Karachi October 25 2022: Attock Refinery Limited (ARL) reported Profit of Rs 7,303 million in the first quarter against profit of Rs 464 million in the corresponding period last year, according to the company filing to the Pakistan Stock Exchange.
During the quarter under review the Company earned profit after tax of Rs 6,637 million from refinery operations (September 30, 2021: profit of Rs 61 million). Non-refinery income during this quarter was Rs 879 million (September 30, 2021: Rs 83 million). Accordingly, overall profit after taxation was Rs 7,517 million with earning per share of Rs 70.51 (September 30, 2021: Profit of Rs 145 million with earning per share of Rs 1.36).
“Increase in refineries’ margin all over the world including Pakistan has enabled the Company to post second highest quarterly profit in its history. However, the Company is facing challenges posed by higher inflation rate, currency devaluation, increased financial cost as well as higher taxation” says Company Chairman Mr. Shuaib A. Malik
“Despite these challenges, the management of the Company took timely proactive measures and successfully supplied committed quantities of refined products and also ensured payments to crude oil suppliers and the Government levies, taxes” He added.
About the Company
Attock Refinery Limited was incorporated in Pakistan on November 8, 1978 as a private limited company and was converted into a public company on June 26, 1979. It is principally engaged in the refining of crude oil. The Company is subsidiary of The Attock Oil Company Limited, England and its ultimate parent is Coral Holding Limited (a private limited company incorporated in Malta).
ARL is the pioneer of crude oil refining in the country with its operations dating back to 1922. Backed by a rich experience of 100 years of successful operations, ARL’s plants have been gradually upgraded/replaced with stateof-the-art hardware to remain competitive and meet new challenges and requirements.