Karachi: Attock Petroleum Limited (APL) has released its financial performance report for the six-month period ending December 31, 2024. In a challenging economic environment marked by declining international oil prices and inflationary pressures, the company reported a 34% decrease in profit after tax, amounting to Rs. 5.12 billion compared to Rs. 7.80 billion in the same period last year.
The company's net sales revenue for the period stood at Rs. 231.82 billion, a decrease from Rs. 271.91 billion reported in the previous year, representing a 15% decline. Factors contributing to this downturn included reduced average selling prices, illicit trade activities, slower auto sales, and persistent inflationary pressures. Despite these challenges, APL managed to achieve notable finance income and significantly reduced exchange losses, partially offsetting the impact on net profitability.
According to information available from the Pakistan Stock Exchange (PSX), APL's earnings per share for the reported period were Rs. 41.18, down from Rs. 62.69 in the prior year. The company attributed these figures to a combination of inventory losses stemming from falling oil prices and strategic financial management initiatives.
Operationally, APL maintained an uninterrupted supply to its customers and secured a contract to provide High-Speed Diesel (HSD), Premium Motor Gasoline (PMG), and Jet Petroleum to the Pakistan Army for the 2024-25 period. The company also reached a milestone by delivering HSD to the Pakistan Air Force at Deosai, Gilgit Baltistan.
APL is expanding its retail network across the country, focusing on key motorway and urban locations to enhance brand visibility and optimize traffic flow. Currently operating 816 multi-fuel retail sites, the company has added 18 new outlets, including a Company-Owned Company-Operated (COCO) site at Hazara Service North on (E-35). Efforts are underway to establish new sites in key population centers like Peshawar, Mardan, and Lahore, among others.
In terms of industry performance, overall sales in the oil and gas sector increased to 8.99 million metric tons from 8.51 million metric tons in the same period last year, largely due to reductions in fuel prices. APL's sales volume of HSD increased by 2.4%, although the sales volume of PMG decreased by 0.7% against an industry increase of 4.8%.
The company's balance sheet reflects a stable financial standing with total assets recorded at Rs. 114.04 billion as of December 31, 2024, compared to Rs. 105.28 billion in the previous year. APL's expansion efforts and strategic contracts underscore its commitment to maintaining a strong market presence amid ongoing economic challenges.