APL reaps massive profits in 1QFY22

MG News | October 21, 2021 at 04:09 PM GMT+05:00

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October 21, 2021 (MLN): Attock Petroleum Limited (APL) has observed a net profit of Rs2.39 billion (EPS: Rs24) in the first quarter of the current fiscal year, showing a robust growth of 61% YoY against the net profit of Rs1.49bn (EPS: Rs14.92) reported in the corresponding period last year.

This growth in profits was due to increasing product prices, volumetric growth of 17% YoY and impairment reversals.

As per the financial results sent to PSX, the net sales of the company witnessed a 61.5% YoY to Rs72.84bn, thanks to increasing prices due to rising oil prices amid stronger economic recovery and dispatches. Resultantly, the gross profit surged to Rs4.69bn, up by 53% YoY in the said period.

The bottom line saw a significant uplift in the form of impairment reversal of Rs284mn for the quarter. Meanwhile, the share of profit from associated companies stood at Rs24mn against the loss of Rs5.4mn in 1QFY21.

However, the net finance cost of the company showed a two-fold increase that clocked in at Rs62mn.

On the tax front, the company paid tax worth Rs992mn, up by 53.4% YoY.

Profit and Loss Account for the Quarter Ended September 30, 2021 ('000 Rupees)
	Sep-21	Sep-20	% Change
Sales	83,544,397	52,970,745	57.72%
Sales tax and other govt levies	(10,706,879)	(7,855,697)	36.29%
Net sales	72,837,518	45,115,048	61.45%
Cost of products sold	(68,143,576)	(42,055,118)	62.03%
Gross profit	4,693,942	3,059,930	53.40%
Other income	356,196	211,288	68.58%
Net impairment reversal/ (losses) on financial assets	284,243	(80,835)	-
Operating expenses	(1,668,737)	(863,840)	93.18%
Operating Profit	3,665,644	2,326,543	57.56%
Finance income	276,362	385,139	-28.24%
Finance costs	(338,730)	(416,046)	-18.58%
Net finance income	(62,368)	(30,907)	101.79%
Share of loss/profit of associated companies	24,825	(5,412)
Other charges	(247,284)	(157,544)	56.96%
Profit before taxation	3,380,817	2,132,680	58.52%
Provision for income tax	(992,513)	(647,224)	53.35%
Profit for the period	2,388,304	1,485,456	60.78%

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