Attock Petroleum profit plunges 55%
MG News | October 18, 2024 at 12:36 PM GMT+05:00
October 18, 2024 (MLN): Attock Petroleum Limited (PSX: APL) net profit fell 54.7% to Rs2.38 billion [EPS: Rs19.17] in quarter ending September 2024 from last year as its margins slumped.
That compares to a profit of Rs5.26bn [EPS: Rs42.27] recorded in the same period last year (SPLY).
Going by the unconsolidated results, the company's revenue slipped 17.4% to Rs112.72bn as compared to Rs136.44bn in SPLY.
The cost of sales also fell by 13.9% but was less than proportionate to sales decline, which worsened the gross profit by 60.6% to Rs4.05bn in Q3 2024.
The gross margins fell to 3.6% as compared to 7.5% in SPLY.
During the period under review, other income rose 30.4% to stand at Rs2.92bn in Q3 2024 as compared to Rs2.24bn in SPLY.
The company’s finance cost rose by 29.8% and stood at Rs485.94m as compared to Rs374.43m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs1.51bn against the Rs3.51bn paid in the corresponding period of last year, depicting a decrease of 57.0%.
This translates to an effective tax rate of 38.8% as compared to 40.1% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 112,718,079 | 136,439,392 | -17.39% |
| Cost of sales | (108,667,041) | (126,165,485) | -13.87% |
| Gross Profit/ (loss) | 4,051,038 | 10,273,907 | -60.57% |
| Other Gains / (Losses) | 3,306 | (7,480) | - |
| Share Of Profit / (Loss) | (4,261) | (3,357) | 26.93% |
| Other Income | 2,917,421 | 2,236,551 | 30.44% |
| Other Operating Expenses | (2,586,494) | (3,351,826) | -22.83% |
| Finance Cost | (485,941) | (374,427) | 29.78% |
| Profit/ (loss) before taxation | 3,895,069 | 8,773,368 | -55.60% |
| Taxation | (1,510,445) | (3,513,803) | -57.01% |
| Net profit/ (loss) for the period | 2,384,624 | 5,259,565 | -54.66% |
| Basic earnings/ (loss) per share | 19.17 | 42.27 | - |
Amount in thousand except for EPS
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