Karachi, April 21, 2022 (PPI-OT): Oil and Gas Marketing Companies – Attock Petroleum Limited

Earnings: Attock Petroleum Limited (APL) announced it 3QFY22 result. The Company reported 3QFY22 earnings of PKR 4.64bn (EPS PKR 46.6), up by +3.1xy/y compared to PKR 1.52bn (EPS PKR 15.25) in the similar period last year. This brings total profitability for 9MFY22 to PKR 11.25bn (EPS PKR 113), up by +2.1y/y, compared to PKR 3.66bn (EPS PKR 36.81) in the corresponding period last year.

Operating performance: During the period under review, APL reported incline of +90%y/y in revenue on the back of +25%y/y rise in total volumes, upward revision in OMC margins on MS and HSD and higher FO owing to rise in international prices. Company’s gross profit increase by ~+2.9xy/y on account of hefty inventory gains, higher margins and increase in total volumes. As a result, gross margins stood at 9.8% for 3QFY22 against 6.4% in same period last year. The company booked finance income of PKR 135mn during 3QFY22 likely on account of higher income on bank deposit and short-term investments. Effective tax stood at 29.0% during 3QFY22 (2QFY22: 29.6%) compared to 29.6% in the same period last year bringing total effective tax rate for 9MFY22 to 29.3%.