Attock Petroleum's 1QFY24 profit surges to Rs5.26bn

October 10, 2023 (MLN): Attock Petroleum Limited (PSX: APL) 's profitability increased by 22.61% YoY for the first quarter of FY24, clocking in its profit after tax at Rs5.26bn [EPS: Rs42.27], compared to a profit of Rs4.29bn [EPS: Rs34.48] in the same period last year (SPLY).

Going by the results, the company's top line rose by 10.09% YoY to Rs136.44bn as compared to Rs123.93bn in SPLY.

The cost of products sold also rose by 10.73% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 2.83% YoY to Rs10.27bn in 1QFY24.

During the period under review, other income dipped by 50.34% YoY to stand at Rs194.02m in 1QFY24 as compared to Rs390.69m in SPLY.

On the expense side, the company observed a fall in net impairment loss on financial assets by 77.82% YoY and operating expenses by 27.54% YoY to clock in at Rs7.48m and Rs2.71bn respectively during the review period.

The company’s finance income surged by 2.78x YoY and stood at Rs2.04bn in 1QFY24.

On the tax front, the company paid a higher tax worth Rs3.51bn against the Rs2.16bn paid in the corresponding period of last year, depicting a rise of 62.55% YoY.

Amount in thousand except for EPS

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