KARACHI: Attock Refinery Limited’s (ARL) consolidated profit surged 143.5% in the fiscal year ended June 30, 2016 on the back of robust earnings from associated companies and reversal of losses, according to a bourse filing on Tuesday.
The company earned a profit of Rs3.59 billion in 2015-16 (FY16) compared to Rs1.47 billion in the previous year. Accordingly, earnings per share stood at Rs42.20 as opposed to Rs17.34 in the preceding year.
The board of directors recommended a final cash dividend of Rs5 per share, which would be paid to the shareholders whose names would appear in the register of members on September 15, 2016.
The results were well received by equity investors as the refinery’s share price rose Rs12.45, or 4.17%, and closed at Rs310.60 with a turnover of 3.69 million shares at the stock market.
The company reported that it had earned Rs3.23 billion from the associated companies, an amount that was 43% higher than the Rs2.23 billion booked in FY15.
It realised Rs1.07 billion in the wake of impairment reversals compared to a loss of Rs1.16 billion booked in the previous year.
Gross sales fell 42% to Rs95.96 billion compared to Rs164.39 billion in the previous year. The decline in sales could partly be attributed to the downturn in crude oil prices in the world market.
The refinery booked a gross loss of Rs901.83 million in FY16 against a gross profit of Rs553.06 million in the previous year.
Taxes, duties, levies, price differential and cost of sales ate up all the earnings that the refinery realised in gross sales in the year under review.
Published in The Express Tribune, August 17th, 2016.