August 29, 2023 (MLN): Attock Petroleum Limited (PSX: APL) 's profitability declined significantly by 32.78% YoY in FY23, clocking in its profit after tax at Rs12.46bn [EPS: Rs100.15] compared to a profit of Rs18.54bn [EPS: Rs148.99] in the same period last year (SPLY).
Along with the results, the company announced a Final Cash Dividend for the fiscal year ended June 30, 2023, at Rs15 per share i.e. 150% to all shareholders of the company.
This is in addition to the Interim Dividend already paid at Rs. 12.50 per share i.e. 125%.
Going by the results, the company's net revenue marked an increase of 28.07% YoY to Rs473.94bn as compared to Rs370.07bn in SPLY.
The cost of sales rose by 36.10% YoY, higher than proportionate to sales increase, which worsened the gross profit by 36.42% YoY to Rs26.07bn in FY23.
However, during the review period, other income went up by 6.70% YoY to stand at Rs1.73bn in FY23 as compared to Rs1.62bn in SPLY.
On the expense side, the company observed a decline in operating expenses by 8.14% YoY and other expenses by 34.04% YoY to clock in at Rs9.38bn and Rs1.48bn respectively during the review period.
The company’s finance costs rose by 44.09% YoY and stood at Rs2.29bn as compared to Rs1.59bn in FY23, mainly due to higher interest rates.
On the other hand, APL witnessed a massive surge of 3.42x in its finance income to clock in at Rs5.50bn in FY23 compared to Rs1.61bn in SPLY, providing major support to its profitability.
The inflow through the share of profit from associated companies rose to Rs247.92m as compared to Rs78.76m in FY22, depicting a significant growth of 3.15x.
On the tax front, the company paid a lower tax worth Rs7.92bn against the Rs12.07bn paid in the corresponding period of last year, depicting a decrease of 34.37% YoY due to lower profit before taxation.
| Unconsolidated Financial Results for Year ended 30 June 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 487,718,441 | 398,383,517 | 22.42% |
| Sales tax and other government levies | -13,780,112 | -28,308,588 | -51.32% |
| Net Revenue | 473,938,329 | 370,074,929 | 28.07% |
| Cost of sales | (447,867,661) | (329,071,837) | 36.10% |
| Gross Profit | 26,070,668 | 41,003,092 | -36.42% |
| Net impairment (loss) / reversal on financial assets | (11,478) | 348,787 | – |
| Operating Expenses | (9,383,133) | (10,214,671) | -8.14% |
| Other Income | 1,731,388 | 1,622,715 | 6.70% |
| Other expenses | (1,483,782) | (2,249,653) | -34.04% |
| Share of profit of associated companies | 247,923 | 78,756 | 214.80% |
| Finance Income | 5,500,097 | 1,607,795 | 242.09% |
| Finance cost | (2,286,714) | (1,587,052) | 44.09% |
| Profit before taxation | 20,384,969 | 30,609,769 | -33.40% |
| Taxation | (7,924,179) | (12,073,426) | -34.37% |
| Net profit for the period | 12,460,790 | 18,536,343 | -32.78% |
| Basic and diluted earnings/ (loss) per share | 100.15 | 148.99 | – |
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Posted on: 2023-08-29T11:39:14+05:00
