Attock Petroleum profit soars 7.83%
MG News | January 27, 2025 at 01:01 PM GMT+05:00
January 27, 2025 (MLN): Attock Petroleum Limited (PSX: APL) net profit rose 7.83% to Rs2.7 billion [EPS: Rs22.01] in quarter ending December 2024 from last year as its margins slumped.
That compares to a profit of Rs2.5bn [EPS: Rs20.42] recorded in the same period last year (SPLY).
The company has declared an interim cash dividend of Rs12.50 per share for the six-month period ended December 31, 2024, representing 125%.
Moreover, the cost of sales fell by 13.06%, improving the gross profit by 29.39% to Rs4.01bn in Q1 FY25.
The gross margins rose to 3.6% as compared to 3.3% in SPLY.
During the period under review, other income rose 7.76% to stand at Rs504mn in Q3 2024 as compared to Rs468mn in SPLY.
The company’s finance cost rose by 27.98% and stood at Rs510m as compared to Rs398.98m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs1.45bn against the Rs1.40bn paid in the corresponding period of last year, depicting a decrease of 3.62%.
This translates to an effective tax rate of 53.17% as compared to 55.33% in SPLY.
| Profit and Loss Account for the Quarter Ended December 31, 2021 ('000 Rupees) | |||
| Dec-24 | Dec-23 | % Change | |
| Sales | 120,819,742 | 137,927,342 | -12.40% |
| Sales tax and other govt levies | (1,720,420) | (2,456,541) | -29.97% |
| Net sales | 119,099,322 | 135,470,801 | -12.08% |
| Cost of products sold | (115,085,615) | (132,368,716) | -13.06% |
| Gross profit | 4,013,707 | 3,102,085 | 29.39% |
| Other income | 504,717 | 468,358 | 7.76% |
| Net impairment reversal/ (losses) on financial assets | 14,184 | 39,694 | - |
| Operating expenses | (1,848,243) | (1,146,044) | 61.27% |
| Operating Profit | 2,684,365 | 2,464,093 | 8.94% |
| Finance income | 1,743,270 | 2,183,897 | -20.18% |
| Finance costs | (510,605) | (398,980) | 27.98% |
| Net finance cost | 1,232,665 | 1,784,917 | -30.94% |
| Share of profit/loss of associated companies | 548,180 | 26,065 | 2003% |
| Other charges | (268,815) | (291,598) | -7.81% |
| Profit before taxation | 4,196,395 | 3,983,477 | 5.35% |
| Provision for income tax | (1,456,477) | (1,405,545) | 3.62% |
| Profit for the period | 2,738,869 | 2,540,078 | 7.83% |
| Earnings per share - basic and diluted (Rupees) | 22.01 | 20.42 | 7.79% |
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