APL's bottom-line gains drop 30 percent

MG News | July 30, 2019 at 11:02 AM GMT+05:00

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July 30, 2019 (MLN): Attock Petroleum Limited (APL) has incurred a 30% decline in its annual net profit for FY19 which stood at Rs.3.96 billion (EPS: RS.39.79 per share) against prior year’s profit of Rs.5.66 billion (EPS: Rs.56.83 per share).

The company’s profits came down on account of cost overrun which pulled gross profit (Rs.8.2 billion) by 16%, YoY. Therefore, the gross margin shrunk by 129 basis points.

Moreover, the operating expenses (Rs.3.6 billion) expanded by 41% over the year, thus bringing down the operating profit (Rs.5.7 billion) by 29%, YoY.

In addition to this, a final cash dividend at Rs.10 per share, i.e. 100%, in addition to an interim dividend already paid at Rs.10 per share, was recommended.

Profit and Loss Account for the Year Ended June 30, 2019 ('000 Rupees)
	Jun-19	(Restated) Jun-18	% Change
Sales	256,661,187	216,888,196	18.34%
Sales tax and other govt levies	(33,606,835)	(39,671,459)	-15.29%
Net sales	223,054,352	177,216,737	25.87%
Cost of products sold	(214,833,185)	(167,473,443)	28.28%
Gross profit	8,221,167	9,743,294	-15.62%
Other income	1,148,305	884,577	29.81%
Net impairment losses on financial assets	(70,798)	(1,932)	3564.49%
Operating expenses	(3,590,296)	(2,540,614)	41.32%
Operating Profit	5,708,378	8,085,325	-29.40%
Net finance income	550,298	677,601	-18.79%
Share of loss of associated companies	(222,485)	(34,139)	551.70%
Other charges	(313,334)	(439,475)	-28.70%
Profit before taxation	5,722,857	8,289,312	-30.96%
Provision for income tax	(1,762,251)	(2,632,963)	-33.07%
Profit for the year	3,960,606	5,656,349	-29.98%
Earnings per share - basic and diluted (Rupees)	39.79	56.83	-29.98%

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