Condensed Interim Financial Statements for the Quarter Ended September 30, 2023
Refining with Vision
Contents
02 Corporate Information
- Directors' Review - English
- Directors' Review - Urdu
- Condensed Interim Statement of Financial Position
- Condensed Interim Statement of Profit or Loss
-
Condensed Interim Statement of Profit or Loss and other
Comprehensive Income - Condensed Interim Statement of Changes in Equity
- Condensed Interim Statement of Cash Flows
- Notes to the Condensed Interim Financial Statements
NATIONAL REFINERY LIMITED
Corporate Information
Board of Directors
Laith G. Pharaon
Alternate Director: Mohammad Raziuddin | |
Wael G. Pharaon | |
Alternate Director: Babar Bashir Nawaz | |
Shuaib A. Malik - Chairman | |
Shamim Ahmad Khan | |
Abdus Sattar | |
Sajid Nawaz | |
Khondamir Nusratkhujaev | |
Chief Executive Officer | |
Jamil A. Khan | |
Chief Financial Officer | |
Nouman Ahmed Usmani | |
Company Secretary | |
Muhammad Atta ur Rehman Malik | |
Audit Committee | |
Shamim Ahmad Khan | Chairman |
Abdus Sattar | Member |
Babar Bashir Nawaz | Member |
Alternate Director for Mr. Wael G. Pharaon | |
Shaikh Ather Ahmed | Secretary |
Human Resource and Remuneration (HR&R) Committee | |
Shamim Ahmad Khan | Chairman |
Shuaib A. Malik | Member |
Babar Bashir Nawaz | Member |
Alternate Director for Mr. Wael G. Pharaon | |
Jamil A. Khan | Member |
Nouman Ahmed Usmani | Secretary |
Auditors
A. F. Ferguson & Co.
Chartered Accountants
Legal Advisor
Ali Sibtain Fazli & Associates
Legal Advisors, Advocates & Solicitors
Bankers
Habib Bank Limited
Meezan Bank Limited
Allied Bank Limited
National Bank of Pakistan
Bank Alfalah Limited
United Bank Limited
Askari Bank Limited
Faysal Bank Limited
BankIslami Pakistan
The Bank of Punjab
Habib Metropolitan Bank Limited
Dubai Islamic Bank
MCB Bank Limited
Samba Bank Limited
Bank AL-Habib Limited
Industrial & Commercial Bank of China Limited
Registered Office
7-B, Korangi Industrial Area, Karachi-74900
P.O. Box: 8228, Karachi-74900
UAN: +92-21-111-675-675
PABX: +92-21-35064981-86+92-21-35064977-79
Website: www.nrlpak.com
E-mail: info@nrlpak.com
Share Registrar
CDC Share Registrar Services Limited CDC House, 99-B, Block 'B', S.M.C.H.S., Main Shahra-e-Faisal, Karachi - 74400.
Tel: (Toll Free) 0800-23275
Fax: +92-21-34326053
Email: info@cdcsrsl.com
Website: www.cdcsrsl.com
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NATIONAL REFINERY LIMITED
Directors' Review
On behalf of the Board of Directors of National Refinery Limited, I am pleased to present a brief review of the financial results and operations of your Company for the quarter ended September 30, 2023.
During the quarter, your company earned profit after tax of Rs. 3,203 million resulting in earning per share of Rs. 40.05 as compared to loss after tax of Rs. 4,391 million that resulted in loss per share of Rs. 54.92 in the corresponding period.
Fuel segment of the Company experienced a significant turnaround in its financial performance. In the current quarter, it earned profit after tax of Rs. 1,995 million in contrast to loss after tax of Rs. 4,457 million in the same period last year. Improvement in fuel segment profitability is mainly attributed to consistent increase in petroleum product prices in the international market during the quarter, which resulted in improved gross refinery margins. The performance was further improved with the help of effective measures taken by Government authorities that relieved pressure on the exchange rate, thereby resulting in exchange gain of Rs. 367 million in the current quarter as compared to loss of Rs. 4,058 million in same period last year. Additionally, the measures taken by the Government to address vulnerabilities along porous borders, resulted in restoration of demand for petroleum products to certain extent.
Your Company has recently embarked a significant change by producing Very Low Sulphur Furnace Oil (VLSFO), commonly known as "Bunker Fuel" after necessary change in crude mix and adjustments in production process. VLSFO is a premium product and environment friendly fuel that is now mandated for use by all sea vessels under the International Maritime Organization's (IMO) 2020 regulations. Furthermore, following the successful resumption of normal operations at Hydro Production Unit (HPU), the Company has also initiated the production and sale of High Speed Diesel (HSD) compliant with PAK-V specifications. Both of these recent initiatives are anticipated to contribute positively to the sustainability of refinery operations.
Lube Segment earned profit after tax of Rs. 1,208 million as compared to profit after tax of Rs. 66 million during the corresponding quarter. Better product margins due to increasing price trend resulted in improved profitability.
The Company's working capital requirement continues to remain on higher side, primarily due to the elevated crude oil prices compared to corresponding period. Further, increase in bank borrowing rates in the current quarter as compared to same period last year has resulted in mark-up cost of Rs. 1,825 million during this period, which was Rs. 1,280 million during the same period last year.
The Government has approved Pakistan Refinery Policy 2023 for existing brownfield refineries in August 2023. The policy offers fiscal incentives for upgrade of existing refineries, subject to certain terms and conditions. We appreciate the support of the Government in considering the upgradation of the refineries and are in contact with the Ministry of Energy (MoE) and Oil and Gas Regulatory Authority (OGRA) for smooth implementation of the policy.
We thank our shareholders, customers and staff for their continuous support and trust in the Company.
Islamabad
October 09, 2023
Chairman
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National Refinery Ltd. published this content on 13 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2023 11:14:28 UTC.