The Attock Group has recently announced the financial results for the Half Year that ended in 2019 (H1 FY19).
Attock Oil Group’s refineries didn’t have a good time in the first half of the fiscal year in terms of results.
National Refinery Limited (NRL) announced its financial results for the half-year ending on December 31, 2018. The company announced a massive loss of Rs. 3.8 billion, falling down from a profit of Rs. 1.62 billion in the corresponding period last year.
The main reason for the huge losses was an increase in the cost of sales which was up by 38%, finance cost of Rs. 2.22 billion and taxation of the company which stood at Rs. 1.04 billion, up from Rs. 254 million in the corresponding period last year.
Overall, the sales of the company increased by 17.33% to Rs. 99.62 billion as the company saw an absurd 38% increase in the cost of sales to Rs. 81.06 billion which dragged the net gross earnings from positive to negative.
It witnessed an increase in its net revenue by 29% to Rs. 79.08 billion. The company reported a loss per share of Rs. 48.24 from earnings per share of Rs. 20.30 during the half year period.
NRL’s script at the bourse closed at Rs. 230.01, down by 5% or Rs. 12.10 with a turnover of 116,300 shares on Monday.
Attock Refinery Limited
Attock Refinery Limited (ATRL) has also reported a loss of Rs. 2.97 billion for the half year as compared to Rs 1.29 billion in profit in the same period last year due to a higher cost of sales.
Overall, it reported a 41.46% increase in sales which was reported at Rs. 112.08 billion. The company reported a massive increase in the cost of sales which were up by 67% to Rs. 91.06 billion which have not only dragged down its gross profits for the quarter but have turned them into a loss.
Whereas the increase in finance cost by Rs 2.2 billion to Rs3.42 billion, along with the taxation of Rs. 1.1 billion from just Rs. 98 million last year, contributed to the losses incurred by the company.
The company reported a loss per share of Rs. 27.86 from earnings per share of Rs. 12.10
ATRLS’s script at the bourse closed at 123.85, down by 5% or Rs. 6.51 with a turnover of 1.20 million shares on Monday.
Attock Cement Pakistan Limited (ACPL) has reported its H1FY19 financial results as the company reported a 30.07% decrease in profits to Rs 816 million against Rs 1.15 billion in H12018.
During the 2nd quarter, it reported a profit of Rs 393 million, down by 28.15% from Rs 547 million.
The net sales increased by 27% YoY attributable to higher dispatch growth of 30% YoY (local/export up by 6%/137% YoY) during the quarter. However, a higher contribution of lower-priced exports restricted the topline growth.
The company’s cost of sales grew by 50.58% to Rs. 3.90 billion from Rs. 2.59 billion, bringing down the gross profits to Rs. 1.05 billion, down by 20% YoY on a quarterly basis.
Gross margins fell on the back of a sharp change in lower margins export mix and higher energy prices.
Subsequently, gross profitability fell by 20% YoY. Distribution cost saw an increase owing to high growth in exports.
Finance cost surged owing to reflection of expansion related borrowing expense and higher interest rate. The company incurred a lower effective tax rate of 23%.
Earnings per share of the company decreased to Rs 2.87 as compared with Rs 3.99 in 2QFY19
ACPL’s script at the bourse closed at Rs. 107.98, down by 3.24% or Rs3.61 with a turnover of 65,200 shares on Monday.
Attock Cement concludes civil, mechanical and electrical work on Iraq project
The company has also disclosed that Iraq’s grinding mill is at the commissioning stage. The company stated it is in process of obtaining clinker import permission. Subsequently, ACPL will start trial operation and the import of clinker.
In May 2013, Attock Cement had announced plans to invest $25 million in a new grinding plant in Basra, Iraq.