Attock Refinery Ltd

ATRL: Second Quarter (Dec22) Earning Released. EPS Rs. 75.6. No dividend was announced.

Share Price	1 Month	3 Month	1 Year
Rs. 166.16	-0.76%	4.95%	37.94%

Twelve trailing months EPS now Rs. 221. Compare this with ATRL market price of Rs. 166 per share.

Attock Refinery Ltd		2Q23	1Q23	4Q22	3Q22
Profit After Taxation (PKR Million)		8,056	7,303	6,144	2,101
EPS-Total (PKR)		75.6	68.5	57.6	19.7
Cash Dividend/Share (PKR)		0	0	10	0

ATRL earned a Net Income of Rs. 8056 million for the second quarter ending Dec 22, up 10.4% on previous quarter (Sep22) and staggering 5.6 times on same quarter last year.

Revenue however declined by 9.3% over previous quarter (Sep22), though Gross profit increased by 9.8%. The company increased revenue by 66% compared to same quarter last year (Dec21).

The profitability of the company has been boosted by 'Spreads between prices of products and crude oil which started to improve last year maintained the same trend during the second quarter of the current year'.

The Company supplied 895,000 Metric Tons of various petroleum products while operating at about 79% of the capacity in the first half of this financial year.

During the month of December 2022, the Company faced  reduced demand of furnace fuel oil forcing the company to shut down one of its main distillation unit for a few days.

The Company derives its income both from refinery and non-refinery operations. In last few quarters non-refinery income has not been substantial compared to core refinery income. But in the past, ATRL has been able to cover losses sustained in refinery operations from non-refinery income.

ATRL is trading at PE and PB of less than 1. Its market price had made a 52-week high of  Rs. 183. Its market price is up 38% in one year compared to negative 3.5% return of KSE100 Index.

Company Ticker: ATRL

Market Cap: Rs. 17.7 billion

Shares Issued: 106.6 million

Free Float: 40%

Financial Year End: June

Attock Refinery holds  19.9 mill shares (25%) of National Refinery Ltd (listed on PSX:NRL), and 21.77 mill shares (21.88%) of Attock Petroleum Ltd (PSX:APL)

Attock Refinery Limited was incorporated in 1978 and was listed on Karachi Stock Exchange in 1980.

The company is engaged in the business of refining crude oil and produces a range of petroleum products including motor gasoline, diesel, jet fuel, LPG, and asphalt.

Its plant is located at Morgah, Rawalpindi, Pakistan.

The Attock Oil Company Limited holds 60% shares of Attock Refinery Limited.

See Company's website: www.arl.com.pk

More info at PSX: https://dps.psx.com.pk/company/ATRL

ATRL: Attock Refinery Ltd
Profit & Loss Account		2Q23	1Q23	4Q22	3Q22		Jun22	June21
PKR Millions
Revenue		89,829	99,124	95,599	66,630		261,984	127,730
Gross Profit		10,914	9,937	13,990	2,978		18,678	-2,568
Less:
Distribution Cost		19	23	24	14		77	52
Admin Expenses		271	347	247	201		867	767
Other Charges		873	741	882	189		1,192	8
		1,163	1,111	1,154	404		2,135	828
Add:
Other Income		1,808	1,415	783	445		2,003	1,265
Reversal/(loss) -financial assets		-22	-5	-254	26		36	411
EBIT - Operating Profit/(Loss)		11,537	10,236	13,365	3,045		18,581	-1,720
Finance (Cost)/Income		134	-347	-2,084	-559		-3,294	-637
Profit Before Taxation		11,671	9,888	11,282	2,485		15,287	-2,357
Taxation		-3,851	-3,263	-5,025	-723		-6,191	92
Profit After Tax - Refinery Operation		7,819	6,625	6,257	1,762		9,097	-2,265
Income - Non Refinery Operation		237	678	-113	339		834	120
Profit After Taxation		8,056	7,303	6,144	2,101		9,931	-2,145
EPS-Refinery		73.3	62.1	58.7	16.5		85.3	-
EPS- Non Refinery		2.2	6.4	-1.1	3.2		8	1
EPS-Total (PKR)		75.6	68.5	57.6	19.7	11	93	-20
Cash Dividend/Share (PKR)		0	0	10	0		10
Stock Dividend (%)		-	-	-	-		-	-
Share Outstanding (Millions)		107	107	107	107		107	107
Share Capital		1066	1066	1066	1066		1066	1066
Shareholder Equity		65,820	57,764	51,527	45,499		51,527	41,712
Total Assets		139,904	139,773	132,906	114,455		132,906	103,295

ATRL Share Price Chart: