Attock Petroleum Limited’s (APL) profit dropped 33% to Rs12.46 billion in fiscal year 2022-23 (FY23) ended June 30, 2023 on account of higher cost of sales.

The company had registered a profit of Rs18.54 billion in the same period of the previous year, according to a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday.

Earnings per share fell to Rs100.15 in FY23 compared to Rs148.99 in the SPLY.

The board of directors recommended a final cash dividend of Rs15 per share i.e. 150%. This is in addition to interim dividend already paid at Rs12.5 per share i.e. 125%.

The company booked net sales of Rs473.94 billion in the FY23, which was 28% higher than sales of Rs370.07 billion in the SPLY.

The cost of sales, however, came close to the sales revenue at Rs447.87 billion. The cost of sales had been at Rs329.07 billion in the SPLY.

The company’s other income inched up marginally i.e. 7% to Rs1.73 billion in FY23, as compared to Rs1.62 billion in SPLY.

Finance cost increased to Rs2.29 billion compared to Rs1.59 billion SPLY, an increase of 44%. The rise in cost of finance can be attributed to increase in interest rate during the said period.

On the other hand, the finance income also improved to Rs5.5 billion compared to Rs1.6 billion SPLY.

The company recorded effective taxation at nearly 39% in FY23 compared to 39.4% in the SPLY.

Incorporated in 1998 an oil marketing company, APL has a retail network with over 700 outlets nationwide and is engaged in the marketing and distribution of petroleum products.