Attock Refinery Q1 2024 profit drops by half
MG News | April 25, 2024 at 12:39 PM GMT+05:00
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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