Attock Group Announces Financial Results for Q1 FY20

The Attock Group has announced the financial results for the 1st quarter (ending on September 30th) 2019-20 (FY20).

Here’s the complete breakdown of all companies under the Attock Group:

Pakistan Oilfields Limited

Pakistan Oilfields Limited (POL) has announced a profit of Rs. 4.0 billion for the 1st quarter, i.e. 3.65% higher than the profit of Rs. 3.86 billion in the same period last year.

The rise in the company’s profits was mainly due to lower exploration cost, which declined by 48.7% and the currency depreciation against US Dollar

During the quarter, POL’s net sales decreased by 3.03% to Rs. 10.25 billion as compared with Rs. 10.57 billion in the same period of last year as currency depreciation alleviated the impact of lesser activity during the period.

The exploration charges surprisingly decreased by 48.7% to Rs. 375 million compared to Rs. 731 million last year. The massive decline came due to the absence of a dry well during the quarter compared to a dry well (Mamikhel Deep-1) found in the same period of last year.

Earnings per share of the company increased to Rs. 14.12 from Rs. 13.62. The finance cost of the company decreased to Rs. 138 million from Rs. 401 million.

Attock Cement

Attock Cement Pakistan Ltd (ACPL) declared a net profit of Rs. 357 million, down by 15.6% as compared to Rs. 423 million earned in the same period last year. This was due to a fall in revenue, which stood at Rs. 4.96 billion, down by 12.70%, as compared with Rs. 5.68 billion recorded last year.

The company was not able to sustain this growth in the first quarter of FY20, likely due to domestic demand compression. Higher exports led to higher distribution costs, reported at Rs. 488 million up from Rs. 470 million.

The finance cost of the company increased to Rs. 158 million from Rs. 122 million. The company reported earnings per share of Rs. 2.60 as compared with Rs. 3.08.

National Refinery

National Refinery Ltd (NRL) declared a loss of Rs. 678 million, down from the net loss of Rs 1.07 billion in the same period last year. The loss per share decreased to Rs 8.49 from Rs 13.33. The company reported net sales of Rs. 39.26 billion as compared with Rs. 41.25 billion in the same period last year.

International political dynamics, particularly sanctions on Iran, have affected the prices of petroleum products in the international market. The overall economic situation in Pakistan, along with deteriorating macro-economic factors, negatively impacted the company’s performance.

Attock Refinery

Attock Refinery Limited (ATRL) remarkably turned its losses into profits. It posted a profit of Rs. 369 million compared to a loss of Rs. 64.47 million in the same period last year.

The net profits of the company increased due to the increase in other-income by 37.90% to Rs. 863 million as compared with Rs. 626 million. The drop in finance cost by 52.55% played an important role in bringing up the profits. It was posted at Rs. 353 million as compared to Rs. 744 million in the same period last year.

Earnings per share of the company were reported at Rs. 3.47 from a loss per share of Rs. 0.61.

Attock Petroleum

Attock Petroleum announced a profit of Rs. 1.22 billion, down by 20.60% as compared to Rs. 1.54 billion earned last year. This is due to inventory gains recorded last year as they were not witnessed in Q1 FY20.

The company’s net sales increased by 2.93% to Rs. 69.31 billion as compared to Rs. 67.34 billion in the same period last year amid falling volumes, primarily due to increasing oil prices.

Earnings per share of the company were reported at Rs. 12.31, up from Rs. 15.55.


  • The company also announced a cash dividend of Rs0.60 per share in contrast to nil dividend expectations.


  • >