Attock Petroleum to post loss after tax for 2QFY23

Attock Petroleum (APL) is expected to announce its 2QFY23 financial result on Monday. Analysts expect the company to post loss after tax of PKR135 million (LPS: PKR1.08), down by 103% on a YoY/QoQ basis. The said decline is mainly attributable to falling offtakes (down by 10%QoQ and 18%YoY) due to the declining ex-refinery prices over the last quarter. Analysts expect the Company to post inventory losses of PKR954 million (PKR7.7/share) for 2QFY23 as ex-refinery prices for MS and HSD fell by 18% and 11% respectively during the period under review as compared to the previous quarter, subsequently resulting in gross margins for the quarter to end at 1.2% against 8.1% in earlier quarter). On the taxation front, analysts expect effective tax to rise to 150% for the period. The minimum turnover tax (0.5% on gross POL sales) hampers the already beat down bottom-line. At a normalized tax rate of 33%, the earnings per share would be PKR1.50/share. Alongside the result, analysts expect the company to announce a cash dividend of PKR10.0/share.

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