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CPI Preview: Inflation to fall below 14% YoY in May

APL’s bottom-line gains drop 30 percent

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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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Posted on: 2019-07-30T11:02:00+05:00

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