Attock Petroleum profit falls 10.95% to Rs. 2.81 billion

Attock Petroleum Ltd. today announced financial results for quarter and half year ending December, 31st 2017. Analyst and Research House expectations for bottom line profits for the half year ending December, 2017 to average at around Rs. 2.5 billion.

Company reported bottom line profits at around 2.810 billion down 10.9% from, above expectations. Analysts expected a decline in earnings primarily due to foreign exchange rate losses during second quarter of fiscal year 2018, as Rupee depreciated by nearly 4.5% during the month of December, 2017. However, the decline in earnings was expected to be offset by 12% – +9% year on year increase in MS/HSD sales and estimated inventory gains of PKR 149mn.

Net Sales for the period clocked in Rs. 76.345 billion against Rs. 61.495 billion from same period last year; up by 24.15%. Operating Expenses, Finance Costs took away more than Rs. 1.46 billion from bottom-line profits after a jump of 38.94% and 96. 37% was recorded in Op: Expenses and Finance Costs respectively.

APL reported an earnings per share of Rs. 33.88 – beating market expectations of Rs. 30 – down by 11% from same period last year.

Attock Petroleum Board approved an interim cash dividend for the six months at Rs. 15.00 per share i.e. 150%.

Comparison of Key Financials

Unconsolidated Profit and Loss Account – For the Half Year Ended, December 2017

Key Financials

2017

2016

% Change

 

Amounts in PKR ‘000

Sales

94,864,901

76,354,202

24.24%

Sales tax

18,519,533

14,859,114

24.63%

Net Sales

76,345,368

61,495,088

24.15%

Cost of products sold

71,946,652

57,576,346

24.96%

Gross profit

4,398,716

3,918,742

12.25%

Other income

413,973

480,654

-13.87%

Operating expenses

1,216,377

875,450

38.94%

Operating profit

3,596,312

3,523,946

2.05%

Finance income

654,268

558,341

17.18%

Finance costs

258,671

131,725

96.37%

Net finance income

385,597

426,616

-9.61%

Share of profit of associated companies

101,490

67,736

49.83%

Provision for/reversal of other charges

200,925

462,698

-56.58%

Profit before taxation

3,892,474

4,480,996

-13.13%

Provision for income tax

1,082,000

1,324,070

-18.28%

Profit for the period

2,810,474

3,156,070

-10.95%

EPS – Basic and diluted

33.88

38.06

-10.98%

Company release on Earnings Report can be accessed here.

Posted on: 2018-01-24T13:05:00+05:00