October 25, 2022 (MLN): Attock Refinery Limited (PSX: ATRL) has posted remarkable profits after tax worth Rs7.5 billion [EPS: Rs70.51] for the quarter that ended on September 30, 2022, compared to Rs144.8 million [EPS: Rs1.36] earned in the same period last year (SPLY).
The notable surge in the profitability of the company is largely attributable to net sales and share of profits from its associated companies.
Going by the financial result sent to PSX, the net sales of the company increased by more than two folds to stand at Rs99bn, while its cost of sales also surged by 95% YoY, as a result of this, the gross profit of the company clocked in at Rs9.97bn in 1QFY23.
On the expense front, the company witnessed an upsurge of 75.2% YoY and 29.64% YoY in its administrative and distribution cost, respectively. Meanwhile, the other charges of the company ballooned to Rs741mn.
The company enjoyed a multi-fold increase in the share of the profit earned by associated companies which stood at Rs880mn during 1QFY23.
During the review period, ATRL faced an impairment loss on financial assets of Rs4.78mn.
Meanwhile, the financial cost of the company stood at Rs347mn, depicting an increase of 32% YoY, mainly on the back of a higher interest rate regime.
The company booked a tax expense of Rs3.2bn during 1QFY23 against Rs28.32mn paid in 1QFY23.
