Friday, August 19, 2022
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APL earnings dropped by 64% in 2QFY19

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Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com
Attock Petroleum Limited (APL) has announced the financial result for 1HFY19, whereby the company has posted a profit after tax (PAT) of Rs 2.10bn (EPS: PKR 21.13) against Rs 2.81bn (EPS: Rs 28.24) in 1HFY18, down by 25% YoY.

 

On a sequential basis, earnings clocked-in at Rs 556mn (EPS: Rs 5.58), down by 62% YoY and 64% QoQ compared to Rs 1.48bn (EPS: Rs 14.87) and Rs 1.55bn (EPS: Rs 15.55), respectively.

 

During 2QFY19, topline of the company settled at Rs 57.72bn, up by 53% YoY on account of higher product prices along with volumetric growth (+7.6% YoY; volumes of Mogas and HSD grew by 24% and 5% whereas FO sales witnessed a steep decline of 50% YoY).

 

Gross margins of the company fell by 392bps YoY to 2.50% in 2QFY19 compared to 6.42% in 2QFY18.

 

Despite effective increase in ex-refinery prices in the period under review, decline in gross margins can be attributable to the company recording inventory at lower of cost or net realizable value which resulted in a loss of Rs 500-600mn.

 

Finance cost jumped up by 58% to Rs 216mn given rise in markup charged on delayed payments.

 

The company recorded effective taxation at 34.9% in 2QFY19 compared to 28.2% in SPLY.

 

 

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