KARACHI, Sept 17: The Attock group companies announced financial results for the year financial year 2012 (FY12) on Monday. The following are the salient features:
Pakistan Oilfields Ltd (POL) posted FY12 earning per share (eps) at Rs50.1, up 9.6pc from Rs45.7 the previous year. The board announced final cash dividend of Rs35 per share translating into full year payout of Rs52.5 per share which was above 100pc.
Analyst at Topline Securities, Nauman Khan said that the increase in earnings primarily derived from 15pc increase in company’s topline driven by higher international oil prices; 45pc decline in company’s exploration cost as no dry well was announced and 41pc increase in company’s other income arising from higher payout from its associate companies and improved cash position.
Attock Petroleum Ltd (APL) posted FY12 earnings at Rs59.6 per share, down by marginal 3.2pc from Rs61.6 last year. However, in line with other group companies’ higher payout of final cash dividend of Rs32.5 per share was announced by the company, raising the full year payout to Rs50 per share.
Relatively subdued earnings was on account of decline in company’s gross margin to 3pc as against 4.3pc last year on the back of expected inventory loss; 77pc increase in financial charges due to foreign exchange loss and 8pc decline in company’s income from bank deposits.
Attock Refinery Ltd (ATRL) announced FY12 EPS at Rs32.07, up 25pc from Rs25.6 last year.
The company also announced final cash dividend at Rs6 per share, which resulted in full year payout at Rs7.5 per share.
The improved earnings primarily stems from higher non-refinery income that grew by 49pc to Rs1.6bn (EPS Rs18.6) in FY12 as against Rs1.1bn (EPS Rs12.5) last year on account of higher dividend from its associated companies i.e. NRL and APL.
Company’s refinery operation grew by 3pc to Rs1.1bn (EPS Rs13.4) versus Rs1.1bn (Rs13.1) basically coming from 53pc higher other operating income, while performance from its core-refinery operation remained subdued.
National Refinery Ltd (NRL) announced FY12 EPS of Rs32.7 depicting a massive decline of 60pc as against Rs82.1 last year.
The company also announced cash dividend of Rs15 per share.
Decline in earnings could be attributed to reduction in company’s gross margins to 2.7pc as against 6.7pc last year, while its gross profits dipped by 53pc to Rs4.7bn.
The decline in margins was a result of subdued performance from the company’s lube business which came under pressure in the early part of the year due to weak margins.
