· Attock Petroleum Limited (APL) is expected to announce its 4QFY22 result on 16th August, where we expect the company to post PAT of PkR7.2bn (EPS: PkR73).

· We expect the company to record inventory gains of ~PkR13.3bn (PkR 133/sh) during the outgoing quarter, as ex-refinery prices of MS/HSD rose by 66%/92% between May and June’22, respectively.

· On the bottom line front, we expect effective tax to clock in at 50% for the period, as previous period super tax adjustments come into play. Along with the result, we expect APL to announce a final dividend of PkR35/sh, taking total payout to end at PkR50/sh for the year.

· APL has remained in limelight recently due to positive result expectations (high volumetric sales and massive inventory gains), rallying 19% since 1st June and outperforming KSE-100 index by ~20% during the period

Courtesy – AKD Research