Volatile oil prices and PKR devaluation weigh on ATRL's profitability: PACRA

By MG News | May 31, 2019 at 11:13 AM GMT+05:00

0:00

May 31, 2019 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained the entity ratings of Attock Refinery Limited (ARL) at ‘AA’ for ‘long term’ and at ‘A1+’ for ‘short term’. The outlook forecasted on this rating action remains ‘stable’, as it was during the previous rating action on December 7, 2018.

According to PACRA, the ratings reflect ARL's very strong risk absorption capacity emanating from sizable equity base.

“The volatility in the oil prices coupled with deep depreciation in Pak Rupee against dollar led to negative profitability,” pointed out the agency in its press release on this occasion.

The Company’s association with the countries only integrated oil group - Attock Group (AG) - remains a source of comfort for the ratings.

Adding on, PACRA said that the ratings are also dependent on ARL's ability to effectively shield its business profile from volatility in international oil prices.

Related News

Name	Price/Vol	%Chg/NChg
KSE100	131,949.07 198.95M	0.97% 1262.41
ALLSHR	82,069.26 730.83M	0.94% 764.01
KSE30	40,387.76 80.88M	1.11% 442.31
KMI30	191,376.82 77.76M	0.36% 678.77
KMIALLSHR	55,193.97 350.11M	0.22% 119.82
BKTi	35,828.25 28.42M	3.64% 1259.85
OGTi	28,446.34 6.84M	-1.02% -293.01

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	109,545.00	110,525.00 107,865.00	-870.00 -0.79%
BRENT CRUDE	67.69	67.96 67.22	-0.61 -0.89%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	0.75 0.78%
ROTTERDAM COAL MONTHLY	106.00	106.00 105.85	-2.20 -2.03%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	65.89	67.18 65.40	-1.11 -1.66%
SUGAR #11 WORLD	16.37	16.40 15.44	0.79 5.07%