National Refinery Limited (NRL) has seen a complete turnaround with regard to its profitability. The net profit during the last fiscal year was recorded at Rs1.77 billion.
The net profits of the company clocked in at Rs1.77 billion (EPS: 22.14) in FY21 against the net loss of Rs4.06bn (LPS: 50.82) in the same period last year (SPLY).
As per the financial statement issued by the company to the Pakistan Stock Exchange (PSX), NRL’s sales revenue was increased by 11.16% YoY to stand at Rs3.92bn which has led the gross profit towards the green zone to lock in at Rs139.63bn in FY21, against the gross loss of Rs11.12bn.
On the expense front, the company saw an increase in distribution and administrative expenses by 26.65% YoY and 3.5% YoY, respectively during FY21.
On the other hand, the other income of the company observed a decline of 2.27% YoY to reach at Rs370.39million, compared to SPLY.
During FY21, the company saw a colossal decline in its financial cost, down by 62.58% stood at Rs940.4mn. The dip in financial cost is mainly attributable to the lower interest rate regime which has supported the company’s bottom line significantly.
On the tax front, the company paid Rs369.9mn in terms of taxes, which plunged by 96% in FY21, compared to the corresponding period last year.
