APL earns Rs10.78bn in 9MFY24, up around 10% YoY

April 25, 2024 (MLN): Attock Petroleum Limited (PSX: APL) experienced a rise of 9.60% YoY in its earnings during the nine months ended March 31, 2024, earning a profit of Rs10.78 billion [EPS: Rs86.65], compared to a profit of Rs9.84bn [EPS: Rs79.06] in the same period last year (SPLY).

Going by the results, the company's top line expanded by 12.8% YoY to Rs395.68bn as compared to Rs350.84bn in SPLY.

However as the cost of sales rose by a greater proportion, the gross profit worsened by 9.1% YoY to Rs17.97bn in 9MFY24.

Accordingly, the gross margins worsened to 4.54% as compared to 5.64% in SPLY.

The company's profit and loss statement reveals that APL achieved this increase in earnings despite a drop in gross profits through efficient reduction of operating expenses and an increase in net finance income.

On the expense side, the company observed a drop in its operating charges, being recorded at Rs5.44bn in 9MFY24, down by around 26% YoY.

Furthermore, ARL's impairment transitioned to an impairment gain of Rs29.91m, compared to a loss of Rs29.28m in SPLY.

Analyzing the profit and loss statement further, other income deflated by 40.5% YoY to stand at Rs798.26m in 9MFY24 as compared to Rs1.34bn in SPLY.

However, APL's net finance income expanded by 190.4% YoY and stood at Rs5.48bn as compared to Rs1.89bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs6.86bn against the Rs4.93bn paid in the corresponding period of last year, depicting an increase of 39.2% YoY.

Amount in thousand except for EPS

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