Wednesday, June 23, 2021
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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
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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.

 

NBFI

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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