Karachi: Pakistan Refinery Limited (PRL) disclosed a substantial increase in profitability for the fiscal year ended June 30, 2024, during its recent board meeting on August 21.

The company has declared a final cash dividend of Rs. 2 per share, amounting to a 20% payout, underscoring its strong financial position. The board meeting, convened at PRL's headquarters, reviewed the annual financial results, approving the distribution to shareholders.

Revenue for the year surged to Rs. 305.54 billion, up from Rs. 261.86 billion the previous year, reflecting a robust performance across its operations. The cost of sales also saw an uptick at Rs. 290.45 billion, resulting in a gross profit of Rs. 15.09 billion, more than double the Rs. 7.30 billion reported in 2023.

Administrative and selling expenses were recorded at Rs. 1.26 billion and Rs. 668.59 million, respectively, while other operating expenses amounted to Rs. 6.76 billion, a significant rise from the prior year's Rs. 2.44 billion. Nonetheless, other income contributed Rs. 4.43 billion to the bottom line.

According to information available from the Pakistan Stock Exchange (PSX), the net finance cost for PRL was reduced to Rs. 3.79 billion, down from Rs. 4.07 billion, reflecting effective cost management strategies.

Pre-tax profits stood at Rs. 7.07 billion, more than doubling from Rs. 3.37 billion in 2023, with a net profit after taxes reaching Rs. 4.06 billion compared to Rs. 1.82 billion the previous year. The earnings per share also grew significantly, from Rs. 2.90 to Rs. 6.45.

The Annual General Meeting (AGM) is scheduled for October 19, 2024, at PRL. Additionally, the share transfer books will be closed from October 11 to October 18, 2024. Transfers processed by October 10, 2024, at the office of the company’s share registrar, FAMCO Share Registration Services, will be eligible for the dividend and voting rights at the AGM.