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National Refinery - Excerpts from Directors' Report

NRL - December 2023 HY Financial Report

Declining oil prices in this quarter affected margins and resulted in inventory loss.

High mark-up rates and escalating LC charges also affected profitability.

Slow upliftment of Furnace Oil ahead of winter season exacerbated the situation.

Local sales volume of Lube Base Oils declined by 25% due to planned turnaround of Lube-II Refinery.

Financial constraints and lower product upliftment prevented the Company from increasing throughput, which remained at 50% compared to 56% last year.

Company recorded a loss after tax of Rs. 4,653 million, resulting in a loss per share of Rs. 58.19, compared to a loss after tax of Rs. 5,484 million in the corresponding period.

Fuel segment incurred a loss after tax of Rs. 4,394 million, compared to Rs. 6,049 million in the same period last year.

https://financials.psx.com.pk/lib/DownloadPDF.php?id=225021

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