Attock Petroleum Posts a 21% Increase in Profits in Q3 FY2018

Attock Petroleum Limited’s profit increased 21% to Rs 1.45 billion in the quarter that ended on March 31st, as compared to Rs 1.20 billion in the same quarter last year.

Earnings per share increased to Rs 17.52 in Jan-March 2018 compared to Rs 14.50 in the corresponding quarter of previous year.

The company also announced an interim cash dividend of Rs 15 per share for the 9 months that ended on March 31st.

In Q3FY18, the net sales of the company saw a surge of 30%YoY to Rs 45.01 billion as compared to Rs 34.67 in the same quarter last year on account of higher volumetric sales and surge in crude oil prices.


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Furthermore, the company’s gross profit during the outgoing three months increased by 37.22 percent to reach Rs 2.47 billion. Other income took a fall of over 17.75 percent, coupled with the 73.79 percent jump in financing costs.

APL’s script at the bourse was trading at Rs 610, up by 0.57% with a turnover of 11,450 shares.

The growth in bottom-line likely emanated from the increase in MS/HSD sales volumes and inventory gains.

On a sequential basis, earnings for the period declined by 2% QoQ mainly owing to the decline in other income (down 7%QoQ) and because of the higher finance cost which saw an increase of13%QoQ.


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Whereas for the first 9 months, the company’s profit ended at Rs 4.263 billion which was down 2.19 percent from same period last year.

During the nine-month period ending 31 March 2018, Net Sales worth Rs. 149.42 billion were up 25.76 percent from same period last year. Furthermore, the company’s gross profit during the outgoing nine months increased by 19.98 percent to reach 6.870 billion.

Comparison of Key Financials

Unconsolidated Profit and Loss Account – For the Nine Months Ended, March 30th2018

Key FinancialsMarch, 2018March, 2017% Change
 Amounts in PKR ‘000
Net Sales121,359,14596,173,70126.19%
Cost of Products  Sold114,489,01890,447,33026.58%
Gross Profit6,870,6295,726,37119.98%
Other Income604,179711,851-15.13%
Operating Profit5,589,0575,056,28310.54%
Net Finance Income530,716616,004-13.85%
Share of profit of Associated Companies100,29097,0243.37%
Other Charges307,318376,612-18.40%
Profit before Taxation5,912,7456,145,923-3.79%
Taxation1,649,0001,786,707-7.71%
Profit for the Period4,263,7454,359,216-2.19%
EPS – Basic and diluted51.4152.56-2.19%

 

Attock Petroleum Limited markets and supplies a range of petroleum products in Pakistan.

APL has relied on both local and import channels to cater to the growing demand of Premier Motor Gasoline (PMG) in the country, which has increased APL’s market share in PMG from 6.5 percent to 9.1 percent recently. It also enjoys a market leadership position in non-energy products like Asphalt.