Attock Petroleum Limited’s profits have increased by 6.81% to Rs 5.65 billion for the financial year that on ended June 30, 2018. The company had registered a profit of Rs 5.29 billion during the previous year.
Earnings per share of the company increased to Rs 68.19 from Rs 63.89 in the previous year. Along with the result, it also announced a cash dividend of Rs 25 per share which is in addition to Interim Dividend already paid at Rs 15.
Surprisingly, the company has announced 20% bonus shares with the result. The board of Directors has also recommended Bonus shares in the proportion of one share for every five shares held.
The Company’s sales saw a massive growth of 25.73% to Rs 216 billion during FY18 as compared to last year – on back of improving volumes and increase in oil prices with average crude oil prices up by 29% YoY in FY18. Net sales for the year saw an increase of 28.26% to Rs 177 billion.
Overall the gross margins saw an improvement of 33% to Rs 9.7 billion during the year.
The jump in sales is primarily due to year on year jump in Asphalt and Mogas volumes. Operating expenses put a dent to the earnings as they increased to 39% from the previous year.
The result is above the market expectations owing to higher gross profitability
During the quarter, net sales surged by 32% as compared to the same period in the corresponding year due to increase in crude oil prices by 48% YoY that restricted the decline in energy volumes by 3% YoY.
APL’s script hit the circuit breaker of Rs 611.59, which was up by 5% after the announcement with a volume of 298,300 shares.