Attock Petroleum Limited (APL) has announced its financial results for the three-month period ended September 30, 2022 (1QFY23).
The company has reported a profit after tax (PAT) of Rs. 4.2 billion for the period under review, an increase of 80 percent compared to profit after tax of Rs. 2.3 billion reported in the same period of the last fiscal year.
However, the company’s profit was down over 40 percent compared to profit after tax of Rs. 7.2 billion reported in the previous quarter.
The net sales during the period under review settled at Rs. 123.931 billion, up 70 percent on a year-on-year (YoY) basis from Rs. 72.83 billion amid higher product prices.
However, the sales volumes declined by 19 percent on a YoY basis.
The gross margins of the company grew to 8.1 percent in 1QFY23 compared to 6.4 percent reported in the same period of the previous fiscal year. The growth in gross margins was due to the higher inventory gains during the quarter, according to a report by Arif Habib Ltd.
The company’s operating expenses during the quarter jumped 172 percent on a YoY basis and stood at Rs. 3,767 million on account of higher exchange loss.
The finance cost also increased by 44 percent on a YoY basis owing to the higher markup charged on late payments during the quarter.
The company booked effected taxation at 33.51 percent during the period under review compared to 29.36 percent in the same period of the previous fiscal year. The taxation during 1QFY23 includes super tax imposed on profit before tax.
Earnings per share of the company clocked in at Rs. 34.48 in 1QFY23 as compared to Rs. 19.20 in 1QFY22.
