Attock Refinery's profit falls 16% to Rs3.6bn

September 02, 2024 (MLN): Attock Refinery Limited (PSX: ATRL) experienced a fall of 16.4% in its earnings during the second quarter of 2024, with its profit after tax declining to Rs3.56 billion [EPS: Rs33.40], compared to a profit of Rs5.23bn [EPS: Rs49.03] in the same period last year (SPLY).

In the full year ending June 2024, the refinery company posted a 15.8% lower profit worth Rs25.2bn [EPS: Rs236.76], compared to a profit of Rs29.2bn [EPS: Rs236.76] in 2023.

Along with the results, the company announced a final cash dividend of Rs12.5 per share i.e. 125%. This is in addition to the interim dividend already paid at Rs2.5 per share.

During FY24, the company's sales revenue increased 3.7% to Rs382.92bn as compared to Rs369.22bn in SPLY.

However, the cost of sales also rose by 9.2%, worsening the gross profit by 36.1% to Rs28.79bn in FY24.

The gross margins fell to 7.5% as compared to 12.2% in SPLY.

During the year, other income grew by 80.5% to stand at Rs15.02bn in FY24 as compared to Rs8.32bn in SPLY.

On the expense side, the company's administrative expenses rose 12.9% YoY to Rs1.4bn, selling and distribution expenses rose 6.3% YoY to Rs103.19m, and other operating expenses fell 15.3% YoY to Rs2.94bn.

On the tax front, the company paid a lower tax worth Rs15.07bn against the Rs18.19bn paid in the corresponding period of last year, depicting a decrease of 17.1%.

Amount in thousand except for EPS

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