PRL in 9MFY24

Pakistan Refinery Limited (PSX: PRL) has seen significant growth in its bottom line for the nine months of FY24. 9MFY24 earnings were more than double despite the company’s 3QFY24 earnings falling into negative territory. The growth in 9MFY24 could still hold on due to the whopping rise in earnings for the first half of the fiscal year – profit after tax was seen rising by 8.5 times to Rs6.5 billion – the highest ever half-yearly profits, in 1HFY24. The refinery, however, suffered a loss of over a billion rupees in 3QFY24. The overall earnings slipped to Rs5.2 billion in 9MFY24 because of the weak 3Q. Barring the recent quarterly performance, PRL returned to profitability in FY24 (so far) after a weak FY23 where the company posted a significant decline in earnings for the year due to the economic downturn that also affected the downstream oil and gas sector.

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