Rawalpindi: National Refinery Limited (NRL) has released its financial results for the half year ending December 31, 2024, reporting a substantial loss, reflecting ongoing challenges in the refining sector. The company's Board of Directors, meeting on January 27, 2025, at POL House, Morgah, Rawalpindi, announced no cash dividend, bonus shares, or right shares for this period.

The financial report highlights total assets of 109.92 billion, a modest increase from the previous year's 103.17 billion. Current assets include 44.23 billion in stock-in-trade and 11.01 billion in trade receivables, contributing to a total of 72.88 billion. However, the company faces significant liabilities amounting to 102.44 billion, primarily due to trade and other payables, and borrowings.

NRL's revenue from contracts with customers reached 185.61 billion, down from 197.56 billion in the same period last year. After accounting for taxes, duties, and levies of 43.78 billion, net revenue stood at 141.83 billion. The cost of sales at 149.58 billion resulted in a gross loss of 7.75 billion. Despite other income of 337.72 million, the company reported an operating loss of 8.31 billion.

The company's finance costs increased to 5.48 billion, further exacerbating the loss before taxation and levies, which totaled 13.78 billion. After accounting for levies and taxation, the loss after taxation for the period was 11.73 billion, a significant increase from the 4.65 billion loss reported in the previous year. Loss per share was recorded at Rs. 146.72, compared to Rs. 58.19 for the same period last year.

According to information available from the Pakistan Stock Exchange (PSX), NRL's cash flows from operating activities were negative, with a net cash outflow of 2.75 billion. The company also reported a net cash outflow from investing activities of 581.48 million. However, financing activities generated a net cash inflow of 14.97 billion, primarily due to proceeds from long-term borrowings.

Despite the challenging financial results, NRL maintains its focus on strategic investments and operational efficiency to navigate the current market conditions. The company's total equity stands at 7.48 billion, with reserves of 6.68 billion, down from the previous year's 18.42 billion. The management remains committed to addressing the financial challenges and exploring avenues for growth in the refining sector.