Karachi September 2 2024: National Refinery Limited reported all time high loss of PKR 15.8 billion during the fiscal year 2024 on negative gross margins, according to company filing to the exchange.
Share price of the company drops PKR 7.9 per share or 3.4 percent after the announcement at Pakistan Stock Exchange.
Refinery reported gross loss of PKR 7.8 billion in fiscal year 2024 compared to gross profit of PKR 13.2 billion in fiscal year 2023. Whereas, company financial charges declined to PKR 9.3 billion from PKR 16.2 billion last year.
National Refinery Limited was incorporated in Pakistan on August 19, 1963 as a public limited company. The Company is engaged in the manufacturing, production and sale of a large range of petroleum products. The refinery complex of the Company comprises of three refineries, consisting of two lube refineries, and a fuel refinery added to the complex. The company has also commissioned Diesel Hydro De-sulphurisation (DHDS) and Isomerisation (ISOM) units during the financial years 2017 and 2018 respectively.
