Attock Group results out
Attock Petroleum Limited (APL) flourished while the cement and refinery groups saw a drop in profit.
KARACHI:
The Attock Group’s petroleum wing Attock Petroleum Limited (APL) flourished while the cement and refinery groups saw a drop in profit, according to the results announced on Thursday.
APL’s net profit surged 17 per cent to Rs3.6 billion in fiscal year 2010 on the back of higher volumetric sales and inventory gains.
Earnings per share of Rs62.4 easily surpassed the consensus forecast of two research firms which estimated it to be around Rs55 per share.
The company announced final cash dividend of Rs20 per ordinary share of Rs10, taking the cumulative payout to Rs30 per share for the year ended June 30, which is highest in the history of the company. In addition to this, the company also announced 20 per cent bonus shares, according to a communiqué sent to the Karachi Stock Exchange.
The net profit estimates of the research firms missed the figure by 12 per cent as they expected it to be in the range of Rs3.2 billion.
Although other income grew by 55 per cent to Rs1.3 billion it was overshadowed by the Rs320 million finance cost, which surged 11 times than last year.
The higher and finance cost have surged as the company is now charging interest income and expenses on receivables and payables, informed Topline Securities analyst Furqan Punjani.
All the oil marketing companies are charging two per cent on overdue receivables mainly from thermal power plants and payables to refineries due to the circular debt, Punjani added.
Net sales increased 33 per cent on a yearly basis as a result of 14.1 per cent increase in total volumes sold, 3.1 per cent increase in average Arab light crude oil prices during the period and 17 per cent expansion in retail network, said BMA Capital analyst Muhammad Ali Taufiq.
Published in The Express Tribune, October 1st, 2010.
The Attock Group’s petroleum wing Attock Petroleum Limited (APL) flourished while the cement and refinery groups saw a drop in profit, according to the results announced on Thursday.
APL’s net profit surged 17 per cent to Rs3.6 billion in fiscal year 2010 on the back of higher volumetric sales and inventory gains.
Earnings per share of Rs62.4 easily surpassed the consensus forecast of two research firms which estimated it to be around Rs55 per share.
The company announced final cash dividend of Rs20 per ordinary share of Rs10, taking the cumulative payout to Rs30 per share for the year ended June 30, which is highest in the history of the company. In addition to this, the company also announced 20 per cent bonus shares, according to a communiqué sent to the Karachi Stock Exchange.
The net profit estimates of the research firms missed the figure by 12 per cent as they expected it to be in the range of Rs3.2 billion.
Although other income grew by 55 per cent to Rs1.3 billion it was overshadowed by the Rs320 million finance cost, which surged 11 times than last year.
The higher and finance cost have surged as the company is now charging interest income and expenses on receivables and payables, informed Topline Securities analyst Furqan Punjani.
All the oil marketing companies are charging two per cent on overdue receivables mainly from thermal power plants and payables to refineries due to the circular debt, Punjani added.
Net sales increased 33 per cent on a yearly basis as a result of 14.1 per cent increase in total volumes sold, 3.1 per cent increase in average Arab light crude oil prices during the period and 17 per cent expansion in retail network, said BMA Capital analyst Muhammad Ali Taufiq.
Published in The Express Tribune, October 1st, 2010.