Attock Petroleum Limited (APL) announced the financial result for 9MFY24, whereby the company has posted a net profit of PKR 10,780mn (EPS: PKR 86.65) against PKR 9,836mn (EPS: PKR 79.06) in 9MFY23, up by 10% YoY. During 3QFY24, the bottom-line settled at PKR 2,981mn (EPS: PKR 23.96), down by 31% YoY.

Result Highlights      

• Net sales during 9MFY24 climbed up by 13% YoY, clocking in at PKR 395,678mn on account of i) higher average retail price of petroleum, and ii) jump in MS and HSD offtake by 3% YoY each while FO sales plummeted by 24% YoY. On a quarterly basis, the topline settled at PKR 123,768mn, up by 9% YoY owing to increase in petroleum prices tagged growth in MS and HSD dispatches by 8% and 1% YoY, respectively.
• Gross margins of the company reduced by 109bps YoY to 4.5% in 9MFY24. On the other hand, the gross margins in 3QFY24 arrived at 3.7% vis-à-vis 6.9% in SPLY owed to lower inventory gains during the quarter.
• The operating expenses during 9MFY24 declined by 26% YoY, arriving at PKR 5,452mn owing to lower exchange loss during the period. Whereas, operating expenses in 3QFY24 settled at PKR 1,593mn, reducing by 25% YoY owed to the aforementioned reason.
• Finance cost reduced by 29% YoY to PKR 1,165mn in 9MFY24 given fall in markup charged on late payments during the period. The finance cost during 3QFY24 clocked in at PKR 391mn, down by 32% YoY due to the reason stated above.
• The company recorded effective taxation at 39% in 3QFY24 vis-à-vis 34% in 3QFY23.

AHL

Pakistan Oilfields Limited earnings settled at PKR 105.47/share in 9MFY24