Attock Petroleum profit soars 7.83%

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.