Oil & Marketing Companies: ATTOCK PETROLEUM LIMITED - Nine Months Ended March 31 2005

Through a special announcement published in Daily Business Recorder of June 01, 2005, the celebration of 100th Retail outlet of APL was announced by the chairman of the Attock Oil Group of Companies. Attock Petroleum Ltd (APL) was incorporated in Pakistan as a public limited companies on December 3, 1995 and commenced its operations in 1998.
The company is primarily engaged in marketing of petroleum products. Pharaon Commercial Investment Group Ltd has a controlling interest in APL. It was listed at Karachi Stock Exchange on March 7, 2005. On 30th May 2005 the APL share's closing price was quoted at Rs 121.80 per share which more than 18 times of the par value. Since its listing the price of the share peaked at Rs 240 per share.
Shuaib A. Malik Chief Executive of the company emphasised that APL has been able to penetrate the national market which was traditionally dominated by three major players. He further said that the establishment of its retail outlets in the upper regions of the country itself has provided a stimulous for economic activity. He rejoiced on the occasion of the inauguration of 100 APL petrol pump and affirmed that APL has been able to carve a niche out for itself within the Pakistan Petroleum market and achieved the level that many others have failed to reach within such a short time.
APL is an ISO 9001: 2000 and ISO 14001: 1996 certified company. PACRA the credit rating company has assigned excellent credit rating to APL for long term AA (Double A) and for short term A1+ (A one plus).
During 9M 2004-05, the period under review, the company posted net sales at Rs 6.715 billion (9M 2003-04: Rs 5.545 billion) showing 21.1% increase over SPLY.
Gross Profit was posted at Rs 305.92 million as against Rs 369.54 million in the same period last year showing 17.2% decline. Operating profit was Rs 193.35 million (9M 2003-04: Rs 284.60 million) showing 32% decline.
But pretax profit amounted to Rs 408.95 million and was much higher than the figure of same period last year at Rs 390.79 million.
The main reason was that "other" income exceeded by Rs 109.41 million over the figure of corresponding period last year.
The company's priority is to focus more on strengthening its brand image and therefore has decided to go only for quality development.

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Performance Statistics                (Million Rupees)

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Balance sheet                                  -As At-

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                                 March 31      June 30

                                     2005         2004

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Share Capital-Paid-up:             400.00       300.00

Reserve & Profit:                  437.53       372.68

Shareholders Equity:               837.53       672.68

Deferred Income Tax Liability:      17.00        14.05

L.T. Deposits:                      80.10        59.65

Current Liabilities:               828.82       587.35

Fixed Assets-Tangible:             318.67       288.57

L T Investment in

 Associated Company:                 4.50         2.25

Current Assets:                  1,440.28     1,042.91

Total Assets:                    1,763.45     1,333.73

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Profit & Loss A/c for Nine Months Ended

 March 31                            2005         2004

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Net Sales:                       6,715.25     5,544.57

Gross Profit:                      305.92       369.54

Finance Cost:                      (2.58)         2.22

Operating Profit:                  193.35       284.60

Other Income:                      215.60       106.19

Profit Before Taxation:            408.95       390.79

Profit After Taxation

 for the Period:                   284.85       247.04

Earnings Per Share (Rs):             7.12         6.18

Share Price (Rs) on 30/05/05:      121.80            -

Price/Earning Ratio:                17.10            -

Book Value of Share (Rs):           20.94        22.42

Debt/Equity Ratio:                  0:100        0:100

Current Ratio:                       1.74         1.78

Gross Profit Margin (%):             4.56         6.66

Net Profit Margin (%):               4.24         4.46

R.O.A. (%):                         16.15        18.52

R.O.E. (%):                         34.01        36.72

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