By Qudsia Bano

ISLAMABAD, Aug 26 (INP-WealthPK): Pakistan Refinery Limited’s revenue climbed 72% to Rs111.6 billion in the first nine months of financial year 2021-22 (9MFY22) compared with Rs64.8 billion in the corresponding period of FY21.

Similarly, the company’s gross profit, registering a growth of 247% during the 9MFY22, stood at Rs8.6 billion, leaping from Rs2.5 billion in the corresponding period of FY21.

Despite the Russia-Ukraine conflict driving world oil prices to unprecedented levels and suffering huge exchange losses, the company was able to maintain an unbroken supply of crude due to effective inventory planning, reaping strong refining margins, that enabled it to a net profit-after-tax of Rs5.42 billion during 9MFY22 compared to Rs621 million during the same period of FY21, reports WealthPK.

As of June 30, 2021, directors, chief executive officers, their spouses and minor children owned 0.004% shares of the company.

Associated companies, undertakings and related parties owned 63.56% shares, National Investment Trust & Industrial Corporation of Pakistan had 1.68% shares, banks, development financial institutions, and non-banking financial institutions, owned 0.33% shares, insurance companies held 5.28% shares, modarabas and mutual funds owned 0.91% shares, general public (local) owned 24.44% shares and ‘others’ held 3.80% shares of the company, respectively.

Financial Performance

During the fiscal year 2020-21, the company generated net sales revenue of Rs92 billion, 2% higher than Rs90.5 billion in 2019-2020. The gross profit for FY21 stood at Rs3.2 billion, 174% up from a loss of Rs4.4 billion in FY20.

Profit-after-tax for FY21 stood at Rs937 million, 112% higher than a loss of Rs7.5 billion in FY20.

The earnings per share of the company improved from Rs0.93 in 2016 to Rs3.45 in 2017, before dropping to Rs1.64 in 2018. It then took a plunge to Rs-17.54 in 2020, before retreating and skyrocketing to Rs1.52 in 2021. 

Pakistan Refinery Limited was established as a public limited company in Pakistan in May 1960. The business manufactures and sells petroleum-based products.

Credit: Independent News Pakistan-WealthPak