Islamabad, Aug 22: Pakistan Refinery Limited (PRL), a subsidiary of the Pakistan State Oil Company Limited (PSO), experienced an impressive turnaround as its profit-after-tax (PAT) clocked in at Rs4.06 billion in the financial year ended on June 30, 2024, driven by a considerable rise in revenue.
PRL reported a PAT of Rs1.82 billion for the fiscal year 2023. The board of directors convened on August 21 to assess the business’s financial and operational performance, and in a notification sent to the Pakistan Stock Exchange (PSX) on Thursday, it was suggested that the company pay a final cash dividend of Rs2 per share.
The FY24 achieved earnings per share (EPS) of Rs6.45, while the FY23 EPS was Rs2.90.Refinery revenue from contracts increased by about 16.68% to Rs305.54 billion from Rs261.86 billion in FY23. The company’s gross profit increased exponentially by 107% from Rs7.3 billion in FY23 to Rs15.1 billion in FY24.
PRL’s other income climbed from Rs4.07 billion in FY23 to Rs4.43 billion in FY24, a 9% rise.Nevertheless, compared to Rs2.44 billion the year before, the company’s operating expenses increased to Rs6.76 billion in FY24. Despite the rise, PRL’s operating profit increased dramatically, rising 46% to Rs10.83 billion in FY24 from Rs7.45 billion the previous year.
