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HomeEquityThe net profitability of Attock Petroleum drops by 24.85% YoY in 1HFY20

The net profitability of Attock Petroleum drops by 24.85% YoY in 1HFY20

January 22, 2020 (MLN): Attock Petroleum Limited (APL) has announced its financial results for 1HFY20 ended on December 31, 2019. According to which it has posted its net profits of Rs 1.58 billion (EPS: Rs 15.88), lower by 24.85% YoY compared to last year net profit of Rs 2.10 billion (EPS: Rs 21.13).

The earnings are against the market expectations as all three brokerage houses projected an increase in APL’s profitability.

This decrease in profitability is attributed to the decline in volumes during 1HFY20 when compared to the same period of last fiscal year.

The company’s net revenues marginally inched up by 0.94% YoY, but more than proportionate increase in the cost of sales (up by 1.86% YoY) made the gross profits decreased by 24.46% YoY from Rs. 4 billion to Rs. 3.02 billion. Therefore, the gross margin shrunk by 0.83 per cent points during 1HFY20.

More notably, the company’s other income and net finance-income soared by 20.84% and 37.64% respectively, YoY. On the other hand, the company incurred net impairment losses of Rs. 125 million on financial assets during 1HFY20.

During the period under review, the share of loss of associated companies was Rs 138 million. The company witnessed a decline in tax expenses by 24.84% YoY which provided a cushion to its net earnings.

APL announced an interim cash dividend for the six months ended December 31, 2019, at Rs.5 per share i.e. 50%.

Profit and Loss Account for the Half-year Ended December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Sales

 136,130,849

 131,407,538

3.59%

Sales tax and other govt levies

 (19,875,117)

 (16,238,867)

22.39%

Net sales

 116,255,732

 115,168,671

0.94%

Cost of products sold

 (113,228,428)

 (111,160,949)

1.86%

Gross profit

 3,027,304

 4,007,722

-24.46%

Other income

 569,495

 471,285

20.84%

Net impairment losses on financial assets

 (125,258)

 –

Operating expenses

 (1,281,460)

 (1,644,751)

-22.09%

Operating Profit

 2,190,081

 2,834,256

-22.73%

Finance income

 1,117,224

 686,036

62.85%

Finance costs

 (722,084)

 (398,121)

81.37%

Net finance income

 395,140

 287,915

37.24%

Share of loss/profit of associated companies

 (138,560)

 13,265

 

Other charges

 (177,417)

 (156,785)

13.16%

Profit before taxation

 2,269,244

 2,978,651

-23.82%

Taxation

 (688,550)

 (875,469)

-21.35%

Profit for the period

 1,580,694

 2,103,182

-24.84%

Earnings per share – basic and diluted (Rupees)

 15.88

 21.13

-24.85%

Copyright Mettis Link News

 

Posted on: 2020-01-22T10:29:00+05:00

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