the same period last year.
Profit and Loss Account for the half-year ended December 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Dec-20 | Dec-19 | % Change |
Revenue from contracts with customers | 93,051,424 | 108,148,601 | -13.96% |
Trade discounts, taxes, duties, levies and price differentials | (33,443,794) | (27,484,758) | 21.68% |
Net revenue from contracts with customers | 59,607,630 | 80,663,843 | -26.10% |
Cost of sales | (59,818,920) | (83,191,596) | -28.09% |
Gross loss | (211,290) | (2,527,753) | -91.64% |
Distribution cost | (320,479) | (442,566) | -27.59% |
Administrative expenses | (419,730) | (437,452) | -4.05% |
Other income | 191,720 | 236,023 | -18.77% |
Other operating expenses | (9,732) | (10,177) | -4.37% |
Operating loss | (769,511) | (3,181,925) | -75.82% |
Finance cost | (245,440) | (689,420) | -64.40% |
Loss before taxation | (1,014,951) | (3,871,345) | -73.78% |
Taxation | 192,384 | 886,372 | -78.30% |
Loss after taxation | (822,567) | (2,984,973) | -72.44% |
Loss per share - basic and diluted (rupees) | (10.29) | (37.33) | -72.44% |
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ECC to approve agreements for 300 MW Coal Power...
January 26, 2020 (MLN): A meeting of the Cabinet’s Economic Coordination Committee (ECC) will be held on Wednesday, January 27, 2020, to approve the implementation Agreement, Supplemental Agreement, and Power Purchase Agreement for the 300 MW Coal Power Project at Gwadar.
To be presided over by Federal Minister for Finance & Revenue, Dr. Abdul Hafeez Shaikh, the ECC meeting will have 7 items agenda from different ministries.
The ECC would review Oil Marketing Companies (OMCs) and Dealers Margins on Petroleum Products.
The committee would also take up another proposal moved by the Petroleum Ministry for the allocation of Gas from MPCL’s Wells to SSGCL under Commercial Production.
Ministry of Industries and Production has also forwarded its proposal for the consumption of subsidy on essential commodities from 1 July 20202 onward under the Prime Minister Relief Package -2020.
The meeting would take up the proposal of the Interior Ministry for approval of the Technical Supplementary Grant amounting to Rs 42 million by the NFS&R under the Project ‘National Program for Enhancing Command Areas in barani Areas, (ICT Component)’.
The committee would discuss and approve Textile and Apparel Policy 2020-25.
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FFBL witnesses a turnaround in annual profits
January 25, 2021 (MLN): Fauji Fertilizer Bin Qasim (FFBL) has witnessed a turnaround in earnings as its profits after tax for the CY20 clocked in at Rs 6 billion against the net loss of Rs 8.37 billion in CY19.
This reflected in the company’s earnings per share which stood at Rs 6.23 in the period mentioned above as opposed to a loss per share of Rs 6.15 per share in the previous year.
The company managed to post positive earnings largely on the back of an uptick in DAP volumes along with an uptrend in DAP prices, a decline in fuel gas prices due to GIDC elimination, and better pricing dynamics.
During the year, the company registered a 20.3% YoY increase in revenues while its cost of sales jumped by 14.5 % YoY, as a result, the gross profits of the company witnessed a growth of 52.7 % YoY. In addition, the gross margins of the company jumped by 4ppts from 15% to 19%.
The company’s earnings further strengthened by lower finance cost (down by 15.8% YoY) and a higher share of profits from associates (up by 44.5% YoY).
With regards to FFBL’s major expense heads, its admin cost declined by 16.9% YoY, Selling and distribution cost nosedived by 9.3% YoY and its tax expenses shrank by 24% YoY, all these further provided support to pull the company’s bottom-line in green.
Consolidated Profit and Loss for the year ended December 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Dec-20 | Dec-19 | % Change |
Sales-net | 98,060,962 | 81,520,667 | 20.3% |
Cost of Sales | (79,159,441) | (69,139,520) | 14.5% |
Gross Profit | 18,901,521 | 12,381,147 | 52.7% |
Selling and distribution cost | (6,441,218) | (7,103,557) | -9.3% |
Administrative expenses | (2,005,635) | (2,412,601) | -16.9% |
| 10,454,668 | 2,864,989 | 264.9% |
Finance costs | (8,344,459) | (9,909,862) | -15.8% |
Other operating expenses | (555,196) | (807,238) | -31.2% |
Allowance for expected credit losses | (505,040) | (391,459) | 29.0% |
Other Income | 1,260,906 | 1,369,318 | -7.9% |
Share of profit of associates and joint venture- net | 4,454,881 | 3,082,969 | 44.5% |
Remeasurement gain in GIDC-net | 2,740,855 | - | #DIV/0! |
Profit/Loss before taxation | 9,506,615 | (3,791,283) |
|
Taxation-net | (3,473,107) | (4,580,554) | -24.2% |
Profit/Loss after taxation | 6,033,508 | (8,371,837) |
|
Earnings/Loss per share - basic and diluted (Rupees) | 6.23 | (6.15) |
|
PKR strengthens by 16 paisa against greenback
January 26, 2021 (MLN): Pakistani rupee (PKR) appreciated by 16 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.64 per USD, against yesterday's closing of PKR 160.8 per USD.
The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 15 paisa per USD showing an intraday high bid of 160.73 and an intraday Low offer of 160.59.
Within the Open Market, PKR was traded at 160.50/161.20 per USD.
Meanwhile, the currency gained 1.4 rupees against the Pound Sterling as the day's closing quote stood at PKR 218.99 per GBP, while the previous session closed at PKR 220.41 per GBP.
Similarly, PKR's value strengthened by 85 paisa against EUR which closed at PKR 194.93 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 6.95/7.10 percent, whereas the 1 week rate was 7.05/7.10 percent.
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Hi-Tech Lubricants starts expansions at plant site of its...
January 26, 2020 (MLN): The Executive Management of Hi-Tech Lubricants Limited (HTL) has initiated expansions at the Plant Site of Hi-Tech Blending (Pvt.) Ltd. (HTBL) (a wholly-owned subsidiary of HTL) considering future high volumes of sales projections and increase in demand of locally blended products;
- Installation of One (01) additional Filling & Packing Line, which will boost the needed filling & packing capacity by approximately 57%;
- Installation of One (01) additional Extrusion Blow Molding Machine & Feeding Recycling System, which will boost the existing bottle manufacturing capacity by approximately 26%;
- Construction of Two (2) additional Storage Tanks of 700 KL each along with Piping & Instrumentation (P&I), which will boost the existing storage capacity by approximately 40%.
The aforementioned information was announced by HTL via Pakistan Stock Exchange.
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