Karachi: Attock Petroleum Limited, a major player in Pakistan’s energy sector, reported a significant decline in its earnings for the third quarter ending September 30, 2024, with no dividends or bonuses declared for its shareholders.

On October 18, 2024, the Board of Directors met at POL House Morgah, Rawalpindi, and approved the financial results which indicated a downturn in profit from PKR 5.26 billion in the same quarter the previous year to PKR 2.38 billion this year. This represents a decline in earnings per share from PKR 42.27 to PKR 19.17.

According to information available from the Pakistan Stock Exchange (PSX), the company's sales fell to PKR 114.70 billion from PKR 140.48 billion, reflecting a reduction in both volume and revenue. Net sales, after accounting for sales tax and other levies, stood at PKR 112.72 billion compared to PKR 136.44 billion in 2023.

The quarterly financial report shows that the cost of products sold also decreased to PKR 108.67 billion from PKR 126.17 billion, with the gross profit margin notably lower at PKR 4.05 billion compared to PKR 10.27 billion a year ago. Operating expenses and other charges further eroded profits.

The company did not announce any new shareholder entitlements such as cash dividends, bonus shares, or rights shares, emphasizing a focus on stabilizing financials amid challenging market conditions.

Attock Petroleum's financial position remains robust with total assets recorded at PKR 176.25 billion. However, the reduction in profits and lack of shareholder bonuses highlight the ongoing pressures facing the energy sector in Pakistan.