Attock Group Announces Mixed Results for First Half of FY 2019-20

The Attock Group has announced its financial results for the first half of (July-December) FY 2019-20 (FY20).

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

Pakistan Oilfields Limited

Pakistan Oilfields Limited (POL) announced a profit of Rs. 8.73 billion for the six months, i.e. 10.50% higher than a profit of Rs. 7.90 billion recorded last year. The company also announced an interim cash dividend for the half-year at Rs. 20 per share i.e. 200%.

The rise in the company’s profits was mainly due to lower finance cost, which declined 74.40% to Rs. 447 million as compared to Rs. 1.74 billion last year.

The sales, on the other hand, exhibited a meager decline of 2.24% at Rs. 22.18 billion as compared with Rs. 22.68 billion owing to the falling production of oil and gas. The decline in net sales was contained due to the higher exchange rate.

Earnings per share of the company increased to Rs. 30.73 from Rs. 27.83.

Attock Cement

Attock Cement Pakistan Limited (ACPL) has declared a net profit of Rs. 762.73 million, down 6.62% compared to Rs. 816.79 million earned last year.

It reported earnings per share of Rs. 5.55 as compared with Rs. 5.94 vs the same period of last year. However, during the second quarter, the company reported a profit of Rs. 405.08 million, showing a growth of 2.9% as compared with Rs. 393.74 million.

The company’s sales increased in the second quarter by 14% to Rs. 5.64 billion as compared with Rs. 4.95 billion earned last year. It was mainly due to a surge in export dispatches. The currency depreciation contributed to competitiveness in the international market.

The company’s main exporting markets include Sri Lanka, Mauritius, Sudan, India, Tanzania, and Somalia. Its market share in the south (local) is around 25%. Earnings per share during the second quarter were reported at Rs. 2.95 against Rs. 2.87.

National Refinery

National Refinery Ltd (NRL) declared a loss of Rs. 2.98 billion, showing a decline of 22.6% over the losses witnessed in the same period of last year when it lost Rs. 3.85 billion. The loss per share decreased to Rs 37.33 from Rs 48.24. The company reported a minimal 2% increase in net sales to Rs. 80.66 billion against Rs. 79.08 billion recorded in the same period last year.

It had reported a gross loss of Rs. 2.52 billion, up by 27.77% as compared to Rs. 1.97 billion last year.

Overall, all the refineries in the country suffered a loss due to the absence of furnace oil buyers. It is worth mentioning that, all petroleum refineries of Pakistan faced the threat of a shutdown because of a supply glut in December 2019. Later, the government bailed them out for a limited period of two months.

Attock Refinery

The company’s net losses for the period shrank significantly by 70.86% to Rs. 819.7 million from Rs 2.81 billion recorded in the same period of last year. The net sales of the company were down by 16.19% to Rs. 74.16 billion as compared to Rs. 88.51 billion.

However, the cost of sales was down by 16.16% to Rs. 76.34 billion as compared to Rs. 91.06 billion. It, however, managed to reduce losses by the help of finance cost, as it witnessed a sharp decline of around 80% to Rs. 693.2 million from Rs 3.42 billion last year. Other income of the company was recorded at Rs 1.71 billion in the period under review as compared to Rs.1.35 billion in the same period of last year.

Attock Petroleum

It announced a profit of Rs. 1.58 billion, down by 24.76% as compared to Rs. 2.10 billion earned last year. The company reported a minimal 0.95% increase in sales. The net sales were reported at Rs. 116.25 billion as compared to Rs. 115.16 billion recorded last year. This was due to declining sales volume due to lower HSD and MS sales.

It has also announced an interim cash dividend of Rs. 5 per share i.e. 50%

The finance cost of the company was reported at Rs. 722.08 million, up by 81.40% as compared to Rs. 398.12 million. However, the finance income increased by 61.81% to Rs. 1.11 billion versus Rs. 686 million earned last year.

Earnings per share of the company were reported at Rs. 15.88, down from Rs. 21.13.

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