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Attock Petroleum Limited (PSX: APL) announced over 3.5 times increase in bottomline for FY22. The growth in earnings during the fiscal year came from the top where the OMC’s revenues were seen posting a growth of 96 percent year-on-year. The rise in revenues stemmed from both higher petroleum product prices and volumetric growth. APL’s volumes grew by 22 percent year-on-year in FY22 with high speed diesel posting the highest rise by 36 percent year-on-year, followed by 19 percent rise in motor gasoline and 15 percent growth in furnace oil volumes.

Earnings for the fiscal year were also supported massively by inventory gains, which is evident from 4 times jump in gross margins APL also witnessed growth in finance income during the period due to higher interest rate. However finance cost remained moderate with 12 percent growth. However there was also significant growth in operating expenses and other charges. The operating expenses during the year increased due to jump in exchange loss.

The last quarter of FY21 started the recovery in volumes for the OMC sector including APL with a rebound in economic activity including car sales, industrial activity, and agriculture output, along with continued restrictions on cross-border smuggling. However, things have taken the opposite route with prices peaking over the last five months which is likely to impact the volumes in the coming quarters. However, the sector dynamics such as massive inventory gains and OMC margin revision are positives for the sector.

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