Attock Petroleum earns Rs3bn profit in Apr-Jun quarter
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MG News | September 02, 2024 at 11:00 AM GMT+05:00
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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