A R L
ATTOCK REFINERY LIMITED
FORM-7
ARL/FA/ca/1,500.88/17022
April 28, 2025
The General Manager,
Pakistan Stock Exchange Limited, Stock Exchange Building,
Stock Exchange Road, Karachi.
Dear Sir,
FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS PERIOD ENDED MARCH 31, 2025
We have to inform you that the Board of Directors of our Company, in their meeting held on April 28, 2025 at 12:30 p.m. at POL blouse, Morgah, Rawalpindi recommended the following:
CASH DIVIDEND NIL
BONUS ISSUE
NIL
RIGHT SHARES NIL
ANY OTHER ENTITLEMENT/CORPORATE ACTION NIL
ANY OTHER PRICE SENSITIVE INFORMATION NIL
Page 1 of 12
fi"
REFINERY P.O. MORGAH, RAWALPINDI, PAKISTAN
Tele: (92-51) 5487041 - 45, Telefax: (92-51) 5487254, E-mail: info@art.com.pk
The standalone and consolidated financial statements of the Company are attached as under:
Standalone Financial Statements (Annexure-A) that include Statement of Financial Position, Statement of Profit or Loss, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows.
Consolidated Financial Statements (Annexure-B) that include Consolidated Statement of Financial Position, Consolidated Statement of Profit or Loss, Consolidated Statement of Profit or Loss and other Comprehensive Income. Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows.
The Quarterly Report of the Company for the period ended March 31, 2025 will be transmitted through PUCARS separately, within the specified time.
Yours truly,
Ences: Annexures. A & B
Page 2 of 12
ANNEXURE - A
ATTOCK REFINERY LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS AT MARCH 31, 2025
March 31, 2025 Rs '000 | June 30, 2024 Rs '000 | March 31, 2025 Rs '000 | June 30, 2024 Rs '000 | |||
EQUITY AND LIABILITIES | ASSETS | |||||
SHARE CAPITAL AND RESERVES | NON-CURRENT ASSETS | |||||
Share capital | PROPERTY, PLANT AND EQUIPMENT | |||||
Authorised capital | Operating assets | 60,646,222 | 62,652,205 | |||
150,000,000 (June 30, 2024: 150,000,000) | Capital work-in-progress | 1,886,788 | 1,479,322 | |||
ordinary shares of Rs 10 each | 1,500,000 | 1,500,000 | Major spare parts and stand-by equipments | 149,763 | 143,842 | |
Issued, subscribed and paid-up capital | 62,682,773 | 64,275,369 | ||||
106,616,250 (June 30, 2024: 106,616,250) | ||||||
ordinary shares of Rs 10 each | 1,066,163 | 1,066,163 | LONG TERM INVESTMENTS | 13,264,915 | 13,264,915 | |
Reserves and surplus | 84,002,456 | 77,273,236 | ||||
Surplus on revaluation of freehold land | 55,160,588 | 55,160,588 | LONG TERM LOANS AND DEPOSITS | 42,498 | 47,682 | |
140,229,207 | 133,499,987 | |||||
NON-CURRENT LIABILITIES | DEFERRED TAXATION | 786,681 | 270,585 | |||
Long term lease liability | 251,416 | 203,847 | 76,776,867 | 77,858,551 | ||
CURRENT LIABILITIES | CURRENT ASSETS | |||||
Trade and other payables | 57,618,248 | 69,403,334 | Stores, spares and loose tools | 8,943,513 | 7,119,300 | |
Current portion of lease liability | 192,186 | 178,502 | Stock-in-trade | 20,048,004 | 21,304,144 | |
Unclaimed dividends | 19,000 | 15,609 | Trade debts | 22,703,871 | 37,036,173 | |
Provision for taxation | 10,306,764 | 10,786,854 | Loans, advances, deposits, prepayments | |||
68,136,198 | 80,384,299 | and other receivables | 3,322,002 | 2,023,559 | ||
Short term investments | 44,980,144 | 34,999,317 | ||||
Cash and bank balances | 31,842,420 | 33,747,089 | ||||
131,839,954 | 136,229,582 | |||||
TOTAL EQUITY AND LIABILITIES | 208,616,821 | 214,088,133 | TOTAL ASSETS | 208,616,821 | 214088,133 | |
MUHAMMAD HASHIM ALI
DEPUTY MANAGER - (ACCOUNTS)
. ".: '" Page 3 of 12
ANNEXURE - A
ATTOCK REFINERY LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025
Three months ended | Nine months ended | ||||||
March 31, | March 31, | March 31, | March 31, | ||||
2025 Rs '000 | 2024 Rs '000 | 2025 Rs'000 | 2024 Rs'000 | ||||
Gross sales | 100,062,664 | 107,358,295 | 320,131,123 | 377,572,699 | |||
Taxes, duties, levies, discount and price differential | (25,506,801) | (26,956,116) | (84,815,653) | (91,290,225) | |||
Net sales | 74,555,863 | 80,402,179 | 235,315,470 | 286,282,474 | |||
Cost of sales | (73,758,089) | (75,130,617) | (229,948,211) | (260,089,334) | |||
Gross profit | 797,774 | 5,271,562 | 5,367,259 | 26,193,140 | |||
Administration expenses | 439,315 | 341,078 | 1,258,184 | 1,006,304 | |||
Distribution cost | 28,306 | 24,656 | 76,604 | 67,216 | |||
Other charges | 184,907 | 594,565 | 963,681 | 2,520,330 | |||
(652,528) | (960,299) | (2,298,469) | (3,593,850) | ||||
Other income | 2,401,959 | 3,743,553 | 9,916,306 | 11,215,050 | |||
Impairment loss on financial assets | (10,474) | (56,195) | (5,746) | (31,762) | |||
Operating profit | 2,536,731 | 7,998,621 | 12,979,350 | 33,782,578 | |||
Finance (cost)/income - net | (150,410) | 7,873 | (360,191) | 93,406 | |||
Profit before taxation from refinery operations | 2,386,321 | 8,006,494 | 12,619,159 | 33,875,984 | |||
Taxation | (932,017) | (3,087,593) | (4,921,379) | (13,081,355) | |||
Profit after taxation from refinery operations | 1,454,304 | 4,918,901 | 7,697,780 | 20,794,629 | |||
Income from non-refinery operations less applicable | |||||||
charges and taxation | 248,348 | 349,272 | 897,224 | 888,241 | |||
Profit for the period | 1,702,652 | 5,268,173 | 8,595,004 | 21,682,870 | |||
Earnings per share - basic and diluted (Rupees) | |||||||
Refinery operations | 13.64 | 46.13 | 72.20 | 195.04 | |||
Non-refinery operations | 2.33 | 3.27 | 8.42 | 8.32 | |||
15.97 | 49.40 | 80.62 | 203.36 | ||||
*t',''. /'.''.• | |||||||
"' ,‹. › | |||||||
MUHAMMAD HASHIM ALI | |||||||
DEPUTY MANAGER - (ACCOUNTS) | |||||||
Page 4 of 12 | |||||||
ATTOCK REFINERY LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025
Three months ended
ANNEXURE - A
Nine months ended
March 31, | March 31, | March 31, | March 31, | |||||
2025 Rs'000 | 2024 Rs'000 | 2025 Rs '000 | 2024 Rs '000 | |||||
Profit after taxation | 1,702,652 | 5,268,173 | 8,595,004 | 21,682,870 | ||||
Other comprehensive income - net of tax: | ||||||||
Total comprehensive income for the period | 5,268,173 | 8,595,004 | 21,682,870 |
Page 5 of 12
ANNEXURE - A
ATTOCK REFINERY LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025
Capital reserve
Revenue reserve
Share capital
Special reserve Utilised special reserve for expansion/ for expansion/
modernisation modernisation
Surplus on Investment General Un-appropriated revaluation of
Others reserve reserve Profit freehold land
Total
Rs '000
Balance as at July 01, 2023
1,066,163
10,962,934 5,948 3,762,775 55
13,151,727
55,160,588 109,772,779
Total comprehensive income - net of tax Profit for the period
Other comprehensive income for the period
Profit from refinery operations transferred from unappropriated profit to special reserve - note 6.1
Distribution to owners:
Final cash dividend @ 125% related to the year ended June 30, 2023
Interim cash dividend @ 25% related to the
4,534,298
- 21,682,870
(4,534,298)
(1,332,703)
- 21,682,870
(1,332,703)
year ended June 30, 2024 (266,541) (266,541)
Balance as at March 31, 2024
1,066,163
30,196,887
10,962,934 5,948 3,762,775 55
28,701,055
55,160,588 129,856,405
Total comprehensive income - net of tax Profit for the period
Other comprehensive income for the period
3,560,991
2 5 1 82,591
- 3,643,582 3,643,582
Balance as at June 30, 2024
1,066,163
30,196,887
10,962,934 5,948 3,762,775 55
32,344,637
55,160,588 133,499,987
Total comprehensive income - net of tax Profit for the period
Other comprehensive income for the period
Distribution to owners:
Final cash dividend @ 125% related to the year ended June 30, 2024
Interim cash dividend @ 50% related to the year ended June 30, 2025
- 8,595,004
(1,332, 703)
(533,081)
- 8,595,004
(1,332,703)
55
(533,081)
Balance as at March 31, 2025
1,066,163
30,196,887
39,073,857
55,160;588 140,22_9,207
",.' :'- '-''!' '";''' "?" *"*' ": ",. . MUHAMMAD HASHIM ALI
"' DEPUTY MANAGER - ACCOUNTS
Page 6 of 12
ANNEXURE - A
ATTOCK REFINERY LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025
Nine months ended
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from - customers
- others
Cash paid for operating cost
Cash paid to Government for duties, taxes and other levies Income tax paid
Net cash (outflow)/inflow from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment Proceeds against disposal of operating assets Long term loans and deposits
Income received on bank deposits Short term investments - net
Dividends received from associated companies Net cash (outflow)/inflow from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of lease liability
Dividend paid to Company's shareholders Bank balances under lien
Finance costs paid
Net cash outflows from financing activities
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS DURING THE PERIOD
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD
March 31,
2025
Rs '000
334,535,452
210,880 334,746,332
(238,542,924)
(90,136,490)
(6,187,163)
(120,245)
(716,494)
15,730
5,184
9,550,919
(24,605,437)
1,190,634
(14,559,464)
(1,862,393)
1,549,285
(1,440)
(314,548)
(14,994,257)
67,190,300
March 31,
2024
Rs '000
403,547,755
1,620,301 405,168,056
(271,130,853)
(93,645,522)
(12,489,865)
27,901,816
(577,652)
16,484
1,192
10,605,866
1,166,797
11,212,687
(84,600)
(2,099,102)
794,093
(6,738)
(1,396,347)
37,718,156
27,914,948
Effect of exchange rate changes on cash and cash equivalents CASH AND CASH EQUIVALENTS AT END OF THE PERIOD
2,319
65,635,423
MUHAMMAD HASHIM ALI DEPUTY MANAGER - (ACCOUNTS)
Page 7 of 12
ANNEXURE - B
ATTOCK REFINERY LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
AS AT MARCH 31, 2025
March 31, | June 30, | March 31, | June 30, | ||
2025 Rs '000 | 2024 Rs '000 | 2025 Rs '000 | 2024 Rs '000 | ||
EQUITY AND LIABILITIES | ASSETS | ||||
SHARE CAPITAL AND RESERVES | NON•CURRENT ASSETS | ||||
Share capital Authorised capital | PROPERTY, PLANT AND EQUIPMENT Operating assets | 60,697,561 | 62,705,201 | ||
150,000,000 (June 30, 2024: 150,000,000) | Capital work-in-progress | 1,886,788 | 1,479,322 | ||
ordinary shares of Rs 10 each | 1,500,000_ | 1,500,000 | Major spare parts and stand-by equipments | 149,763 | 143,842 |
Issued, subscribed and paid-up capital | 62,734,112 | 64,328,365 |
106,616,250 (June 30, 2024: 106,616,250)
ordinary shares of Rs 10 each Reserves and surplus
Surplus on revaluation of freehold land
1,066,163 1,066,163
94,722,739 89,952,711
55,160,588 55,160,588 150,949,490 146,179,462
LONG TERM INVESTMENTS
LONG TERM LOANS AND DEPOSITS
26,643,715 29,017,393
42,542 47,773 89,420,369 93,393,531
NON-CURRENT LIABILITIES
Deferred taxation
Long term lease liability Deferred grant
CURRENT LIABILITIES
Trade and other payables Current portion of lease liability Unclaimed dividends
Provision for taxation
2,162,021
251,416
2,692
2,416,129
57,644,245
192,186
19,000
10,317,917
68,173,348
3,238,104
3,031,063
203,847
3,194
69,442,334
178,502
15,609
10,786,975
80,423,420
CURRENT ASSETS
Stores, spares and loose tools Stock-in-trade
Trade debts
Loans, advances, deposits, prepayments and other receivables
Short term investments Cash and bank balances
8,943,513 | 7,119,300 |
20,056,050 | 21,316,755 |
22,704,523 | 37,036,362 |
3,359,140 | 2,049,130 |
44,980,144 | 34,999,317 |
32,075,228 | 33,926,591 |
132,118,598 136,447,455
TOTAL EQUITY AND LIABILITIES
221,538,967 229,840,986
TOTAL ASSETS
221,538,967 229,840,986
MU AMMAD HASHIM ALI
DEPUTY MANAGER - (ACCOUNTS)
Page 8 of 12
ANNEXURE - B
ATTOCK REFINERY LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025
March 31, 2025 Rs '000 | March 31, 2024 Rs '000 | March 31, 2025 Rs '000 | March 31, 2024 Rs '000 |
100,108,837 | 107,396,157 | 320,275,012 | 377,690,512 |
(25,506,801) (26,956,116) | (84,815,653) | (91,290,225) | |
74,602,036 80,440,041 | 235,459,359 | 286,400,287 | |
(73,758,089) (75,130,617) | (229,948,211) | (260,089,334) | |
Three months ended
Nine months ended
Gross sales
Taxes, duties, levies, discount and price differential Net sales
Cost of sales
Gross profit | 843,947 | 5,309,424 | 5,511,148 | 26,310,953 | |
Administration expenses | 463,878 | 369,093 | 1,336,274 | 1,076,556 | |
Distribution cost | 28,306 | 24,656 | 76,604 | 67,216 | |
Other charges | 185,466 | 594,847 | 965,488 | 2,521,672 | |
(677,650) | (988,596) | (2,378,366) | (3,665,444) | ||
Other income | 2,409,250 | 3,750,377 | 9,939,140 | 11,235,407 | |
Impairment loss on financial assets | (10,474) (56,195) | (5,746) | (31,762) | ||
Operating profit | 2,565,073 8,015,010 | 13,066,176 | 33,849,154 | ||
Finance (cost)/income - net | (150,410) 7,873 | (360,191) | 93,406 | ||
Profit before income tax from refinery operations | 2,414,663 8,022,883 | 12,705,985 | 33,942,560 | ||
Taxation | (939,891) (3,092,311) | (4,946,297) | (13,100,538) | ||
Profit after taxation from refinery operations | 1,474,772 | 4,930,572 | 7,759,688 | 20,842,022 | |
Non-refinery income: | |||||
Share in (loss)/profit of associated companies | (2,440,308) 571,328 | (1,124,769) | 2,219,178 | ||
(Loss)/profit for the period | (965,536) 5,501,900 | 6,634,919 | 23,061,200 | ||
(Loss)/earnings per share - basic and diluted (Rupees) Refinery operations | 13.83 46.25 | 72.78 | 195.49 | ||
Non-refinery operations | (22.89) 5.35 | (10.55) | 20.81 | ||
(9.06) 51.60 | 62.23 | 216.30 | |||
"
› ' v'
'"*' MUHAMMAD HASHIM ALI
DEPUTY MANAGER - (ACCOUNTS)
Page 9 of 12
ANNEXURE - B
ATTOCK REFINERY LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025
Three months ended Nine months ended
March 31, | March 31, | March 31, | March 31, | ||||
2025 | 2024 | 2025 | 2024 | ||||
Rs'000 | Rs'000 | Rs'000 | Rs'000 | ||||
(Loss)/profit after taxation | (965,536) | 5,501,900 | 6,634,919 | 23,061,200 | |||
Other comprehensive income (net of tax): | |||||||
Share of other comprehensive income/(loss) of associated companies - net of tax | 893 | 1,472 | |||||
Total comprehensive (loss)/income for the period | (965,536) | 5,501,900 | 6,635,812 | 23,062,672_ | |||
MUHAMMAD HASHIM ALI
DEPUTY MANAGER - (ACCOUNTS)
Page 10 of 12
ATTOCK REFINERY LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025
ANNEXURE - B
Revenue Reserve
G•ird(lacs) on
Special reserve Utilised apeclai reserve revaluation of Surplus on
Share for expsnalon / for expansion / Maintenance Overhaul Others General Un-appropriated investment at fair revaluation of
capital
modemieatlon
modernization
reserve
reserve
reserve
Profit
value through OCI freehold land
Balance as at July 01. 2023
Total comprehensive income - net of tax Profit for the period
Other comprehensive income for the period
1,066,163
122,526,194
Profit from refinery operations transferred from unappropriated profit to special reserve - note 6.1
Distribution to owners:
Final cash dividend @ 125'K related to the year ended June 30, 2023
Interim cash dividend @ 25'k related to the year ended June 30, 2024
4,5Z4.29B
(4,534,298)
(1,332,703)
(266,541)
(1,332,703)
(266,541)
Transferred to maintenance reserve by an associated company AGL- note 6.3
- 2,269 (2,269)
Balance as at March 31, Z0Z4
Total comprehensive income - net of tax Profit for the period
1,066,163
30,196,887
12,908,966 2S4,220 - 210,428 7,077,360
37,111,351 3,639 55,160,58fI
143,989,622
Other comprehensive income for the period 20 23s 6 20 3o
- - - - - - - 2,169,773 67 - 2,189,840
Bonus shares issued by an associated company
Transferred to maintenance reserve by an
associated company AGL - note 6.3 - 3,148 (3,148)
Balance ae at June 30, Z0Z4
Total comprehensive income - net of tax Profit for the period
Other comprehensive income for the period
1,066,163 30,196,807
12,906,966 257,368 - 210,428 7,077,380
39,297,976
3,706 55,160,586 146,179,462
6,634,919
e93
Distribution to owners: Final cash dividend @ 125°A related to the | 6,635,e12 | ||
year ended June 30, 2024 Interim cash dividend @ 5096 related to the year ended June 30, 2025 | (1,332,703) (533,061) | (1,332,703) (533,081) | |
Transferred to maintenanoe reserve by an associated company AGL- note 6.3 | 2,459 | (2,459) |
Transferred to overhaul reserve by an
associated company AGL- note 6.4 - - 1,282,724 (1,282,724)
Balance ae at March 31, Z025
1,066,163 30,196,887
12,908,966 259.827 1,282,724 210,428 7,077,380
42,782,821
3,7£B 55,160,588
150,949,490
R-PlhEl Z
MUHAMMAD HASHIM ALI
DEPUTY MANAGER - (ACCOUNTS)
Page 11 of 12
ANNEXURE - B
ATTOCK REFINERY LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from - Customers
Nine months ended March 31, March 31,
2025 2024
Rs '000 Rs '000
334,678,878 403,665,568
- Others 209,751 1,622,070 | ||
334,888,629 | 405,287,638 | |
Cash paid for operating cost | (238,628,849) | (271,201,693) |
Cash paid to Government for duties, taxes and other levies | (90,136,490) | (93,645,522) |
Income tax and final taxes paid (6,201,417) (12,501,771) | ||
Net cash (outflow)/inflow from operating activities | (78,127) | 27,938,652 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (721,315) | (591,809) |
Proceeds against disposal of operating assets | 15,730 | 16,484 |
Long term loans and deposits | 5,231 | 1,490 |
Income received on bank deposits | 9,566,881 | 10,619,749 |
Short term investments - net | (24,605,437) | |
Dividends received from associated companies | 1,190,634 | 1,166,797 |
Net cash (outflow)/inflow from investing activities | (14,548,276) | 11,212,711 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment of lease liability | (84,600) | |
Dividend paid to Company's shareholders | (1,862,393) | (2,099,102) |
Bank balances under lien | 1,549,285 | 794,093 |
Finance cost | (1,440) | (6,738} |
Net cash outflows from financing activities | (314,548) | (1,396,347) |
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | ||
DURING THE PERIOD | (14,940,951) | 37,755,016 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 67,369,802 | 28,037,622 |
Effect of exchange rate changes on cash and cash equivalents 14,264 2,319 | ||
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD
52,443,115 65,794,957
MUHAMMAD HASHIM ALI DEPUTY MANAGER - (ACCOUNTS)
Page 12 of 12