Hascol Petroleum Limited has announced its financial results for the year ended 31 December 2022.
The company has posted a massive loss of Rs. 14.49 billion in 2022, compared to a loss of around Rs. 7.57 billion in the last year, according to a filing at the Pakistan Stock Exchange (PSX).
According to the company’s results, its net sales were up by 12.7 percent at Rs. 72.4 billion in 2022, compared to Rs. 64.2 billion in 2021.
Hascol’s cost of sales was up by 11.2 percent to Rs. 69.1 billion from Rs. 62.1 billion. Overall, net revenue went up by 12.6 percent to Rs. 72.6 billion in 2022 against Rs. 64.46 billion in the same period of last year.
The finance cost of the company saw a 25.2 percent increase from Rs. 6.7 billion in 2021 to Rs. 8.4 billion in 2022. Hascol’s other income declined by 89 percent from Rs. 4.45 billion to just Rs. 476 million this year.
Administrative expenses increased to Rs. 1.25 billion from Rs. 1.19 billion, while distribution and marketing expenses jumped by 28.1 percent to Rs. 3.4 billion compared to Rs. 2.6 billion in 2021.
The company also reported a net exchange loss of Rs. 4.82 billion during the period in review, compared to Rs. 1.6 billion in the same period last year.
The company reported a loss per share (LPS) of Rs. 14.51 as compared to an LPS of Rs. 7.58 last year.
Hascol’s scrip at the bourse was closed at Rs. 5.74, down by Rs. 0.12 or 2.05 percent, with a turnover of 14 million shares on Thursday.
