KARACHI: Hascol posted positive earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs1.35 billion during the year ended December, 2021.

The company recorded negative EBITDA of Rs11.77 billion during the previous year.

Despite the non-availability of working capital lines from banks, the credit support from the company’s single majority shareholder, Vitol, has played a vital role in this achievement, the company said in a statement.

“The core management has worked tirelessly under the active guidance from the board of directors to ensure that the company’s financial statements have been prepared and presented in a way that gives a true and fair view of the affairs of the company,” it added.

Hascol is encouraged by some recent decisions made by the government to increase regulated margins, something which significantly improves the potential profitability of the sector. Any proposed deregulation will bring about a dynamic change to the sector and widespread benefits.

The company also announced the appointment of a new chief executive officer and chief finance officer and expressed hope that over the next few months Hascol will be put on a sound footing for the years to come.

Also Read

25 suspects including Hascol CFO, director granted pre-arrest bail in Rs54bn fraud case

KARACHI: The special court for offence in banks (SCOIB) in Karachi on...