October 28, 2025 (MLN): Attock Refinery Limited (PSX: ATRL) reported a profit after tax of Rs1.45bn for the quarter ended September 30, 2025, down 56% from Rs3.33bn in the corresponding quarter last year.
Earnings per share declined 56% to Rs13.62 compared to Rs31.22 in Q1FY25.
Gross sales decreased 19% year-on-year to Rs88.17bn from Rs109.45bn, reflecting weaker demand during the quarter.
Taxes, duties, levies, discount and price differential remained relatively flat, increasing marginally by 0.1% to Rs28.85bn from Rs28.83bn.
Net sales declined 26% to Rs59.31bn from Rs80.62bn in Q1FY25. Cost of sales decreased 26% to Rs58.38bn from Rs78.84bn.
Gross profit contracted 48% to Rs931.5m against Rs1.78bn in Q1FY25, with the gross margin declining to 1.6% from 2.2% in the prior year quarter, indicating compressed refining margins.
Administration expenses increased 4% to Rs448.1m, while distribution cost rose 12% to Rs26.8 m. Other charges declined 50% to Rs184m from Rs370.6m last year.
Other income declined 46% to Rs2.17bn from Rs4.05bn in the previous year. Net impairment reversal on financial assets increased 42% to Rs11.3m from Rs8m.
The company recorded an operating profit of Rs2.46bn, down 51% from Rs5.02bn in Q1FY25.
Finance cost (net) decreased 20% to Rs75.8m from Rs94.7m in the previous year.
Profit before income tax and final tax from refinery operations stood at Rs2.38bn, down 52% from Rs4.92bn in Q1FY25. Final taxes/levy declined 6% to Rs33.2m from Rs35.1m.
Profit before taxation from refinery operations decreased 52% to Rs2.35bn from Rs4.89bn in Q1FY25.
Taxation declined 52% to Rs894.8m from Rs1.86bn in the prior period.
Profit for the period from refinery operations stood at Rs1.45bn, down 52% from Rs3.03bn. The company reported income from non-refinery operations less applicable charges and taxation of Rs301.2 m in Q1FY25, which was absent in the current quarter.
The company concluded Q1FY26 with a net profit of Rs1.45bn, delivering a net profit margin of 2.4% compared to 4.1% in Q1FY25.
The profit decline was driven by lower sales volumes, compressed gross margins reflecting challenging refining economics, and significantly reduced other income, partially offset by lower operating expenses and finance costs.
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STATEMENT OF PROFIT OR LOSS FOR THE QUARTER ENDED SEPTEMBER 30, 2025 (Rs.000) |
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|
Description |
2025 |
2024 |
change% |
|
Gross sales |
88,165,254 |
109,448,355 |
-19% |
|
Taxes, duties, levies, discount and price differential |
(28,854,582) |
(28,828,481) |
0.1% |
|
Net sales |
59,310,672 |
80,619,874 |
-26% |
|
Cost of sales |
(58,379,174) |
(78,837,638) |
-26% |
|
Gross profit |
931,498 |
1,782,236 |
-48% |
|
Administration expenses |
448,145 |
428,980 |
4% |
|
Distribution cost |
26,800 |
23,937 |
12% |
|
Other charges |
184,047 |
370,610 |
-50% |
|
Total Expenses (Admin + Dist + Other) |
(658,992) |
(823,527) |
-20% |
|
Other income |
2,171,864 |
4,052,757 |
-46% |
|
Net impairment reversal on financial assets |
11,307 |
7,968 |
42% |
|
Operating profit |
2,455,677 |
5,019,434 |
-51% |
|
Finance cost - net |
(75,791) |
(94,677) |
-20% |
|
Profit before income tax and final tax from refinery operations |
2,379,886 |
4,924,757 |
-52% |
|
Final taxes - levy |
(33,196) |
(35,148) |
-6% |
|
Profit before taxation from refinery operations |
2,346,690 |
4,889,609 |
-52% |
|
Taxation |
(894,812) |
(1,861,190) |
-52% |
|
Profit for the period from refinery operations |
1,451,878 |
3,028,419 |
-52% |
|
Income from non-refinery operations less applicable charges and taxation |
- |
301,189 |
|
|
Profit for the period |
1,451,878 |
3,329,608 |
-56% |
|
Earnings per share |
13.62 |
31.22 |
-56% |