Hascol Petroleum Limited has disclosed its financial performance for the calendar year ending December 31, 2023, revealing a significant 25.5% increase in losses to Rs. 18.2 billion compared to Rs. 14.5 billion in the preceding year.
The company did not declare any dividends for shareholders during this period.
According to the financial report, net sales surged by 126% to Rs. 165 billion in CY23 from Rs. 73 billion in the same period last year. Gross profit also saw a notable 38% rise to Rs. 4.78 billion.
Finance costs escalated by 31%, reaching Rs. 11 billion compared to Rs. 8.4 billion in CY22. Conversely, other income plummeted by 63% to Rs. 178 million from Rs. 476 million in the previous year.
Administrative expenses remained stable at Rs. 1.25 billion, mirroring figures from the previous year, while distribution and marketing expenses slightly increased to Rs. 3.45 billion from Rs. 3.4 billion in CY22.
Furthermore, the company reported a substantial net exchange loss of Rs. 5.8 billion for the year, compared to Rs. 4.82 billion in the same period last year. Hascol reported a loss per share of Rs. 18.22 for CY23, contrasting with a loss per share of Rs. 14.51 in the prior year.
At the time of filing, Hascol’s stock was priced at Rs. 6.05 on the stock exchange, down 2.26% or Rs. 0.14, with trading volume of 825,296 shares on Monday.
