Attock Petroleum profit plunges 55%

MG News | October 18, 2024 at 12:36 PM GMT+05:00

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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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