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Karachi, October 15, 2012 (PPI-OT): ACPL and APL 1QFY13
ACPL; Profitability is likely to jump by 67% YoY
The board of directors of Attock Cement Company Limited (ACPL) is scheduled to announce its financial results for 1QFY13 on October 18, 2012.
According to Arif Habib Limited expects the company to announce Profit after Tax (PAT) of PKR 354 million (EPS: PKR 3.55) in 1QFY13, a 67% YoY increase, when compared with PKR 211 million (EPS: PKR 2.12) in the corresponding period last year.
This healthy profitability growth is expected mainly on account of a 17% YoY improvement in average retention price to PKR 315/bag, which is likely to take net revenues up by a 15%, despite a 2% YoY drop in volumetric sales. Healthy pricing coupled with savings from Waste Heat Recovery Plant (WHRP) is anticipated to widen gross margins to 30% in 1QFY13, compared to 24% in the same quarter last year.
| ACPL Financial Highlights | |||
| PKR million | 1QFY13 | 1QFY12 | YoY |
| Net Sales | 2,454 | 2,134 | 15% |
| Cost of Sales | 1,726 | 1,613 | 7% |
| Gross profit | 728 | 521 | 40% |
| Admin expenses | 57 | 53 | 8% |
| Selling expenses | 149 | 131 | 13% |
| Operating Profit | 515 | 334 | 54% |
| Financial charges | 3 | 3 | -11% |
| Profit before tax | 512 | 331 | 55% |
| Profit after tax | 354 | 211 | 67% |
| EPS (Adjusted) PKR | 3.55 | 2.12 | |
| Sources: Company Accounts and AHL Research | |||
APL; Profitability is likely suffer a modest 1% YoY decline
Attock Petroleum Limited (APL) is scheduled to announce its financial results for 1QFY13 on October 17, 2012. Arif Habib Limited expects the company to post a modest YoY earnings decline of 1% in 1QFY13 with PAT of PKR 1,084 million (EPS: PKR 15.68) compared to PKR 1,098 million (EPS: PKR 15.88) in the corresponding quarter last year. Amid healthy margins and volumetric growth (HSD 2%, FO 4%), APL is anticipated to achieve an 11% YoY growth in gross profit. However a 76% YoY expected jump in operating expenses coupled with a sluggish 2% growth in income on bank deposits is likely to result in flat bottom line.
| APL Financial Highlights | |||
| PKR million | 1QFY13 | 1QFY12 | YoY |
| Net sales |
39,342 |
35,934 |
9% |
| Gross profit |
1,346 |
1,216 |
11% |
| Other operating income |
679 |
560 |
21% |
| Operating profit |
1,740 |
1,614 |
8% |
| Income on bank deposits |
231 |
226 |
2% |
| Profit before tax |
1,542 |
1,523 |
1% |
| Profit after tax |
1,084 |
1,098 |
-1% |
| Earnings per share (PKR) |
15.68 |
15.88 |
|
| Sources: Company financials and AHL estimates |