Attock Refinery reports 12x increase in net profits during FY22

MG News | August 16, 2022 at 09:14 PM GMT+05:00

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August 16, 2022, (MLN): Attock Refinery Limited (PSX: ATRL) has announced its financial results for the FY22 wherein it reported a whopping 12x YoY increase in net profits to Rs12.9 billion (EPS: R121.49), compared to the profits of Rs1bn (EPS: Rs10) in FY21.

Alongside financial results, the company announced a cash dividend of Rs10 per share for the period under review.

The profitability of the company is largely attributable to net sales and share of profits from its associated companies.

Going by the financial result sent to PSX, the net sales of the company increased by 2x YoY, while its cost of sales also surged by 87% YoY, as a result of this, the gross profit of the company clocked in at Rs18.8bn during FY22 compared to the gross loss of Rs2.4bn in FY21. The gross margins during the year stood at 7%, led by higher revenues.

On the expense front, the company witnessed an upsurge of 14% YoY and 47% YoY in its administrative and distribution cost, respectively. Meanwhile, the other charges of the company ballooned to Rs1.1bn. the company booked impairment loss of Rs1.98bn on investment in associated company, compared to the reversal of Rs1.6bn in previous fiscal year.

The other major positive highlight was share of profit from associated companies which jumped by 3.4x YoY to Rs5.8bn.

On the other hand, the financial cost of the company stood at Rs3.3bn during FY22, depicting an increase of 5x YoY, mainly on the back of a higher interest rate regime which has somewhat offset the impact of sales revenue.

Among other line items, the other income of the company observed a jump of 58.4%YoY to R2bn.

The company booked a tax expense of Rs6.2bn during FY22 against a tax reversal of Rs78.9mn in FY21.

Consolidated profit and loss account for the year ended June 30th 2022 ('000 Rupees)
	Jun-22	Jun-21	% Change
Gross sales	305,519,808	192,361,466	58.83%
Taxes, duties, levies and price differential	(43,412,589)	(64,525,537)	-32.72%
Net sales	262,107,219	127,835,929	105.03%
Cost of sales	(243,305,567)	(130,298,894)	86.73%
Gross profit/(loss)	18,801,652	(2,462,965)
Administrative expenses	(948,292)	(830,100)	14.24%
Distribution cost	(76,835)	(52,184)	47.24%
Other charges	(1,192,534)	(9,283)	12746.43%
Other income	2,007,926	1,267,111	58.46%
Impairment reversal/(loss) on financial assets	35,551	410,601	-91.34%
Operating profit/(loss)	18,627,468	(1,676,820)
Finance cost	(3,294,017)	(636,584)	417.45%
Profit/(Loss) before taxation from refinery operations	15,333,451	(2,313,404)	-762.81%
Taxation	(6,204,040)	78,942
Profit/ (Loss) after taxation from refinery operations	9,129,411	(2,234,462)
Impairment loss/ Reversal on investment in associated companies	(1,981,825)	1,625,412
Share in profit of associated companies	5,804,652	1,676,892	246.16%
Profit/ (Loss) after taxation for the period	12,952,238	1,067,842	1112.94%
Earnings/ (Loss) per share - basic and diluted (rupees):
Refinery operations	85.63	(20.96)
Non-refinery operations	35.86	30.97	15.79%
	121.49	10.01	1113.69%

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