Attock Refinery Q1 2024 profit drops by half

April 25, 2024 (MLN): Attock Refinery Limited (PSX: ATRL) unveiled its profit and loss statement for the three months ended 2024, wherein the profit after tax almost halved to Rs4.92 billion [EPS: Rs46.13] compared to a profit of Rs8.24bn [EPS: Rs77.30] in the same period last year (SPLY).

Going by the unconsolidated results, the company's top line contracted by 15.1% YoY to Rs80.4bn as compared to Rs94.73bn in SPLY.

The cost of sales also fell 7.5% YoY but was lesser than proportionate to sales decline, which worsened the gross profit by 60.9% YoY to Rs5.27bn in 1Q2024.

The gross margins worsened to 6.56% as compared to 14.25% in SPLY.

During the review period, other income surged by 75.7% YoY to stand at Rs3.74bn in 1Q2024 as compared to Rs2.13bn in SPLY.

On the expense side, the company observed an increase in administrative expenses by 18.8% YoY while other expenses fell by 35.3% YoY to clock in at Rs341.08m and Rs594.57m respectively during the review period.

On the tax front, the company paid a lower tax worth Rs3.09bn against the Rs4.05bn paid in the corresponding period of last year, depicting a decrease of 23.8% YoY.

Amount in thousand except for EPS

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