Attock Refinery profit plunges 71%

By MG News | October 18, 2024 at 03:44 PM GMT+05:00

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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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