APL_2QFY23 Result Review,(AKD Off the Analyst's Desk Feb 27, 2023)
AKD, Off the Analyst's Desk
APL: 2QFY23 Result Review
Attock Petroleum Ltd (APL) announced result for 2QFY23 where company posted unconsolidated PAT of PkR1.25bn (EPS: PkR10.03), down by 70% on a QoQ basis against PAT of PkR4.1bn (EPS: PkR33.3) during the previous quarter.
- The result came in higher than our expectations of LAT PkR135mn (LPS: PkR1.1) where in major deviations occurred due to lower inventory losses during the quarter, subsequently resulting in gross margins to end at 1.7% for the period.
- Topline of the company stood at PkR113.8bn, changing by 40%/-8% on a YoY/QoQ basis during 2QFY23. The said decline is majorly attributable to falling offtakes (down by 18%/10% YoY/QoQ) wherein retail fuel prices remained relatively stable during the period.
- To note, lower than expected inventory losses arose (PkR192mn vs. our estimate of PkR954mn) on the back of falling fuel prices internationally, as ex-refinery prices for MS/HSD fell by 18%/11% during 2QFY23 as compared to the quarter before.
- Net finance income for the quarter clocked in at PkR826mn (up 237xQoQ) majorly due to higher proportions in short term investments during the period (PkR22.17bn during 1QFY23 vs. PkR1.5bn during 4QFY22) and rising discount rates.
- Effective tax clocked in at 29.8% (vs. 33% last quarter).
AKD Research
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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