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APL’s annual profit up 7pc

By Our Correspondent
August 16, 2018

KARACHI: Attock Petroleum Limited’s (APL) profit rose seven percent to Rs5.656 billion for the financial year ended June 30, translating into earnings per share (EPS) of Rs68.19, a bourse filing said on Wednesday.

The company’s profit amounted to Rs5.299 billion with EPS of Rs63.89 in the preceding financial year, a statement to Pakistan Stock Exchange (PSX) said.

APL declared a final dividend of Rs25/share in addition to interim dividend of Rs15/share already paid.

The company also announced bonus shares. Shareholders will get one free share on every five shares.

Finance cost increased 74 percent to Rs564 million in FY2018 due to rise in markup charged on delayed payments.

Analyst Arslan Hanif at Arif Habib said the company’s net sales rose 28 percent to Rs177 billion during the last financial year on account of higher product prices along with volumetric growth. Volumes of motor gasoline rose 13 percent during the year.

Gross margins of the company inched up 20 basis points to 5.49 percent compared to 5.29 percent.

“Increase in margins can be attributable to inventory gains in the period under review along with revision of motor gasoline margins from November 2017 onwards,” Hanif added.

ARL’s profit falls 81 percent

Attock Refinery Limited’s (ARL) profit fell 81.3 percent to Rs1.388 billion for the year ended June 30, translating into EPS of Rs16.28.

ARL’s profit amounted to Rs7.414 billion with EPS of Rs86.93.

The company announced bonus shares for the existing shareholders. An individual will get one share free for every four shares.

Analysts said the profit substantially declined owing to higher taxes, duties, price differential and financing costs.

Taxes, duties, levies, discounts and price differential registered an increase of 31 percent to settle around Rs49.833 billion in FY2018 compared to Rs38.104 billion in FY2017, while finance cost also accelerated to Rs2.9 billion, up from Rs 1.2 billion.

Cost of sales also skyrocketed to Rs130.6 billion from Rs97 billion.

POL’s profit drops 2pc

Profit of Pakistan Oilfields Limited (POL) dropped two percent to Rs11.703 billion for the year ended June 30 with EPS of Rs49.37.

POL’s profit amounted to Rs11.905 billion with EPS of Rs50.23.

The company announced a dividend of Rs25/share in addition to an interim dividend of Rs17.5 already paid.

Exploration cost of the company almost doubled to Rs2.990 billion during the last financial year compared to Rs1.468 billion in the preceding financial year.

Operating costs marginally increased three percent to Rs9.189 billion. Financing costs also shot up to Rs1.9 billion from Rs747 million.

Analyst Aftab Awan at Sherman Securities said revenue clocked in at Rs32.7 billion, showing a rise of 20 percent.

“This increase in revenue was supported by 28 percent rise in average Arab light crude oil price, average rupee devaluation of 5 percent and increase in hydrocarbon production during the year,” Awan said.

He added annual exploration cost increased 100 percent to three billion rupees mainly due to the company’s move to book dry well cost in fourth quarter of the last fiscal year.

NRL’s profit declines 78pc

National Refinery Limited’s (NRL) profit declined 78 percent to Rs1.77 billion with EPS of Rs22.14 for the year ended June 30.

NRL’s profit amounted to Rs8.045 billion with EPS of Rs100.61 in the preceding fiscal year.

The company didn’t announce any cash dividend. The company’s net sales rose to Rs136.984 billion in FY2018 compared to Rs107.447 billion in FY2017. Cost of sales sharply increased to Rs133.172 billion from Rs97.647 billion. Finance cost also ate into much of the revenue as it climbed to Rs1.765 billion in the last fiscal year compared to Rs182.526 million in the preceding fiscal year.

ISL’s yearly profit soars 43pc

International Steels Limited (ISL) earned Rs4.365 billion in profit for the year ended June 30, translating into EPS of Rs10.03, up 43 percent year-over-year, a PSX statement said.

ISL’s profit amounted to Rs3.044 billion with EPS of Rs7 a year earlier. The company announced cash dividend of Rs3 / share in addition to interim dividend of Rs1.5 already paid, bringing the total payout up to Rs4.5 for the FY2018.

Analyst Moazzam Akhtar at Taurus Securities said earnings increased due to 28 percent rise in gross profit and an eight percent fall in taxes, with effective tax rate for the year clocking in at 25 percent in FY2018 versus 34 percent in FY2017.

Akhtar said the flat steel roller’s sales revenue rose 41 percent on 25 percent increase in average selling prices and a likely increase of 72,000 tons per annum of flat steel rolled out during the last fiscal year.

Gross margin in FY2018 declined 1.6 percentage points on 28 percent increase in hot-rolled coil steel prices.