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Karachi, Attock Refinery Limited (ARL) has declared an interim cash dividend of Rs. 2.50 per share, which is 25% of the face value, for the six months period ended December 31, 2023. This announcement was made following a Board of Directors meeting held on February 5, 2024, in Dubai, United Arab Emirates. The company confirmed that there would be no bonus issue or rights shares distributed alongside this dividend.
The financial results for the second quarter and six months period ending December 31, 2023, attached as Annexure-A, show significant financial performance. Gross sales for the six months ended December 31, 2023, reached Rs. 270,214,404 thousand, an increase from Rs. 228,754,117 thousand in the corresponding period of 2022. After accounting for taxes, duties, levies, and price differentials, net sales stood at Rs. 205,880,295 thousand for the six months ended December 31, 2023, up from Rs. 188,952,737 thousand in 2022.
The gross profit for the six-month period was Rs. 20,921,578 thousand, slightly higher than the Rs. 20,850,895 thousand recorded in the same period of the previous year. Operating profit for the six months rose to Rs. 25,783,957 thousand from Rs. 21,772,438 thousand in 2022, highlighting an improvement in operational efficiency.
Profit before taxation from refinery operations for the six-month period was reported at Rs. 25,869,490 thousand, compared to Rs. 21,559,099 thousand in the previous year. Profit after taxation from refinery operations increased to Rs. 15,875,728 thousand for the six months ended December 31, 2023, from Rs. 14,444,597 thousand in 2022. The consolidated financial statements reflect a profit for the period of Rs. 17,559,300 thousand, demonstrating an overall positive financial outcome for Attock Refinery Limited.
The earnings per share for refinery operations were Rs. 148.91, and for non-refinery operations, Rs. 5.05, culminating in total earnings per share of Rs. 153.96 for the six months period ended December 31, 2023.
The entitlement will be paid to the shareholders who are on the company’s register by February 16, 2024. The share transfer books will remain closed from February 19, 2024, to February 21, 2024, for the purpose of this dividend payment.