Despite higher revenue and lower finance cost, National Refinery Limited (NRL) registered a massive loss of Rs15.79 billion during the fiscal year that ended June 30, 2024. The amount is also higher than the loss posted in the previous fiscal year when it stood at Rs4.46 billion. Resultantly, the company’s loss per share (LPS) ballooned to Rs197.46 in FY24 as compared to LPS of Rs55.81 in the same period last year (SPLY). The announcement was followed by the share price plummeting at the stock exchange, hitting a low of Rs218. At the time of this report, NRL’s share was at Rs220 with a fall of Rs10.69 or 4.63%. Its loss in FY24 can be attributed to an increase in the cost of sales. During the period under review, the refinery’s net revenue from contracts improved to Rs308.84 billion compared to Rs298.81 billion in SPLY, an increase of over 3%. However, the company’s cost of sales rose to Rs316.6 billion in FY24, a significant jump of nearly 11%, compared to Rs285.61 billion in FY23. Resultantly, the company recorded a gross loss of Rs7.76 billion in FY24, compared to a gross profit of Rs13.2 billion in SPLY. The refinery’s ‘other income’ declined nearly by 23% to Rs347.4 million in FY24, compared to Rs450.6 million in SPLY. Meanwhile, the company’s operating expenses declined to Rs1.8 billion in FY24, in comparison to Rs2.5 billion in FY23, a decrease of nearly 26%. However, despite the decline in expenses and an increase in other income, NRL posted an operating loss of Rs9.3 billion in FY24, as compared to an operating profit of Rs11.1. billion in SPLY. Adding to the losses was a net finance cost of Rs9.3 billion, which the company incurred in the FY24. Consequently, the company loss before tax from refinery operations stood at Rs18.65 billion in FY24, as compared to an LBT of Rs5.12 billion in the same period last year. 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 NRL refinery complex comprises three refineries, consisting of two lube refineries, and a fuel refinery. The company has also commissioned Diesel Hydro Desulphurisation (DHDS) and Isomerisation (ISOM) units during financial years 2017 and 2018, respectively.