Attock Petroleum suffers decline in profits due to slower sales of furnace oil last quarter

MG News | January 22, 2019 at 02:16 PM GMT+05:00

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January 22, 2019 (MLN): Attock Petroleum Limited (APL) has reported a net income of Rs.2.1 billion for the half year ended December 2018, marking a descent of 25% when compared to the earning in corresponding period of FY18 (Rs.2.8 billion). The company’s EPS stands at PKR 21.13, while net margins have dropped by 1.3% to 1.6%.

Meanwhile, the net profit for the quarter is Rs.555.65 million, having weakened by 62% YoY as its EPS stands at PKR 5.58. According to Mr. Muhammad Nabeel at Pearl Securities, this decline can be attributed to the slowdown in sale of high margin furnace oil and lower inventory gains last year.

APL’s net sales (Rs.115.5 billion) during the 1HFY19 grew by 50.8% YoY, but due to a greater rise in cost of goods sold (+54%), the gross profits (Rs.4 billion) declined by 8.9%.

Additionally, the company’s expenditures on the whole, grew by larger margins as compared to its inflows which resulted in its pre-tax profits (Rs.2.98 billion) to drop by 23.5%, YoY.

The company’s Board of Directors have recommended an interim cash dividend for 1HFY19 at Rs.10 per share, i.e. 100%

Profit and Loss Account for the Half Year Ended December 31, 2018 ('000 Rupees)
	Dec-18	Dec-17	% Change
Sales	131,407,538	95,114,773	38.16%
Sales tax	(15,880,562)	(18,519,533)	-14.25%
Net sales	115,526,976	76,595,240	50.83%
Cost of products sold	(111,519,254)	(72,196,524)	54.47%
Gross profit	4,007,722	4,398,716	-8.89%
Other income	471,285	413,973	13.84%
Operating expenses	(1,644,751)	(1,216,377)	35.22%
Operating Profit	2,834,256	3,596,312	-21.19%
Finance income	686,036	654,268	4.86%
Finance cost	(398,121)	(258,671)	53.91%
Net finance income	287,915	395,597	-27.22%
Share of (loss)/profit of associated companies	13,265	101,490	-86.93%
Other charges	(156,785)	(200,925)	-21.97%
Profit before taxation	2,978,651	3,892,474	-23.48%
Provision for income tax	(875,469)	(1,082,000)	-19.09%
Profit for the year	2,103,182	2,810,474	-25.17%
Earnings per share - basic and diluted (Rupees)	21.13	28.24	-25.18%

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