Karachi February 4 2022: National Refinery Limited (NRL) earned profit after tax of PKR 2,145 million resulting in earning per share of PKR 26.82 in second quarter of Financial year 2022 as compared to profit after tax of PKR 939 million that resulted in earning per share of PKR 11.75 in the corresponding period, as per company filling at the exchange.
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The higher profitability is a result of tax reversal of PKR 1,979 million booked by the company while margins of the company slightly improved to 4.3 percent in this quarter as compared to 3.6 percent in the corresponding quarter.
Company’s working capital financing requirement has increased considerably due to levy of sales tax on crude oil purchases and continuous downward adjustment of sales tax on petroleum products. Resultantly, the Company has incurred markup expense of PKR 1,648 million during the quarter as compared to PKR 95 million in the corresponding period.
Refineries are in constant discussion with the Government to provide some relief to refineries for sustainable operations as well as for upgradation. The Government is currently reviewing the proposals and the Company expects some progressive outcome.
