Attock Refinery LtdPSX: ATRL

Transmission of financial statements for the first quarter ended on september 30, 2024

Oct 30, 2024 at 5:54 AM UTC · Issued by Attock Refinery Ltd

ATTOCK REFINERY LIMITED

Condensed Interim Financial Statements

For the First Quarter Ended September 30, 2024

ATTOCK REFINERY LIMITED

CONTENTS

COMPANY INFORMATION	02
DIRECTORS' REVIEW REPORT	03
	05
CONDENSED INTERIM FINANCIAL STATEMENTS
- Statement of Financial Position	06
- Statement of Profit or Loss	08
- Statement of Profit or Loss and Other Comprehensive Income	09
Statement of Changes in Equity	10
- Statement of Cash Flows	11
- Notes to the Financial Statements	12
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
- Statement of Financial Position	26
- Statement of Profit or Loss	28
- Statement of Profit or Loss and Other Comprehensive Income	29
- Statement of Changes in Equity	30
Statement of Cash Flows	31
- Notes to the Financial Statements	32

ATTOCK REFINERY LIMITED

COMPANY INFORMATION

BOARD OF DIRECTORS

CHIEF EXECUTIVE OFFICER

CHIEF FINANCIAL OFFICER

COMPANY SECRETARY

AUDIT COMMITTEE

AUDITORS

LEGAL ADVISOR

SHARE REGISTRAR

Mr. Laith G. Pharaon	(Alternate Director Mr. Shuaib A. Malik)
Non Executive Director
Mr. Wael G. Pharaon	(Alternate Director Mr. Babar Bashir Nawaz)
Non Executive Director
Mr. Shuaib A. Malik
Chairman / Non Executive Director
Mr. Abdus Sattar
Non Executive Director
Mr. Shamim Ahmad Khan
Non Executive Director
Mr. Tariq Iqbal Khan
Independent Non Executive Director
Mohammad Haroon
Independent Non Executive Director
Mr. M. Adil Khattak
Syed Asad Abbas
Mr. Saif ur Rehman Mirza
Mr. Tariq Iqbal Khan	Chairman
Mr. Shuaib A. Malik	Member
Mr. Abdus Sattar	Member
Mr. Shamim Ahmad Khan	Member
Mr. Babar Bashir Nawaz	Member
A.F. Ferguson & Co.	Chartered Accountants
Ali Sibtain Fazli & Associates	Legal Advisors, Advocates & Solicitors

CDC Share Registrar Services Limited

CDC House, 99-B, Block 'B', S.M.C.H.S.,

Main Shahra-e-Faisal,Karachi-74400.

REGISTERED OFFICE	The Refinery, P.O. Morgah, Rawalpindi.
	Tel : (051) 5487041-5	Fax : (051) 5487093 & 5406229
	E-mail : info@arl.com.pk	Website : www.arl.com.pk

ATTOCK REFINERY LIMITED

DIRECTORS' REVIEW REPORT

IN THE NAME OF ALLAH, THE MOST GRACIOUS, THE MOST MERCIFUL

On behalf of the Board of Directors of Attock Refinery Limited, we are pleased to present review of the financial results and operations of the Company for the first quarter ended September 30, 2024.

FINANCIAL RESULTS

During the quarter under review the Company earned profit after tax of Rs 3,029 million from refinery operations (September 30, 2023: Rs 11,223 million). Non-refinery income during this quarter was Rs 301 million (September 30, 2023: Rs 241 million). Accordingly, overall profit after taxation was Rs 3,330 million with earning per share of Rs 31.22 (September 30, 2023: Rs 11,464 million with earning per share of Rs 107.53).

During the period under review, there was a downward trend in the refinery margins, reflecting global dynamics of refining industry coupled with product uplifting issues in the local market. The decline in refinery's margins has negatively affected the Company's profitability. Your Company has remained committed to leveraging every opportunity to improve business processes and enhance profitability.

The Consolidated Financial Statements of the Company are annexed. During the period the Company made a Consolidated profit after tax of Rs 3,713 million (September 30, 2023: Rs 12,301 million) which translates into consolidated earnings per share of Rs 34.83 (September 30, 2023: Rs 115.38).

REFINERY OPERATIONS

During this quarter, the Company supplied 400 thousand Metric Tons of various petroleum products while operating at 71% of the capacity (September 30, 2023: 457 thousand Metric Tons, 81% capacity). During the quarter, the refinery's main distillation unit had to be temporarily shut down for few days due to low uplifting of Diesel, mainly caused by smuggling and unwarranted imports in the country. This has resulted in low capacity utilization.

FUTURE OUTLOOK

There is positive development in some of the macro-economic indicators like reduction in interest rates and inflation. However, the management still anticipates that the economic landscape will continue to be challenging in the near future. Therefore, the management's focus will be on implementing proactive measures to enhance operational efficiencies, aiming to boost revenue while reducing costs.

Last year, Government approved the Pakistan Oil Refining Policy for Existing Refineries. Recently, changes to the Sales Tax Act, 1990, made through the Finance Act 2024, have effectively nullified the incentives envisaged under the Policy. Refineries have collectively raised this issue along with problem of smuggling/unwarranted imports with the Government. There is hope for a resolution that satisfies all stakeholders. The Company plans to sign various agreements with OGRA under the Policy once the relevant issues are resolved.

ACKNOWLEDGEMENT

The Board would like to acknowledge support received from the Ministry of Energy and all other stakeholders. We highly appreciate our employees for their dedication. We also thank our valued customers and suppliers for their continued trust and support.

On behalf of the Board

M. Adil Khattak	Abdus Sattar
Chief Executive Officer	Director

October 18, 2024

Rawalpindi

ATTOCK REFINERY LIMITED

Condensed Interim Statement of Financial Position (Unaudited)

As At September 30, 2024

		September 30,
	Note	2024
		Rs '000
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share capital
Authorised capital
150,000,000 (June 30, 2024: 150,000,000)
ordinary shares of Rs 10 each		1,500,000
Issued, subscribed and paid-up capital


106,616,250 (June 30, 2024: 106,616,250)
ordinary shares of Rs 10 each	5	1,066,163
Reserves and surplus	6	80,602,844
Surplus on revaluation of freehold land		55,160,588

		136,829,595
NON-CURRENT LIABILITIES
Lease liability		216,584
CURRENT LIABILITIES

Trade and other payables	7		64,234,467
Current portion of lease liabilities			184,199
Unclaimed dividends			15,205
Provision for taxation			10,291,603

		74,725,474

TOTAL EQUITY AND LIABILITIES	211,771,653
CONTINGENCIES AND COMMITMENTS	8

June 30,

2024

Rs '000

1,500,000

1,066,163

77,273,236

55,160,588

133,499,987

203,847

69,403,334

178,502

15,609

10,786,854

80,384,299

214,088,133

ATTOCK REFINERY LIMITED

		September 30,
	Note	2024
		Rs '000
ASSETS
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT
Operating assets	9	61,976,027
Capital work-in-progress	10	1,643,721
Major spare parts and stand-by equipments		140,173

		63,759,921
LONG TERM INVESTMENTS	11	13,264,915
LONG TERM LOANS AND DEPOSITS		49,523
DEFERRED TAXATION			444,153
		77,518,512

CURRENT ASSETS

June 30,

2024

Rs '000

62,652,205

1,479,322

143,842

64,275,369

13,264,915

47,682

270,585

77,858,551

Stores, spares and loose tools
Stock-in-trade	12
Trade debts	13
Loans, advances, deposits, prepayments
and other receivables	14
Dividend receivable from associated company
Short term investment	15
Cash and bank balances	16

8,373,793

20,885,640

22,357,519

1,913,653

374,148

36,598,432

43,749,956

134,253,141

7,119,300

21,304,144

37,036,173

2,023,559

34,999,317

33,747,089

136,229,582

TOTAL ASSETS	211,771,653		214,088,133

The annexed notes 1 to 27 form an integral part of these condensed interim financial statements.

Syed Asad Abbas	M. Adil Khattak	Abdus Sattar
Chief Financial Officer	Chief Executive Officer	Director

ATTOCK REFINERY LIMITED

Condensed Interim Statement of Profit or Loss (Unaudited)

For The First Quarter Ended September 30, 2024

Three months ended

		September 30,
		2024
	Note			Rs '000
Gross sales	17	109,448,355
Taxes, duties, levies, discount and price differential	18	(28,828,481)

Net sales		80,619,874
Cost of sales	19	(78,837,638)

Gross profit		1,782,236

Administration expenses			428,980
Distribution cost			23,937
Other charges			370,610
		(823,527)
Other income	20	4,052,757
Impairment reversal/(loss) on financial assets		7,968

Operating profit		5,019,434
Finance (cost)/income - net	21	(94,677)

Profit before income tax and final taxation from refinery operations		4,924,757
Final taxes - levy		(35,148)

Profit before income tax from refinery operations		4,889,609
Taxation	22	(1,861,190)

Profit after taxation from refinery operations		3,028,419
Income from non-refinery operations less applicable
charges and taxation	23	301,189

Profit for the period		3,329,608
Earnings per share - basic and diluted (Rupees)


Refinery operations		28.40
Non-refinery operations		2.82

		31.22

September 30,

2023

Rs '000

140,798,231

(32,948,954)

107,849,277

(91,071,558)

16,777,719

316,058

20,358

1,372,172

(1,708,588)

3,240,558

(732)

18,308,957

90,010

18,398,967

(7,175,597)

11,223,370

240,951

11,464,321

105.27

2.26

107.53

The annexed notes 1 to 27 form an integral part of these condensed interim financial statements.

Syed Asad Abbas	M. Adil Khattak	Abdus Sattar
Chief Financial Officer	Chief Executive Officer	Director

ATTOCK REFINERY LIMITED

Condensed Interim Statement of Profit or Loss and

Other Comprehensive Income (Unaudited)

For The First Quarter Ended September 30, 2024

		Three months ended
	September 30,	September 30,
	2024	2023
		Rs '000	Rs '000
Profit after taxation	3,329,608	11,464,321
Other comprehensive income - net of tax:	-	-

Total comprehensive income for the period	3,329,608	11,464,321

The annexed notes 1 to 27 form an integral part of these condensed interim financial statements.

Syed Asad Abbas	M. Adil Khattak	Abdus Sattar
Chief Financial Officer	Chief Executive Officer	Director

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