NRL delays launch of new projects

Published: April 18, 2017
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 PHOTO: AFP

PHOTO: AFP

KARACHI: National Refinery Limited (NRL) announced a six-week delay in completion of its projects for producing better-quality diesel and converting naphtha into petrol while unveiling positive financial results for nine months ended March 31, 2017.

According to a bourse filing, NRL Company Secretary Nouman Ahmed Usmani said the projects were delayed due to undisclosed reasons, but would be completed prior to the end of current fiscal year.

“Mechanical completion of these projects (diesel desulphurisation and naphtha isomerisation) has been slightly delayed by six weeks due to various reasons,” he said. “However, the company endeavours to complete these projects before June 30.”

According to Usmani, the board noted that the projects are progressing smoothly with most of the construction and installation work already completed.

He added the revamp of the crude distillation column had been successfully completed. “As a result, the crude oil processing capacity has been enhanced by 3,000 barrels per day, increasing the overall designed capacity from 62,000 to 65,000 barrels per day.”

Earnings

NRL’s profit rose 27% to Rs6.67 billion in the nine-month period ended March 31 due to an uptick in volumetric sales and refund of tax on profit.

The company had earned a profit of Rs5.23 billion in the same nine-month period of previous year.

Earnings per share surged to Rs83.46 in Jul-Mar 2016-17 from Rs65.50 in the corresponding nine-month period of previous year.

NRL’s share price rose Rs18.39 or 2.55% to Rs737.32 with a volume of 705,800 shares at the Pakistan Stock Exchange.

Net sales of the company improved 4% to Rs78.75 billion from Rs75.98 billion. Profit and loss accounts showed a tax refund of Rs562.39 million in the nine-month period against payment of Rs2.05 billion in tax on profit last year. Finance cost declined more than half to Rs109.78 million from Rs257.60 million.

Published in The Express Tribune, April 18th, 2017.

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