Hifsa Raja

Attock Refinery Limited’s revenue increased to Rs228.7 billion in the first six months (July-December) of the ongoing fiscal year 2022-23 compared to Rs121.6 billion over the corresponding period of the previous year, thus posting an 88% year-on-year increase. As a result of the hefty growth in revenue, the company saw its gross profit balloon to Rs20.8 billion in IHFY23 from Rs1.7 billion in the corresponding period of FY22, registering a record 1119% yearly growth.

The profit-before-taxation also rocketed to Rs21.5 billion in 1HFY23 from Rs1.5 billion in the corresponding period of FY22, registering a whopping 1318% growth year-on-year. The after-tax profit leapt to Rs15.3 billion in 1HFY23 from Rs1.6 billion over the corresponding period of FY22, posting a phenomenal growth of 811% year-on-year, reports WealthPK.

Earnings growth analysis

Attock Refinery Limited remained in losses from 2019 to 2021 as is reflected in the table below. The company recorded losses per share during these three years. However, in 2022, the company’s fortunes changed for the better with its earnings per share reaching Rs93.14. In the first six months of the ongoing fiscal year 2022-23, the company’s EPS jumped to Rs144.06 from Rs15.82 in the same period of FY22

Industry comparison

Attock Refinery Limited’s competitors include Shell Pakistan Limited, National Refinery Limited, Attock Petroleum Limited, and Pakistan Refinery Limited.

Company profile

Attock Refinery Limited is principally engaged in the refining of crude oil. The company offers a range of petroleum products, including liquefied petroleum gas, petroleum solvent grade 45/120, export naphtha, unleaded premium motor gasoline, mineral turpentine, JP-1, JP-8, kerosene oil, high-speed diesel, light diesel oil, jute batching oil, furnace fuel oil, low sulfur fuel oil, residue furnace fuel oil and paving grade asphalts.

The company provides laboratory services, including asphaltenes, acid number, API gravity, appearance, doctor test, aromatics, cetane index, copper corrosion, cloud point, distillation, olefins, lead content, freezing point, the heat of combustion, hydrogen content, iron in water, and mercaptans sulfur.

Credit: Independent News Pakistan-WealthPk