Islamabad February 28 2023: Attock refinery continued to generate wealth for its stake holders and report profit of PKR 15.3 billion in first half of fiscal year 2023, according to company filing to the exchange.
However, despite robust profit company has not announced any dividend for its shareholders.
During the first half the Company earned profit after tax of PKR 14,444 million from refinery operations
(July to December 31, 2021: PKR 1,077 million). Non-refinery income during this half year was PKR 914 million (July to December 31, 2021: PKR 608 million). Accordingly, overall profit after taxation was PKR 15,359 million with earning per share of PKR 144.06 ((July to December 31, 2021: PKR 1,686 million with earning per share of PKR 15.82).
“During the first half, improvement in spreads between prices of products and crude oil continued. This development is in line with the global trend in the refining industry, mainly caused by geo-political situation. The consequent profitability has helped your Company to absorb the escalating cost of energy, finance as well as other goods and services. Taking benefit of improved financial performance, the Company decided early settlement of long-term loan. This would also help to secure new financing arrangement for refinery’s upgradation plans” Company Chief Executive Officer Adil Khattak.
