Attock Petroleum Limited (APL) Q3 earnings preview
AKD Securities Limited (AKDS) has just released an update on its coverage of Attock Petroleum Limited (APL). The research house has raised its Dec 24 target price for APL to Rs. 500 per share.
APL Expected to Report PAT of PkR2.9bn in 3QFY24E
Attock Petroleum Limited (APL) is set to announce its financial results for the third quarter of the fiscal year 2024E. The company is expected to post a PAT of PkR2.91bn, translating to an EPS of PkR23.4. The projected increase in PAT is primarily driven by higher ex-refinery prices and slightly elevated regulated margins during the period. APL is anticipated to record inventory gains of approximately PkR325mn for the quarter, resulting in gross margins of 3.3%.
However, the company is expected to experience a decline in revenue, with total sales estimated at PkR121bn, down by 10% QoQ. Despite challenges in volumetric offtakes, particularly in the High-Speed Diesel (HSD) segment, APL remains positioned for growth.
APL: Income Statement
| (PKRmn) | 3QFY24E | 2QFY24A | QoQ | 3QFY23A | YoY |
|---|---|---|---|---|---|
| Net Sales | 121,438 | 135,471 | -10% | 113,057 | 7% |
| Gross Profit | 4,017 | 3,102 | 29% | 7,832 | -49% |
| Operating exp | 1,632 | 1,146 | 42% | 2,157 | -24% |
| Finance Income | 2,481 | 2,373 | 5% | 1,385 | 79% |
| Finance Cost | 492 | 399 | 23% | 573 | -14% |
| Tax | 1,863 | 1,443 | 29% | 2,236 | -17% |
| PAT | 2,913 | 2,540 | 15% | 4,298 | -32% |
| EPS | 23.4 | 20.4 | 15% | 34.5 | -32% |
Disclaimer
The information in this article is based on research by AKD Research. All efforts have been made to ensure the data represented in this article is as per the research report. This report should not be considered investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.
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