National Refinery Ltd. (PSX: NRL) is currently trading at a market price of Rs. 292.65 as of April 26, 2024. Its 52-week range is Rs. 142.55 to Rs. 383.8.
It has a 3-month return of negative, 1%, a 6-month return of 25%, and a 1-year return of 92%. Comparatively, the KSE100 Index has achieved returns of 14%, 42%, and 76% over the same respective time frames. NRL has substantially over past one year despite eroding profitability.
NRL reported a trailing twelve-month loss after tax of Rs. 5,962 million in March 2024. The loss per share on a trailing twelve-month basis stood at Rs.75 in March 2024. The company has not issued any cash dividends in the past twelve months.
Slow product off-take, reduced demand for furnace oil in winters, and adverse movements in international oil prices typically plague the refineries. Additionally, recent issues with imports, especially higher LC charges and high financial costs, are also impacting the refinery's profitability. Plant shutdowns for maintenance can also adversely affect a quarter's earnings.
The new policy of refineries and the petroleum sector in general will dictate the value of this sector going forward. The power sector issues also affect refineries. There are expectations in the air, but nothing on the ground as yet.
NRL's is trading at a price-to-book ratio of just 0.8. With 80 million shares issued, the company's market capitalization is Rs. 23,402 million. It has a free float of 32.85%.
NRL has a weighting of 0.34% within the KSE100 Index, 0.48% within the KSE30 Index, and 0.67% within the KMI30 Index.
Pakistan Oilfields Ltd., holds a 25% stake in National Refinery.
See note of 3rd Quarter Mar 2024, Earning Release of NRL.
Also see this previous NRL post on excepts from Directors' Report Dec 2023.
