Hascol Losses Increase by 26% to Rs. 18 Billion in 2023

Hascol Petroleum Limited has announced its financial results for the calendar year ended 31 December 2023, whereby losses spiked by 25.5 percent to Rs. 18.2 billion compared to a loss of Rs. 14.5 billion in the same period last year. The company didn’t announce any dividend payouts for its shareholders for the period in review. According to the company’s results, its net sales were up by 126 percent at Rs. 165 billion in CY23, compared to Rs. 73 billion in SPLY. Gross profit increased by 38 percent to Rs. 4.78 billion during the period in review. The finance cost of the company saw a 31 percent increase from Rs. 8.4 billion in CY22 to Rs. 11 billion in CY23. Meanwhile, Hascol’s other income fell by 63 percent from Rs. 476 million to Rs. 178 million this year. Meanwhile, administrative expenses were stable at Rs. 1.25 billion, the same as SPLY, while distribution and marketing expenses clocked in at Rs. 3.45 billion compared to Rs. 3.4 billion in CY22. The company also reported a massive net exchange loss of Rs. 5.8 billion during the period in review, compared to Rs. 4.82 billion in SPLY. HASCOL posted a loss per share of Rs. 18.22 for the calendar year ended December 31, 2023, compared to an LPS of Rs. 14.51 last year. At the time of filing, the company’s scrip at the bourse was Rs. 6.05, down 2.26 percent or Rs. 0.14 with 825,296 shares on Monday.