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.
| Unconsolidated (un-audited) Financial Results for Quarter ended 30 September, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 93,374,157 | 73,111,444 | 27.71% |
| Cost of sales | (84,440,745) | (71,506,167) | 18.09% |
| Gross Profit | 8,933,412 | 1,605,277 | 456.50% |
| Selling expenses | (149,844) | (76,516) | 95.83% |
| Administrative expenses | (276,533) | (214,969) | 28.64% |
| Share of loss of associate – accounted for using the equity method | (346) | (288) | 20.14% |
| Other Income | 752,292 | 710,428 | 5.89% |
| Other expenses | (890,977) | (108,221) | 723.29% |
| Finance cost | (895,258) | (632,429) | 41.56% |
| Profit before taxation | 7,472,746 | 1,283,282 | 482.32% |
| Taxation | (2,993,650) | (256,142) | 1068.75% |
| Net profit for the period | 4,479,096 | 1,027,140 | 336.07% |
| Basic earnings/ (loss) per share | 7.11 | 1.63 | – |
Amount in thousand except for EPS
Copyright Mettis Link News
Posted on:2023-10-18T12:46:07+05:00
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