ATRL turns to profit

April 22, 2022 (MLN): Attock Refinery Limited (PSX: ATRL) has announced its financial results for the 9MFY22 whereby it has witnessed a large positive swing in its consolidated net profits worth Rs5.21 billion (EPS: Rs48.83) against a huge loss of Rs90.79mn (LPS: Rs0.85) recorded in the same period of preceding fiscal year.

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 86.4% YoY, while its cost of sales also surged by 78% YoY, as a result of this, the gross profit of the company clocked in at Rs4.78bn in 9MFY22.

On the expense front, the company witnessed an upsurge of 9.6% YoY and 57.2% YoY in its administrative and distribution cost, respectively.  Meanwhile, the other charges of the company ballooned to Rs310mn.

The other major positive highlight was impairment reversal on financial assets of Rs290mn coupled with a more than two-fold increase in the share of the profit earned by associated companies to Rs2.34bn during 9MFY22.

On the other hand, the financial cost of the company stood at Rs1.21bn during 9MFY22, depicting an increase of 92% YoY, mainly on the back of a higher interest rate regime which has somewhat offset the impact of sales revenue.

Among other line items, the other income of the company observed a decline of 9%YoY to R1.22bn.

The company booked a tax expense of Rs1.18bn during 9MFY22 against a tax reversal of Rs439mn in 9MFY21.

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