November 10, 2023 (MLN): Hascol Petroleum Limited (PSX: HASCOL) reported its financial results for the nine months of 2023, wherein the loss after tax clocked in at Rs13.1 billion [LPS: Rs-13.11] compared to a loss of Rs9.43bn [LPS: Rs9.43] in the same period last year (SPLY).
Going by the results, the company's top line went up by 2.62x YoY to Rs125.88bn as compared to Rs47.99bn in SPLY.
The cost of sales also rose by 2.67x YoY but was lesser than proportionate to sales increase, which improved the gross profit by 93.46% YoY to Rs5.59bn in 9MCY23.
During the period under review, other income marked a decline of 72.63% YoY to stand at Rs93.77m in 9MCY23 as compared to Rs342.58m in SPLY.
On the expense side, the company observed a rise in both the distribution & marketing expenses and other expenses to clock in at Rs2.47bn and Rs633.92m respectively during the review period.
Additionally, the company experienced a significantly larger exchange loss of Rs6.39bn, which was around twice the loss incurred in SPLY.
The company’s finance costs also expanded by 32.59% YoY and stood at Rs7.74bn as compared to Rs5.84bn in 9MCY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs513.48m against the Rs342.13m paid in the corresponding period of last year, depicting an increase of 50.08% YoY.
| Consolidated (un-audited) Financial Results for Nine months ended 30 September, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 125,879,831 | 47,985,046 | 162.33% |
| Cost of sales | (120,291,274) | (45,096,340) | 166.74% |
| Gross Profit | 5,588,557 | 2,888,706 | 93.46% |
| Distribution and marketing expenses | (2,467,720) | (2,177,256) | 13.34% |
| Administrative expenses | (969,000) | (847,054) | 14.40% |
| Impairment losses on financial assets | (78,678) | (215,050) | -63.41% |
| Exchange Ioss – net | (6,385,725) | (3,242,688) | 96.93% |
| Share of profit on associate | 6,494 | 5,422 | 19.77% |
| Other income | 93,767 | 342,581 | -72.63% |
| Other expenses | (633,919) | – | – |
| Finance cost | (7,741,298) | (5,838,698) | 32.59% |
| Profit before taxation | (12,587,522) | (9,084,037) | 38.99% |
| Basic earnings/ (loss) per share | (13.11) | (9.43) | – |
Amount in thousand except for EPS
HASCOL and KSE100 YTD Performance
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Posted on:2023-11-10T15:03:05+05:00
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