Islamabad, Jan 27: Attock Petroleum Limited (PSX: APL) has released its financial results for the first half of fiscal year 2025 (1HFY25), reporting a decline in net profit of 34% year-on-year (YoY). The company posted a net profit of Rs. 5,123 million (EPS: Rs. 41.18), compared to Rs. 7,800 million (EPS: Rs. 62.69) in the same period last year.
Despite the decline in 1HFY25, Attock Petroleum saw a positive performance in the second quarter (2QFY25), with a net profit of Rs. 2,739 million (EPS: Rs. 22.01), reflecting an 8% YoY increase. In line with the results, the company declared an interim cash dividend of Rs. 12.50 per share for 2QFY25, up from Rs. 10.00 in 2QFY24.
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The company’s net sales for 1HFY25 decreased by 15% YoY to Rs. 232 billion, mainly due to lower average retail prices for petroleum products and a significant decline in the offtake of motor spirit (MS) and furnace oil (FO) by 2% and 60% YoY, respectively. On a quarterly basis, the topline stood at Rs. 119 billion, down 12% YoY, impacted by lower prices for MS and high-speed diesel (HSD) and a drop in MS and FO dispatches by 5% and 89%, respectively. However, HSD sales showed a 6% YoY increase.
Gross margins for 1HFY25 were reduced by 144 basis points YoY, standing at 3.48%. In 2QFY25, the gross margin improved to 3.4%, up from 2.3% in the same quarter last year, thanks to inventory gains during the period.
Operating expenses for 1HFY25 rose by 7% YoY to Rs. 4,130 million, mainly due to higher depreciation charges. Finance income saw an 8% YoY decline, settling at Rs. 4,058 million, attributed to a decrease in income from cash and cash balances. Finance costs, however, increased by 29% YoY to Rs. 997 million due to higher mark-up charges on late payments during the period.
The company’s effective tax rate in 2QFY25 was 34.73%, down from 36.23% in the same period last year.
