APL observes 36% YoY increase in net profits during 1HFY21

MG News | January 27, 2021 at 05:21 PM GMT+05:00

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January 27, 2021 (MLN): Attock Petroleum Ltd. (APL) revealed its financial result for 1HFY21, where the company posted net profits of Rs 2.14 billion with earnings per share EPS of Rs 21.56, as against the profits of Rs 1.58 billion (EPS: Rs 15.88) reported in the same period of last year, showing a jump of 35.7% YoY.

Along with the result, the company announced an interim cash dividend of Rs 2.50/share i.e. 25% for the six months period ended.

Despite a 22.6% YoY decline in net sales, the company managed to lift its profitability on the back of lower cost of sales which dipped by 24.7% YoY attributable to lower ex-refinery prices across the board. As a result, the gross margins of the company jacked up by 4.5% from 2.2% in 1HFY20.

The other income of the company posted a meager decline of 6% YoY.

On the other hand, Operating expenses continued their upward trajectory, posting a 40% YoY growth. In addition to this, the negative net finance income and increase in impairment losses continued to burden the bottom-line for a period under review.

The effective tax rate of the company came in at 28%, which is 2ppts lower than the APL booked in the corresponding period of last year.

Consolidated Financial Results for the half-year ended December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	% Change
Sales	105,595,348	136,130,849	-22.43%
Sales tax and other govt levies	(15,625,053)	(19,875,117)	-21.38%
Net sales	89,970,295	116,255,732	-22.61%
Cost of products sold	(85,210,167)	(113,228,428)	-24.74%
Gross profit	4,760,128	3,027,304	57.24%
Other income	534,955	569,495	-6.07%
Net impairment losses on financial assets	(156,036)	(125,258)	24.57%
Operating expenses	(1,797,505)	(1,281,460)	40.27%
Operating Profit	3,341,542	2,190,081	52.58%
Finance income	691,564	1,117,224	-38.10%
Finance costs	(790,761)	(722,084)	9.51%
Net finance income	(99,197)	395,140	-
Share of loss/profit of associated companies	(25,105)	(138,560)	-81.88%
Other charges	(222,514)	(177,417)	25.42%
Profit before taxation	2,994,726	2,269,244	31.97%
Provision for income tax	(848,431)	(688,550)	23.22%
Profit for the period	2,146,295	1,580,694	35.78%
Earnings per share - basic and diluted (Rupees)	21.56	15.88	35.77%

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