Despite higher net sales and gross profit, Hascol Petroleum Limited sustained a massive loss after tax (LAT) to the tune of Rs14.5 billion in the year 2022, an increase of 92%, compared to loss of Rs7.6 billion reported in the year 2021, showed the company’s consolidated financial results on Thursday.

Resultantly, loss per share (LPS) of the company stood at Rs14.51 in 2022, as compared to LPS of Rs7.58 in same period last year.

According to the results provided to the Pakistan Stock Exchange (PSX) on Thursday, Hascol’s net sales during the year 2022 rose to Rs72.45 billion compared to Rs64.27 billion in the SPLY, which equates to a nearly 13% increase.

The company’s gross profit increased by over 49% clocking in at Rs3.48 billion in 2022, compared to Rs2.33 billion in SPLY.

However, a lower ‘other income’ column, increase in finance cost and massive exchange loss of nearly Rs4.83 billion dragged the earnings in the red.

Hascol’s cost of finance increased to Rs8.41 billion in 2022, as compared to Rs6.71 billion in 2021, a jump of over 25%. The higher finance cost during the period could be attributed to the rise in interest rate during the period.

Meanwhile, the company also sustained exchange losses in 2022, clocking in at Rs4.83 billion as compared to Rs1.68 billion in 2021, an increase of 188%.

Back in June, the Board of Directors of Hascol has allowed Taj Gasoline (Private) Limited, an oil marketing company (OMC), to carry out due diligence of the company.

Taj Gasoline, engaged in the fuel retail business, is looking to acquire at least 41% shares of Hascol.