Higher inventory gains elevate net profits of Attock Petroleum

MG News | October 20, 2020 at 02:14 PM GMT+05:00

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October 20, 2020 (MLN): Attock Petroleum Limited has witnessed a 21% YoY increase in net profits for 1QFY21 ended on September 30^th, 2020, to Rs 1.485 billion against the net profits of Rs 1.225 billion reported in the same period last year.

The earnings per share of the company also exhibited an increase of 21% YoY to Rs 14.92 as opposed to Rs 12.31 in 1QFY20.

According to the research report by Arif Habib Limited, the top line dropped by 24% YoY to Rs 45 billion due to a decline in volumes of 2% YoY (volumes of Furnace Oil grew by 46% YoY while HSD and MS sales witnessed a decline of 29% and 15% YoY, respectively) along with lower retail prices of petroleum product prices compared to the same period last year.

During the period under review, the gross margins expanded from 3.03% to 5.78% amid higher inventory gains which supported earnings in 1QFY21.

More notably, financial income plunged by 25%YoY to Rs 385 million while the company bore the financial charges of Rs 416 million, up by 43% YoY during the said period.

In 1QFY21, the company witnessed a loss from associates of Rs 5 million mainly expected from loss by ATRL/NRL during the quarter, a report by Foundation Securities mentioned.

Profit and Loss Account for the Quarter Ended September 30, 2020 ('000 Rupees)
	Sep-20	Sep-19	% Change
Sales	52,970,745	69,318,339	-23.58%
Sales tax and other govt levies	(7,855,697)	(10,110,257)	-22.30%
Net sales	45,115,048	59,208,082	-23.80%
Cost of products sold	(42,055,118)	(57,107,729)	-26.36%
Gross profit	3,059,930	2,100,353	45.69%
Other income	211,288	293,234	-27.95%
Net impairment losses on financial assets	(80,835)	(73,783)	9.56%
Operating expenses	(863,840)	(557,886)	54.84%
Operating Profit	2,326,543	1,761,918	32.05%
Finance income	385,139	516,108	-25.38%
Finance costs	(416,046)	(290,466)	43.23%
Net finance income	(30,907)	225,642	-
Share of loss/profit of associated companies	(5,412)	(133,626)	-95.95%
Other charges	(157,544)	(99,378)	58.53%
Profit before taxation	2,132,680	1,754,556	21.55%
Provision for income tax	(647,224)	(529,342)	22.27%
Profit for the period	1,485,456	1,225,214	21.24%
Earnings per share - basic and diluted (Rupees)	14.92	12.31	21.20%

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