August 29, 2023 (MLN): Attock Refinery Limited (PSX: ATRL) 's profitability rose significantly by 2.37x YoY in FY23, clocking in its profit after tax at Rs30.67bn [EPS: Rs287.67] compared to a profit of Rs12.95bn [EPS: Rs121.49] 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 Rs12.50 per share i.e. 125% to all shareholders of the company.
ATRL's profit through refinery operations rose by 3.07x to Rs28.06bn, while the profits from non-refinery operations fell by 31.67% to Rs2.61bn in FY23.
The decline in the profit from non-refinery operations is attributed to a significant drop of 92.29% YoY in the share of profit from associated companies to stand at Rs447.29 million in FY23.
Going by the results, the company's net revenue grew by 40.92% YoY to Rs369.37bn as compared to Rs262.11bn in SPLY.
The cost of sales rose by 33.24% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 2.40x YoY to Rs45.2bn in FY23.
During the review period, other income surged by 4.15x YoY to stand at Rs8.34bn in FY23 as compared to Rs2.01bn in SPLY.
On the expense side, the company observed a rise in Selling and distribution expenses by 26.33% YoY and other expenses by 2.91x YoY to clock in at Rs97.06m and Rs3.47bn respectively during the review period.
Similarly, the administrative expenses rose to Rs1.34bn in FY23 compared to Rs948.29m last year, depicting an increase of 40.98% YoY.
The company’s finance costs fell by 29.70% YoY and stood at Rs2.32bn as compared to Rs3.29bn in FY22, mainly due to lower borrowing.
On the tax front, the company paid a higher tax worth Rs18.21bn against the Rs6.2bn paid in the corresponding period of last year, depicting a rise of 2.93x YoY.
| Consolidated Financial Results for Year ended 30 June 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | Change | |
| Gross sales | 461,279,482 | 305,519,808 | 50.98% |
| Taxes, duties, levies, discounts and price differential | (91,906,389) | (43,412,589) | 2.12x |
| Net Revenue | 369,373,093 | 262,107,219 | 40.92% |
| Cost of sales | (324,172,876) | (243,305,567) | 33.24% |
| Gross Profit | 45,200,217 | 18,801,652 | 2.40x |
| Selling and distribution expenses | (97,063) | (76,835) | 26.33% |
| Administrative expenses | (1,336,888) | (948,292) | 40.98% |
| Impairment (loss) I reversal on financial asset | (52,158) | 35,551 | – |
| Other Income | 8,336,012 | 2,007,926 | 315.16% |
| Other expenses | (3,471,691) | (1,192,534) | 191.12% |
| Finance cost | (2,315,630) | (3,294,017) | (29.70%) |
| Operating profit | 46,262,799 | 15,333,451 | 3.02x |
| Taxation | (18,205,130) | (6,204,040) | 2.93x |
| Profit after taxation from refinery operations | 28,057,669 | 9,129,411 | 3.07x |
| Impairment reversal (loss) on investment in an associated company | 2,164,812 | (1,981,825) | – |
| Share in profit of associated companies | 447,292 | 5,804,652 | (92.29%) |
| Profit for the year | 30,669,773 | 12,952,238 | 2.37x |
| Basic and diluted earnings/ (loss) per share | 287.67 | 121.49 | – |
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Posted on: 2023-08-29T13:37:33+05:00
