Hifsa Raja

Attock Petroleum Limited’s revenue climbed 65% to Rs262 billion in the first nine months of financial year 2021-22 compared with Rs159 billion in the corresponding period of the previous year.

The net sales grew by 78% to Rs241 billion during the nine-month period of FY22 compared with Rs135 billion in the corresponding period of FY21.

Similarly, its gross profit grew by 175% during the nine-month period of FY22 to Rs21 billion from Rs7.66 billion in the corresponding period of FY21.

The net income increased 207% to Rs11.24 billion in nine months of FY22 compared with Rs3.66 billion over the corresponding period of FY21. The net sales reflected an increase in demand for the company's products and services owing to favourable market conditions, reports WealthPK.

Annual Results 2020-21

As of June 30, 2021, directors, the chief executive officer, their spouse(s) and minor children owned 6.72% of the company’s shares. Associated companies, undertakings and related parties owned 72.51% of the shares. National Investment Trust & Industrial Corporation of Pakistan held 0.03% of the shares. Banks, development financial institutions, and non-banking financial institutions owned 5.20% of the total shares. Insurance companies held 2.33% of the shares. Modarabas and mutual funds owned 2.67% of the shares. General public (local) owned 7.74% of the shares, while foreigners held 0.08%. ‘Others’ held 2.73% of the shares.

Financial Performance

During the fiscal year 2020-21, the company generated net sales revenue of Rs188.64 billion compared to Rs201 billion in 2019-20, registering a decrease of 6%. 

The gross profit for FY21 was Rs9.98 billion, up 174% from Rs3.63 billion, in FY20.

There was an increase in the operating profit in FY 21. Profit-after-tax for FY21 stood at Rs4.91 billion compared to Rs1 billion in FY20, posting an increase of 388%.

Earnings Per Share

The earnings per share (EPS) witnessed a mix trend during recent years. However, in 2017, the EPS showed a remarkable growth and reached Rs63.89. But then it decreased as low as Rs10.13 in 2020. EPS registered a healthy growth in 2021 and reached Rs49.43.

Profit or loss over the years

The net sales showed consistency from 2016 to 2019. But in 2020, there was a decrease due to the lockdowns caused by the Covid-19 pandemic. In 2021, the net sales decreased further, but there was an increase in the gross profit compared to 2020.

Attock Petroleum Limited was incorporated in Pakistan as a public limited company on December 3, 1995, and it commenced its operations in 1998. The principal activity of the company is procurement, storage and marketing of petroleum and related products.

Independent News Pakistan-Wealthpk