Attock Petroleum Limited (APL) is scheduled to announce its FY22 financial result on 16th Aug’22, where we expect the company to report a PAT of PKR 18,577mn (EPS: PKR 186.65) in FY22, up by 278% YoY compared to PKR 4,920mn (EPS: PKR 49.43). Net sales are expected to climb up by 102% YoY to PKR 381,403mn given jump in volumes by 22% YoY (sales of MS, HSD and FO ascended by 19%, 36% and 15% YoY, respectively) and massive surge in prices of petroleum products.

Gross margins are expected to settle at 9.86% in FY22 in contrast to 5.29% in SPLY on account of higher inventory gains realized in the period under review. On a quarterly basis, topline of the company is projected to ascend by 165% YoY to PKR 140,367mn amid higher product prices tagged with a growth in volumes by 26.5% YoY.

The gross margins in 4QFY22 are expected to be 11.75% (up by 738 bps YoY), as we expect the company to recognize inventory gains of PKR ~12bn in the quarter. Alongside the result, we expect the company to announce a final cash dividend of PKR 50.00/share (PKR 65.00/share in FY22).

Courtesy – AHL Research