Attock Petroleum profit soars 7.83%

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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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