Attock Refinery profit plunges 71%
MG News | October 18, 2024 at 03:44 PM GMT+05:00
0:00
October 18, 2024 (MLN): Attock Refinery Limited's (PSX: ATRL) profit slumped 71% in the third quarter of 2024 as its margins eroded.
The company earned a profit after tax of Rs3.03 billion [EPS: Rs31.22] in the quarter ending September 2024, compared to a profit of Rs11.22bn [EPS: Rs107.53] recorded in the same period last year (SPLY).
Its revenue plunged 25.3% to Rs80.62bn from Rs107.85bn in SPLY. Gross profit plummeted 89.4% to Rs1.78bn in Q3 2024.
The gross margins worsened to 2.2% as compared to 15.6% in SPLY.
On the tax front, the company paid an effective tax rate of 38.5% as compared to 39.0% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 80,619,874 | 107,849,277 | -25.25% |
| Cost of sales | (78,837,638) | (91,071,558) | -13.43% |
| Gross Profit/ (loss) | 1,782,236 | 16,777,719 | -89.38% |
| Administrative Expenses | (428,980) | (316,058) | 35.73% |
| Selling And Distribution Expenses | (23,937) | (20,358) | 17.58% |
| Other Gains / (Losses) | - | (732) | - |
| Provision Reversed / (Charged) | 7,968 | - | - |
| Other Income | 4,052,757 | 3,240,558 | 25.06% |
| Other Operating Expenses | (370,610) | (1,372,172) | -72.99% |
| Finance Cost | (94,677) | 90,010 | - |
| Profit/ (loss) before taxation | 4,924,757 | 18,398,967 | -73.23% |
| Taxation | (1,896,338) | (7,175,597) | -73.57% |
| Net profit/ (loss) from refinery operations | 3,028,419 | 11,223,370 | -73.02% |
| Net profit/ (loss) from non-refinery operations | 301,189 | 240,951 | 25.00% |
| Net profit/ (loss) for the period | 3,329,608 | 11,464,321 | -70.96% |
| Basic earnings/ (loss) per share | 31.22 | 107.53 | - |
Amount in thousand except for EPS
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