Attock Petroleum: Profit slumps to Rs9.83bn in 9MFY23

April 27, 2023 (MLN):  Attock Petroleum Ltd. (PSX: APL) posted net profits for 9MFY23 of Rs9.83 billion [EPS: Rs79.06] against the profits of Rs11.24bn [EPS: Rs90.40] reported in the same period last year (SPLY), showing a drop by 12.54% YoY.
Going by the results, the topline of the company clocked in at Rs350.83bn in 9MFY23, registering 45.55% YoY growth compared to SPLY.
However, the cost of sales rose higher than proportionate to sales growth which shrank the gross profit by 6.24% YoY to Rs19.77bn in 9MFY23.
The other income of the company posted a meager rise of 11.65% YoY and stood at Rs1.34bn as compared to Rs1.2bn in SPLY.
On the expense side, operating expenses continued their upward trajectory, posting a 35.32% YoY growth to stand at Rs7.33bn in 9MFY23.
On the other hand, the company’s net income soared by 24.7x, partially offsetting the decline in its bottom line for the period under review.
On the taxation front, the company paid 5.8% YoY higher taxes worth Rs4.92bn as tax payments against Rs4.65bn paid in the corresponding period of last year




Profit and Loss Account for the nine months ended March 31, 2023('000 Rupees)






 


Mar-23


Mar-22


% Change




Sales


     361,178,488


     262,518,173


37.58%




Sales tax and other govt levies


     (10,343,461)


     (21,481,914)


-51.85%




Net sales


     350,835,027


     241,036,259


45.55%




Cost of products sold


  (331,057,957)


  (219,942,808)


50.52%




Gross profit


       19,777,070


       21,093,451


-6.24%




Other income


         1,342,270


         1,202,181


11.65%




Net impairment reversal on financial assets


             (29,276)


             300,608


–




Operating expenses


       (7,330,761)


       (5,417,185)


35.32%




Operating Profit


       13,759,303


       17,179,055


-19.91%




Finance income


         3,515,438


         1,149,047


3.06x




Finance costs


       (1,629,690)


       (1,072,698)


51.92%




Net finance income/(cost)


         1,885,748


               76,349


24.7x




Share of profit of associated companies


             192,571


           (166,216)


–




Other charges


       (1,073,680)


       (1,184,743)


-9.37%




Profit before taxation


       14,763,942


       15,904,445


-7.17%




Provision for income tax


       (4,927,697)


       (4,657,487)


5.80%




Profit for the period


         9,836,245


       11,246,958


-12.54%




Earnings per share – basic and diluted (Rupees)


                  79.06


                  90.40


–




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Posted on: 2023-04-27T14:47:33+05:00
The post Attock Petroleum: Profit slumps to Rs9.83bn in 9MFY23 appeared first on Mettis Global Link .