Attock Petroleum Limited (APL) announced the financial result for FY22, whereby the company has posted a profit after tax (PAT) of PKR 18,536mn (EPS: PKR 186.23) compared to PKR 4,920mn (EPS: PKR 49.43) in FY21, up by 277% YoY. On a quarterly basis, earnings clocked-in at PKR 7,289mn (EPS: PKR 73.24), up by 5.8x YoY and 57% QoQ in contrast to PKR 1,255mn (EPS: PKR 12.61) and PKR 4,638mn (EPS: PKR 46.60), respectively. In addition to the result, the company announced a final cash dividend of PKR 30.00/share (PKR 45.00/share in FY22).
· Net sales during 4QFY22 settled at PKR 129,039mn, up by 144% YoY amid higher product prices tagged with volumetric growth of 26% YoY (MS, HSD and FO volumes increased by 18%, 27% and 72% YoY, respectively). On a QoQ basis, topline jumped up by 49% amid hike in petroleum prices and 22% growth in volumes of petroleum products. With this, the revenue during FY22 climbed up by 96% YoY given volumetric growth of 22% YoY (volumes of MS, HSD and rose by 19%, 36% and 15% YoY, respectively).
· Gross margins of the company grew by 1,106bps YoY to 15.43% in 4QFY22 against 4.37% in 4QFY21. Higher gross margins can be attributable to higher inventory gains of PKR ~12bn during the quarter. On a cumulative basis, the gross margins in FY22 arrived at 11.08% vis-à-vis 5.29% in SPLY due to inventory gains and volumetric growth.
· The operating expenses during the quarter climbed up 5.9x YoY, arriving at PKR 4,749mn owed to jump in exchange loss. With this, operating expenses settled at PKR 9,866mn during FY22, up by 164% YoY.
· Finance cost portrayed an increase of 69% YoY to PKR 514mn given higher markup charged on late payments during the 4QFY22. Consequently, the finance cost during FY22 clocked-in at PKR 1,587mn, up by 12% YoY.
· The company recorded effective taxation at 50.43% in 4QFY22 vis-à-vis 29.77% in 4QFY21. The taxation during this quarter includes super tax imposed on profit before tax of FY22.
Courtesy – AHL Research