Karachi: Attock Refinery Limited announced a significant decline in its profits and sales for the quarter ended September 30, 2024.

In the recently released financial results, the company reported a net sales revenue of Rs 80.62 billion for the quarter, a decline from Rs 107.85 billion during the same period last year. The cost of sales also saw a decrease, settling at Rs 78.84 billion compared to Rs 91.08 billion in the previous year, resulting in a gross profit of Rs 1.78 billion, down from Rs 16.78 billion in the third quarter of 2023.

The operating profit followed a similar trend, reducing to Rs 5.02 billion from Rs 18.31 billion a year earlier. The company's profit before income tax was Rs 4.93 billion, a stark drop from Rs 18.40 billion, with the after-tax profit closing at Rs 3.03 billion, down from Rs 11.22 billion recorded during the same period last year.

The earnings per share for refinery operations stood at Rs 28.40, a sharp decrease from Rs 105.27 a year ago. Non-refinery operations contributed an earnings per share of Rs 2.82, down from Rs 2.26.

According to information available from the Pakistan Stock Exchange (PSX), Attock Refinery also disclosed that there would be no cash dividends, bonus issues, or rights shares for the shareholders for this period, marking a conservative fiscal approach amid the financial downtrend.

These financial results highlight the challenges faced by the refinery sector amid fluctuating global oil prices and domestic market dynamics. The company's strategic responses to these economic pressures will be crucial in stabilizing its financial health in upcoming quarters.