Attock Petroleum Limited Reported a Rs. 2.81 Billion Profit During HY of 2017

Attock Petroleum Limited reported a Rs. 2.81 billion profit, down by 10.96 % for the half year ending 31st December 2017, as compared to Rs. 3.15 billion in the same period last year. The results were above the expectations of the market.

Earnings per share were down at Rs. 33.88, down 10.98 percent for the period July-December 2017 as compared to Rs. 38.06 at the end of 2016.

The company declared an interim cash dividend of Rs. 15.0 for the half year that ended December 31st, 2017.

Sales recorded a growth of 24.24 %, touching Rs. 94.86 billion for the half year ended 31st December 2017 against Rs 76.35 billion of the same period last year.

There was an expected decline in earnings primarily due to foreign exchange rate losses during the second quarter of fiscal year 2018, as Rupee depreciated by nearly 4.5% during the month of December, 2017. However, the decline in earnings was expected to be offset by 12% – 9% year on year increase in MS/HSD sales and estimated inventory gains of PKR 149 million.

Gross profit increased 12.25%, touching Rs. 4.39 billion for July-December 2017 against Rs. 3.91 billion at the end of 2016. Other income registered a decline of 13.96 percent, reaching Rs. 413 million compared to Rs. 480 million at the end of 2016.

Operating expenses surged up by 39%, reaching Rs. 1.21 billion during July-December 2017 compared to Rs. 875 million in December 2016.

Finance income rose by 17.18%, reaching Rs. 654 million for first half of the year 2017-18

APL’s script closed at Rs. 581.31, down by 0.63% with a turnover of 12,450 shares

Attock Petroleum Limited, an oil marketing company, markets and supplies a range of petroleum products in Pakistan. The company also provides diesel engine, gasoline engine, and industrial grade lubricant products, as well as gear oils. Attock Petroleum Limited supplies fuels to various businesses, including manufacturing industries, armed forces, power sector etc.