February 06, 2024 (MLN): Attock Refinery Limited (PSX: ATRL) has recorded a substantial increase in its earnings for 1HFY24, wherein the profit after tax clocked in at Rs17.56 billion [EPS: Rs164.7] compared to a profit of Rs15.91bn [EPS: Rs149.21] in the same period last year (SPLY).
Along with the financial results for 1HFY24, the Board of Directors (BoD) of ATRL has declared an interim cash dividend of Rs2.50/- per share i.e. 25% for the review period.
Analyzing the results, the company's top line surged by 18.12% YoY to Rs270.29bn as compared to Rs228.83bn in SPLY.
The taxes, duties, levies, and price differential towards sales were recorded at Rs64.33bn, significantly up by 61.64% YoY.
After subtracting these costs, the net revenue of the company stood at Rs205.96bn, in comparison to the net sales of Rs189.03bn recorded in 1HFY23.
The cost of sales rose by 10.03% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 0.33% YoY to Rs21bn in 1HFY24.
On the expense side, the company observed a rise in Distribution cost by 1.42% YoY and other expenses by 19.34% YoY to clock in at Rs42.56m and Rs1.93bn respectively during the review period.
Likewise, the ATRL's administrative expenses increased by 7.3% YoY to Rs707.46m during the review period.
The company's growth in profitability was further supported by the surge in other income and share of profit of associates to be recorded at Rs7.49bn and Rs1.65bn in 1HFY24.
The financial results further showed that ATRL reported an impairment reversal on financial assets of Rs24.43mm in contrast to an impairment loss of Rs26.86m in 1HFY23.
ATRL reported a net finance income of Rs85.53m, as in the SPLY, the company incurred a net finance cost of Rs213.34m.
On the tax front, the company paid a higher tax worth Rs10.01bn against the Rs7.13bn paid in the corresponding period of last year, depicting an increase of 40.43% YoY.
| Consolidated (un-audited) Financial Results for half year ended 31 December 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 270,294,355 | 228,834,770 | 18.12% |
| Taxes, duties, levies, and price differential | (64,334,109) | (39,801,380) | 61.64% |
| Net sales | 205,960,246 | 189,033,390 | 8.95% |
| Cost of sales | (184,958,717) | (168,101,842) | 10.03% |
| Gross Profit | 21,001,529 | 20,931,548 | 0.33% |
| Distribution cost | (42,560) | (41,966) | 1.42% |
| Administrative expenses | (707,463) | (659,359) | 7.30% |
| Impairment reversal / (loss) on financial assets | 24,433 | (26,864) | – |
| Share of profit of associates – net of tax | 1,647,850 | 1,433,172 | 14.98% |
| Other Income | 7,485,030 | 3,227,291 | 131.93% |
| Other expenses | (1,926,825) | (1,614,590) | 19.34% |
| Net finance cost | 85,533 | (213,339) | – |
| Profit before taxation | 27,567,527 | 23,035,893 | 19.67% |
| Taxation | (10,008,227) | (7,127,054) | 40.43% |
| Net profit for the period | 17,559,300 | 15,908,839 | 10.37% |
| Basic earnings/ (loss) per share | 164.70 | 149.21 | – |
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Posted on: 2024-02-06T12:01:34+05:00
