National Refinery Limited’s financial results for the year ended June 30, 2013

Karachi, August 15, 2013 (PPI-OT): We have to inform you that the Board of Directors of our Company in their 175th meeting held on Wednesday, August 14, 2013 at 10:00 a.m. at POL House, Morgah, Rawalpindi-Pakistan recommended the following:

Cash Dividend:

A final Cash Dividend for the year ended June 30, 2013 at Rs. 15 per share i.e. 150%.
And/ Or

(ii) Bonus Shares:

It has been recommended by the Board of Directors to issue Bonus Share in the proportion of-share (s) for every-share (s) held, i.e.-%.
And/ Or

(iii) Right Shares:

The Board has recommended to issue – % Right Shares at par/at a discount/premium of Rs. – per share in proportion of – share (s) for every – share(s). The entitlement of right shares being declared simultaneously will be/ will not be applicable on Bonus Shares as declared above.
And/ Or

(iv) Any Other Entitlement/ Corporate Action
And/ Or

(v) Any Other Price-Sensitive Information
Nil

The financial results of the company is enclosed herewith for your information and necessary action please.

The Annual General Meeting of the Company will be held on September 30, 2013 at 1630 hours at Hotel Carlton, Karachi.

The Share Transfer Books of the Company shall remain closed from September 20, 2013 to September 30, 2013 (both days inclusive). Transfers received at the office of Company’s Share Registrar at the address below at the close of business on September 19, 2013 will be treated in time for the purpose of payment of entitlement to the transferees:

THK associates (Pvt.) Ltd., Ground Floor, State Life Building-3, Dr. Ziauddin Ahmed Road, Karachi-75530

We will be sending you 300 copies of printed accounts for distribution amongst the members of the Exchange 21 days before the date of AGM.

Encl: Audited Profit and Loss Account of NRL for the year ended June 30, 2013.

Profit and Loss Account for the Year Ended June 30, 2013

                                                          2013                   2012
                                                              (Rupees in thousands)

Gross sales                                            216,123,042            207,588,512
Trade discounts, taxes, duties, levies
and price differential                                 (36,938,627)           (32,791,437)
                                                       -----------            -----------
Net sales                                              179,184,415            174,797,075
Cost of sales                                         (174,118,575)          (170,074,583)
                                                       -----------            -----------
Gross profit                                             5,065,840              4,722,492
Distribution and marketing expenses                     (1,037,671)            (1,264,034)
Administrative expenses                                   (508,039)              (464,104)
Other income                                             2,179,743              3,136,832
Other operating expenses                                  (354,519)              (335,454)
                                                       -----------            -----------
Operating profit                                         5,345,354              5,794,732
Finance cost                                              (870,547)            (1,342,860)
                                                       -----------            -----------
Profit before taxation                                   4,474,807              4,451,372
Taxation                                                (1,630,350)            (1,833,488)
                                                       -----------            -----------
Profit after taxation                                    2,844,457              2,618,384
Other comprehensive income                                     -                      -
                                                       -----------            -----------
Total comprehensive income                               2,844,457              2,618,384
                                                       -----------            -----------
                                                                      (Rupees)
Earnings per share-basic and diluted                         35.57                  32.74
                                                       -----------            -----------

For more information, contact:
Nouman Ahmed Usmani
Company Secretary
National Refinery Limited
7-B, Korangi Industrial,
Zone, Korangi, P.O. Box: 8228,
Karachi-74900 – Pakistan
PABX: 35064977-79, 35064981-86
UAN: 111-675-675
Fax: 92-21-35054663
Website: www.nrlpak.com