Earnings Releases

 

National Refiner (NRL) , in Q1 Sep2024, incurred a loss of Rs. 7236.6 million, (Rs. -90.5 per share). This brings the total loss for the last four quarters to Rs. 328 per share. In the last four quarters, the company has paid no cash dividends. See NRL Earnings Release

Attock Cement (ACPL), in Q1 Sep2024, earned a net income of Rs. 61.9 million, (Rs. 0.5 per share). This brings the total net income for the last four quarters to Rs. 15.2 per share, with a total cash payout of Rs. 6.5 per share. The profit after tax in the current quarter is 93% lower compared to the average PAT of the previous four quarters. The income in the same quarter last year was boosted by Rs 2.2 billion on gain on sale of subsidiary. See ACL Earnings Release

Frieslandcampina Engro Pakistan - FCEPL, in Q3 Sep2024, earned a net income of Rs. 765.8 million, (Rs. 1 per share). This brings the total net income for the last four quarters to Rs. 2.5 per share. In the last four quarters, the company has paid no cash dividends. The profit after tax in the current quarter is 113% higher compared to the average PAT of the previous four quarters.

Compared to same quarter last year; Revenue increased by 3%. Gross profit increased by 17%. Profit before tax increased by 143%. Profit after tax increased by 207%.

FCEPL is trading at a price-to-earnings ratio of 26.7. See FCEPL Earnings Release

Habib Bank (HBL), in Q3 Sep2024, earned a net income of Rs. 14739.4 million, (Rs. 10 per share) and declared a cash dividend of Rs. 4 per share. This brings the total net income for the last four quarters to Rs. 39.1 per share, with a total cash payout of Rs. 16 per share. 

The profit after tax in the current quarter is 2% higher compared to the average PAT of the previous four quarters. HBL is trading at a price-to-earnings ratio of 3.5, with a dividend yield of 11.8%. See HBL earning Release

National Refinery Limited (PSX:NRL)

National Refinery Limited (PSX:NRL) released its annual financial results for the year ending June 30, 2024.

For the year, NRL reported a substantial loss of Rs. 197.5 per share. In the last quarter (Q4 June 2024), the company incurred a loss of Rs. 103.4 per share.

This year, the NRL experienced significant financial challenges, incurring gross losses in three quarters. Additionally, the strain on cash flows has exacerbated financial difficulties, which are now approximately three times higher than last year.

National Refinery: Scrip Note

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. 

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

National Refinery Limited

NRL: 2nd Quarter Earning Release - Period ending December 2022

Another loss making quarter for National Refinery. NRL announced a loss of Rs. 14 per share in the 2nd quarter, adding loss in the first quarter of  Rs. 55 Half yearly loss to Rs. 68.58.

A number of factors, such as fluctuating demand, exchange rate, and crude prices make National Refinery (NRL) earning very volatile. In this half year NRL faced added difficulty - and higher charges - on opening Letters of Credit (LCs) for import of Crude Oil, as Pakistan faced foreign exchange crunch. Very high inflation and high interest rates also made the matters worse.

In the Half Year ending 31 Dec 2022, NRL incurred loss after tax of Rs. 5,484 million (loss per share of Rs. 68.58) as compared to profit after tax of Rs. 2,550 million (EPS of Rs. 31.9)in the corresponding period last year.

In this HY period crude oil prices in international market gradually decreased from approximately US $110/barrel in July-2022 to US $80/barrel in December-2022. As a result product margins started to decline, impacting NRL performance and leading to write-down of finished goods inventory by Rs. 1,055 million and semi-finished inventory by Rs. 367 million.