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Karachi, January 24, 2013 (PPI-OT): APL and POL
APL; expected to earn PKR 34.98/share in 1HFY13
BoD of Attock Petroleum Limited (APL) is scheduled to meet on January 28, 2013 to approve 1HFY13 financial accounts.
According to Arif Habib Limited expects the company to declare profit after tax (PAT) of PKR 1,126million (EPS: PKR 16.29) in 2QFY13, a 13% QoQ drop; taking cumulative 1HFY13 earnings to PKR 2,418million (EPS: PKR 34.98), a 9% YoY jump, when compared with PAT of PKR 2,218million (EPS: PKR 32.08) in the corresponding period last year. This profitability growth is mainly estimated on account of 22% YoY volumetric growth in FO, which is well supported by an average 8% YoY jump in FO prices and strong inventory gains realized in 1QFY13. In addition to this, a 19% improvement in Cash balances is estimated to improve income from bank deposits by 17% YoY, providing further impetus to the bottom line. Arif Habib Limited expects the BoD to announce an interim cash dividend of PKR 20/share.
| Financial Highlights | ||||||
| PKR million |
2QFY13 |
1QFY13 |
QoQ |
1HFY13 |
1HFY12 |
YoY |
| Net sales |
41,071 |
36,572 |
12% |
77,644 |
74,521 |
4% |
| Gross profit |
1,399 |
1,787 |
-22% |
3,186 |
2,493 |
28% |
| Other operating income |
706 |
719 |
-2% |
1,424 |
1,258 |
13% |
| Operating expenses |
363 |
353 |
3% |
716 |
375 |
91% |
| Operating profit |
1,742 |
2,153 |
-19% |
3,895 |
3,376 |
15% |
| Income on bank deposits |
283 |
264 |
7% |
547 |
467 |
17% |
| Profit before tax |
1,564 |
1,891 |
-17% |
3,456 |
3,086 |
12% |
| Profit after tax |
1,126 |
1,291 |
-13% |
2,418 |
2,218 |
9% |
| Earnings per share (PKR) |
16.29 |
18.68 |
34.98 |
32.08 |
|
|
Sources: Company financials and Arif Habib Research estimates
POL; earnings expected to clock in at PKR 23.79 in 1HFY13
Arif Habib Limited preview 1HFY13 financial results for Pakistan Oilfields Limited (POL) scheduled to be announced on January 28, 2013. Arif Habib Limited foresee a 19% QoQ growth in 2QFY13 with a PAT of PKR 3,062million (EPS: PKR 12.95) taking 1HFY13 profitability to PKR 5,628million (EPS: PKR 23.79), a 9% YoY drop from PKR 6,169million (EPS: PKR 26.08) in the corresponding period last year. This is mainly on account of 13% and 15% expected decline in oil and gas production respectively. Though some cushion is expected from 9% PKR devaluation, which Arif Habib Limited fears, will not be sufficient enough to absorb the production decline. In addition, a 20% fall in other income due to lower dividends from NRL would further drag the bottom line. Arif Habib Limited expects the board to announce an interim cash dividend of PKR 17.5/share along with the result.
| PKR million | 2QFY13 | 1QFY13 | QoQ | 1HFY13 | 1HFY12 | YoY |
| Net Sales |
6,777 |
6,646 |
2% |
13,423 |
14,522 |
-8% |
| Operating Costs |
1,626 |
1,644 |
-1% |
3,270 |
3,004 |
9% |
| Financial Charges |
99 |
133 |
-26% |
232 |
263 |
-12% |
| Other Charges |
279 |
267 |
4% |
546 |
695 |
-21% |
| Other Income |
853 |
393 |
117% |
1,246 |
1,560 |
-20% |
| Profit before tax |
4,313 |
3,609 |
20% |
7,922 |
9,389 |
-16% |
| Profit after tax |
3,062 |
2,566 |
19% |
5,628 |
6,169 |
-9% |
| EPS (PKR) |
12.95 |
10.85 |
23.79 |
26.08 |
|
|
| Sources: Company Accounts and Arif Habib Research estimates | ||||||