Attock Refinery’s earnings up 64% in 1QFY24

Attock Refinery Limited (ATRL), a subsidiary of the Attock Oil Company Limited, saw its profit-after-tax (PAT) jump nearly 64%, clocking in at Rs12.30 billion for the period ended September 30, 2023.

In the same period last year, ATTRL saw a PAT of Rs7.52 billion.

According to a notice to the Pakistan Stock Exchange (PSX) on Tuesday, the board of directors met on October 09 to review the company’s financial and operational performance.

Earnings per share (EPS) were recorded at Rs115.38 in 3MFY24 as compared to EPS of Rs70.51 in the same period last year (SPLY).

Net sales rose to Rs107.89 billion compared to Rs99.16 billion in SPLY, an increase of nearly 9%.

The company saw its gross profit increase by nearly 69%, clocking in at Rs16.82 billion in 3MFY24, compared to Rs9.98 billion in SPLY. The increase comes amid a marginal increase in cost of products sold, which went up only 2% from Rs89.2 billion in 3MFY23 to Rs91.07 trillion in 3MFY24.

On a consolidated basis, ‘other income’ also increased 132% to Rs3.25 billion in 3MFY24, compared to Rs1.41 billion in SPLY.

The company profit before tax from refinery operations stood at Rs11.24 billion in 3MFY24, as compared to Rs6.64 billion in the same period last year, a jump of over 69%.

However, operating expenses increased 53% to Rs1.73 billion in 3MFY24, as compared to Rs1.13 billion in SPLY.

Attock Refinery Limited was incorporated in Pakistan on November 8, 1978, as a private limited company and was converted into a public company on June 26, 1979. It is principally engaged in the refining of crude oil.

The company is a subsidiary of the Attock Oil Company Limited, England and its ultimate parent is Coral Holding Limited (a private limited company incorporated in Malta).