Attock Petroleum Limited (APL) has reported a profit after tax (PAT) of Rs. 5.26 billion in the first quarter of the financial year 2023-24 (1QFY24), marking a 23 percent increase compared to Rs. 4.29 billion in 1QFY23. This growth was attributed to the imposition of additional super tax in the previous quarter (4QFY23) on the profit before tax for FY23.
In terms of net sales, 1QFY24 saw a 10 percent YoY increase, reaching Rs. 136.4 billion. This increase was driven by higher average retail prices of petroleum products and a 2 percent increase in MS (Motor Spirit) and a 3 percent increase in HSD (High-Speed Diesel) volumes YoY. However, FO (Furnace Oil) volumes decreased by 25 percent YoY. On a QoQ basis, the topline increased by 11 percent, attributed to rising product prices and overall petroleum product sales volume.
Gross margins in 1QFY24 were 7.53 percent compared to 8.06 percent in the same period last year, mainly due to lower overall sales volumes. Nevertheless, the company recorded inventory gains of -Rs. 5 billion during this period. On a QoQ basis, gross margins increased by 242 basis points in 1QFY24 due to higher inventory gains and increased sales volumes.
Operating expenses for the quarter decreased by 28 percent YoY to Rs. 2.7 billion, primarily due to a lower exchange loss. However, on a sequential basis, operating expenses increased by 33 percent QoQ.
Finance income saw a threefold increase YoY (3 percent QoQ), reaching Rs. 2.04 billion in 1QFY24, primarily due to higher income from cash and cash balances. The company reported an effective taxation rate of 40 percent in 1QFY24 compared to 34 percent in 1QFY23. APL reported earnings per share (EPS) of Rs. 42.27, up from Rs. 34.48 in 1QFY23.
At the time of filing, APL’s stock price on the stock exchange was Rs. 320, reflecting a 3.55 percent increase or Rs. 10.97, with a turnover of 313,437 shares on Tuesday.
