Attock Petroleum Limited (PSX: APL) posted a profit after tax (PAT) of Rs. 5.26 billion in the first quarter of the financial year 2023-24 (1QFY24) against Rs. 4.29 billion in 1QFY23, up 23 percent on a year-on-year (YoY) basis.
On a sequential basis, the bottom line ascended by 100 percent quarter-on-quarter (QoQ) due to the imposition of additional super tax charged during 4QFY23 on the profit before tax of FY23, according to Arif Habib Limited. APL didn’t announce any dividends for the period in review.
Net sales during 1QFY24 grew by 10 percent YoY, settling at Rs. 136.4 billion given the higher average retail price of petroleum products, and the jump in MS and HSD volumes by 2 percent and 3 percent YoY, respectively, while FO volumes plunged by 25 percent YoY.
On a QoQ basis, the topline climbed up by 11 percent QoQ owing to an increase in product prices tagged with a 3 percent QoQ uptick overall in petroleum products (MS and HSD up 4 percent and 5 percent QoQ, respectively).
Gross margins settled at 7.53 percent in 1QFY24 vis-à-vis 8.06 percent in SPLY given lower overall sales volumes. Meanwhile, the company booked inventory gains of -Rs. 5 billion during the period under review. Whereas, on a QoQ basis, the gross margins increased by 242 basis points in 1QFY24 owed to higher inventory gains coupled with a jump in overall sales volumes.
The operating expenses during the quarter reduced by 28 percent YoY, arriving at Rs. 2.7 billion on account of lower exchange loss. On a sequential basis, the operating expenses increased by 33 percent QoQ.
Finance income jumped by 3x YoY (3 percent QoQ) to Rs. 2.04 billion in 1QFY24 given higher income from cash and cash balances. The company recorded effective taxation at 40 percent in 1QFY24 vis-à-vis 34 percent in 1QFY23. APL posted earnings per share (EPS) of Rs. 42.27 against Rs. 34.48 in 1QFY23.
At the time of filing, the company’s scrip at the bourse was Rs. 320, up by 3.55 percent or Rs. 10.97 with a turnover of 313,437 shares on Tuesday.