POF, Attock and National Refineries Post Mixed Results for FY19

The Attock Group, on Monday, announced the financial results for the fiscal year that ended June 30th, 2019 (FY19).

Pakistan Oil Fields

Pakistan Oilfields Limited (POL) has announced a profit of Rs. 16.87 billion for the year that ended on June 30, 2019, i.e. around 48.24% higher than the profit of Rs. 11.38 billion in the same period last year.

Moreover, the rise in company’s profits was mainly due to lower exploration cost, which declined by 31.77% amid the absence of dry well, higher LPG production, elevated crude pricing and rupee devaluation during the period

During the year, POL’s net sales grew by 35.80% to Rs. 47.50 billion as compared with Rs. 34.98 billion in the previous year which is mainly because of the Rupee’s devaluation against the US dollar.

The result was above the market expectations.

Operating costs of the company grew to Rs. 10.39 billion from Rs. 8.45 billion. The company reported a gross profit of Rs. 25.40 billion, up by 48.28% as compared with Rs. 17.13 billion in the same period last year.

The exploration charges surprisingly decreased by 31.77% to Rs 2.04 billion against Rs 3.00 billion in the same period last year. The company’s other income was up by 120% to Rs. 7.17 billion from Rs 3.26 billion due to the exchange gain. However, the finance cost of the company increased to Rs 3.77 billion from Rs 1.91 billion.

Earnings per share of the company increased to Rs. 59.44 from Rs. 40.10.

The company announced an Interim Cash Dividend at Rs 30 per share i.e. 300% for this period. This is in addition to Interim Dividend already paid at Rs 20 per share i.e. 200% cumulating into a full-year payout of Rs 50/share.

Attock Refinery Limited

Attock Refinery Limited (ATRL) has disappointed yet again as the company reported a loss of Rs. 5.38 billion during the fiscal year as compared to a profit of Rs. 578 million in profit in the same period last year due to a higher cost of sales and higher finance cost.

However, net sales increased to Rs. 176 billion, which was up by 36.43% from the previous year but higher costs of sales (Rs. 180 billion) have dragged down its gross profits for the year into a gross loss of Rs. 4.06 billion from Rs. 1.7  billion losses in the last period

Moreover, the company’s expenses increased to Rs 746 million. Though, the other income of the company increased to Rs 2.77 billion from Rs 1.97 billion. The company reported its loss per share at Rs. 50.51 from earnings per share of Rs. 5.43

Attock Petroleum

Attock Petroleum Limited declared its fiscal year results, which ended on June 30th, 2019, posting a profit of Rs. 3.96 billion, down by 30 % as compared to a profit Rs. 5.65 billion in the same period of the previous year.

The company also announced a cash dividend of PKR 10.0/share in addition to already declared interim dividend of PKR 10.0/share in 2QFY19.

The company’s net sales revenue grew by 26% to Rs. 223 billion from Rs 177 billion on the back of the increase in oil prices with average crude oil prices up by 11% YoY in FY19 and the currency devaluation

The increase was contained due to a decline in volumes, where energy products sales were down 11% YoY said a brokerage house.

Earnings per share of the company decreased to Rs. 39.79 as compared with Rs. 56.83 in the same period last year.

National Refinery Limited

National Refinery Limited (NRL) announced its fiscal year results with a massive loss of Rs. 8.70 billion as compared with a profit of Rs. 1.77 billion last year.

The reason for the unfortunate loss was the increase in company’s cost of sales by 24.17%, which mitigated the impact of an increase in net sales revenue as it was reported at Rs. 160.90 billion, up by 17.46% and led to a negative gross loss of Rs. 4.44 billion against a gross profit of Rs. 3.81 billion

The taxation costs massively increased to Rs. 2.33 billion. The company reported a loss per share of Rs. 108.70 against earnings per share of Rs. 22.14 in the previous year.

Attock Cement

Attock Cement Pakistan Limited has announced its FY19 results, wherein the company’s profit was stated at Rs. 2.07 billion, down by 53% as compared with a profit of Rs. 4.40 billion in the previous year.

The result is accompanied by the final cash dividend of Rs 4.0 per share

Its sales revenue has increased by 26.02 % to Rs. 20.78 billion as compared with Rs. 16.49 billion in the same period last year. The cost of sales was increased to Rs. 15.97 billion. The gross profit was stated at Rs. 4.80 billion.

Earnings per share of the company were stated at Rs. 15.09 against Rs. 32.02 in the same period last year.


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