Attock Petroleum Limited records 30% decline in profits

KARACHI: Attock Petroleum Limited (APL) unveiled its FY19 financial results with profit after tax at PKR3.96 billion (EPS PKR39.79) versus PKR5.66 billion (EPS PKR56.83) recorded last year, down 30%YoY.

Earnings of the company arrived above expectation owing to higher than estimated gross level margins in 4QFY19 likely on the back of inventory gains booked by the company.

In terms of quarterly performance, 4QFY19 bottom-line rose 13%YoY to PKR1.57 billion (EPS PKR15.80) compared to PKR1.39 billion (EPS PKR13.99) in the same quarter last year.

With regards to payout, Attock Petroleum Limited (APL) declared a final cash dividend of PKR10.0/share, taking cumulative cash payout for FY19 to PKR20.0/share.

Sales revenue of the company arrived 26%YoY higher at PKR223.1 billion during FY19 despite decline in company’s overall volumetric sales (-21%YoY) as higher petrol, oil, lubricant (POL) prices supported top-line.

Gross profits of the company arrived at PKR8.22 billion as compared to PKR9.74 billion in FY18, down 16%YoY, with gross level margins 1.8ppsYoY lower at 3.7%.

Other income rose 30%YoY at PKR1.15 billion in FY19 whereas tax expense fell 33%YoY with effective tax rate for FY19 arriving at 31%.

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