APL Q4FY25 Result Review, Margins Give a Boost Despite Lower Profits

Attock Petroleum Limited (APL) has posted its results for the fourth quarter of FY25, and while profits are down compared to last year, the company still managed to beat expectations. The secret? Slightly higher gross margins, which helped cushion the impact of weaker sales prices.

Here’s the breakdown:

• Quarterly profit stood at PKR 2.7bn (EPS: PKR 21.7), down 11% YoY. For the full year, profits came in at PKR 10.4bn (EPS: PKR 83.5), a 25% drop YoY.
• The company announced a final dividend of PKR 13/share, taking the full-year payout to PKR 25.5/share, slightly lower than last year’s PKR 27.5.
• Sales for the quarter were PKR 127.4bn, down 3% YoY, as lower fuel prices outweighed a 7% increase in volumes.
• APL’s market share for FY25 was 8.8%, down from 9.9% in FY24.
• Gross margins rose to 4.3% (vs. 3.1% last year) due to lower inventory losses, which helped earnings hold up.
• Finance income fell sharply to PKR 1.6bn (down 47% YoY) because of lower investment returns, even though cash and short-term investments climbed to PKR 42bn (+44% YoY).
• Finance costs rose 18% YoY to PKR 535mn, while operating expenses stayed flat.
• The company’s effective tax rate was 41.1% for the quarter.

Bottom line: While earnings are under pressure from weaker prices and lower investment income, APL’s improved margins and steady volumes helped it beat forecasts. With a Buy call and a Dec’25 target price of PKR 825/share, the company remains on analysts’ radar, especially with a 6% dividend yield expected in FY26.

Source: AKD Securities

⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →

📢 Announcement: We're on WhatsApp – Join Us There!