Attock Petroleum earns Rs3bn profit in Apr-Jun quarter

MG News | September 02, 2024 at 11:00 AM GMT+05:00

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September 02, 2024 (MLN): Attock Petroleum Limited (PSX: APL) earned a profit after tax of Rs3.04 billion [EPS: Rs24.44] during the April-June quarter despite a slump in gross margins.

That is up 15.9% compared to a profit of Rs2.62bn [EPS: Rs21.09] in the same period last year (SPLY) due to a significant jump in other income and a decline in finance costs.

Along with the results, the company announced a final cash dividend for the year ending June 2024 of Rs17.5 per share i.e. 175%. This is in addition to the interim dividend already paid at Rs10 per share.

The company's sales marked an increase of 6.1% to Rs130.64bn as compared to Rs123.1bn in SPLY.

However, the cost of sales also rose by 8.4% which was higher than proportionate to sales rise, worsening the gross profit by 35.3% to Rs4.07bn in Q2 2024.

The gross margins fell to 3.1% as compared to 5.1% in SPLY.

On the other hand, the company's other income surged 76.8% to stand at Rs4.2bn in Q2 2024 as compared to Rs2.37bn in SPLY.

On the expense side, the company's other operating expenses rose 3.17% YoY to Rs2.54bn.

The company’s finance cost fell by 30.9% and stood at Rs454.17m as compared to Rs657.02m in SPLY.

On the tax front, the company paid a lower tax worth Rs2.23bn against the Rs3bn paid in the corresponding period of last year, depicting a decrease of 25.5%.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	130,638,437	123,103,302	6.12%
Cost of sales	(126,564,495)	(116,809,704)	8.35%
Gross Profit/ (loss)	4,073,942	6,293,598	-35.27%
Other Gains / (Losses)	24,531	17,798	37.83%
Share Of Profit / (Loss)	(27,694)	55,352	-
Other Income	4,196,719	2,373,777	76.79%
Other Operating Expenses	(2,540,600)	(2,462,474)	3.17%
Finance Cost	(454,167)	(657,024)	-30.88%
Profit/ (loss) before taxation	5,272,731	5,621,027	-6.20%
Taxation	(2,231,349)	(2,996,482)	-25.53%
Net profit/ (loss) for the period	3,041,382	2,624,545	15.88%
Basic earnings/ (loss) per share	24.44	21.09	-

Amount in thousand except for EPS

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