Karachi August 25 2024: Pakistan Refinery Limited (PRL) reported a loss of PKR 1.2 billion in the last quarter of fiscal year 2024, compared to a loss of PKR 706 million in the same period the previous year, according to a company filing with the exchange.
For the first time in eight years, the company announced a cash dividend of PKR 2.0 per share alongside the results. The refinery’s full-year profit for fiscal year 2024 dropped to PKR 4.1 billion, down from PKR 1.8 billion in the previous year.
Following the announcement, the company’s share price hit the upper limit on Thursday but declined by 1.6 percent on Friday.
In the prior quarter, PRL also reported a loss of PKR 1.2 billion, according to data available from the Pakistan Stock Exchange.
The company achieved a gross profit of PKR 2.1 billion in the last quarter, up from PKR 1.1 billion in the same period last year, whereas it reported a gross loss of PKR 559 million in the previous quarter.
The finance costs for the quarter declined by 7 percent to PKR 823 million, while other income fell by 45 percent to PKR 981 million. Additionally, PRL recorded other charges of PKR 3.0 billion, which is a 40 percent increase compared to the same quarter last year.
