Attock Refinery Q1 2024 profit drops by half

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MG News | April 25, 2024 at 12:39 PM GMT+05:00

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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.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
  Mar 24 Mar 23 % Change
Sales - Net 80,402,179 94,729,478 -15.12%
Cost of sales (75,130,617) (81,235,081) -7.51%
Gross Profit / (Loss) 5,271,562 13,494,397 -60.94%
Administrative expenses (341,078) (287,136) 18.79%
Distribution expenses (24,656) (22,063) 11.75%
Finance income/ (costs) 7,873 (2,041,993) -
Impairment loss of financial assets (56,195) (60,771) -7.53%
Other Income 3,743,553 2,131,289 75.65%
Other charges (594,565) (918,744) -35.29%
Profit/ (Loss) before taxation 8,006,494 12,294,979 -34.88%
Taxation (3,087,593) (4,053,533) -23.83%
Net profit / (loss) for the period from refinery operations 4,918,901 8,241,446 -40.32%
Basic earnings/ (loss) per share from refinery operations 46.13 77.30 -

Amount in thousand except for EPS

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