Author Topic: APL -- Attock Petroleum  (Read 80303 times)

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APL -- Attock Petroleum
« Reply #-1 on: October 06, 2008, 02:35:27 PM »
All About Attock Petroleum
« Last Edit: January 26, 2012, 11:12:23 AM by M&M »

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APL -- Attock Petroleum
« Reply #-1 on: October 06, 2008, 02:35:27 PM »

Offline Admin

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Re: APL -- Attock Petroleum
« on: August 06, 2009, 03:41:54 PM »
06-AUG-09 APL Attock Petroleum FINANCIAL RESULT FOR THE YEAR ENDED 30/06/2OO9
06-AUG-09 APL Attock Petroleum DIVIDEND = 150%(F)
06-AUG-09 APL Attock Petroleum PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 4,280.419
06-AUG-09 APL Attock Petroleum PROFIT/LOSS AFTER TAXATION RS. IN MILLION 3,082.419
06-AUG-09 APL Attock Petroleum EPS = 53.51
06-AUG-09 APL Attock Petroleum ANNUAL GENERAL MEETING WILL BE HELD ON 08/09/2OO9
06-AUG-09 APL Attock Petroleum BOOK CLOSURE FROM 31/08/2009
06-AUG-09 APL Attock Petroleum BOOK CLOSURE TO 08/09/2009

Offline aliraza

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Re: APL -- Attock Petroleum
« Reply #1 on: October 03, 2009, 05:07:18 PM »
farzooq bahi best buying rate for incoming session apl pls share

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Re: APL -- Attock Petroleum
« Reply #2 on: October 03, 2009, 06:49:30 PM »
ali raza sb new thread banay say pehlay search he kar lia karain

ziyada dair nahin lagti

Offline 007

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Re: APL -- Attock Petroleum
« Reply #3 on: October 03, 2009, 06:50:21 PM »
admin delete this thread ASAP

Offline aliraza

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Re: APL -- Attock Petroleum
« Reply #4 on: October 03, 2009, 08:05:26 PM »
bilal bahi ma na to best level pocha apl ka ap thread samja gay
to sorryyyyyyyyyyyyyyyyyyyyyyyyyyyyy

Offline aliraza

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Re: APL -- Attock Petroleum
« Reply #5 on: October 03, 2009, 08:09:37 PM »
bilal sahib ap eps pocha farzooq bahi sa pace ka to tahkee haa hum pocha
to thread great bilal sahib greatttttttttttttttttttttttttttttttt

Offline 007

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Re: APL -- Attock Petroleum
« Reply #6 on: October 03, 2009, 08:52:56 PM »
exsisting thread ko double post kia, iss lia admin nay del kia  :P

jo marzi poocho per proper thread main  ;D

Offline aliraza

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Re: APL -- Attock Petroleum
« Reply #7 on: October 12, 2009, 05:04:07 PM »
APL LOWER LOCK ANY NEWS JAB KA 1QUARTER KA RESULT ACCEPT INCOMING DAY
SENIOR WHAT U EXPECT  BUYING LEVEL APL ATTOCK PETROULIUM LTD

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Re: APL -- Attock Petroleum
« Reply #8 on: October 13, 2009, 12:50:41 PM »
APL: Volumes to lead future growth; Buy

We raise our earnings estimates for APL by 4-5% over FY11-12E (year-end June) and upgrade our PO by 18% to PRs401.28/share. We reiterate our Buy stance.

We expect APL's volume to grow at 2x industry's growth as APL's strategy of focusing on network expansion has finally borne fruit. Its market share in transportation fuel improved to 6% in September from 4.8% in June.

APL enjoys strong advantages over other players via its indirect integration with two group refineries.

We see relatively soft earnings for APL in 1QFY10E due to lower refinery throughput of Attock Group controlled companies. We estimate 1QFY10 earnings of PRs12.5-13.0/share, down 10% YoY (-18% QoQ). We do not expect APL to pay out cash in 1QFY10.

Offline Farzooq

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Re: APL -- Attock Petroleum
« Reply #9 on: October 19, 2009, 09:51:00 AM »
APL expected to post a PAT of Rs735mn (EPS Rs12.77)

APL is all set to post a PAT of Rs735mn (EPS Rs12.77) for 1QFY10 as compared to a PAT of Rs785mn (EPS Rs13.63) in 1QFY09 - registering a decline of -6% YoY. The YoY decline in the profitability of the company during 1st quarter of the year is expected to come in for the very first time since FY05, which was consistently on the rise until last year. APL’s topline is also expected to show a decline of  12% YoY amid only a 0.1% YoY growth in POL volumes during 1QFY10 (decline in market share of 55bps YoY) and decline in ex-refinery and retail product prices of around 29% and 15% on YoY basis respectively. Gross margin of the company is therefore expected to take a slight dip of 12bps YoY. APL’s other income is expected to decline also by 6% YoY on the back of declining KIBOR (-148bps YoY) and thus, bank deposit rates during 1QFY10.   

Small but inventory gains on QoQ basis are expected to offset some of the negative impacts during the quarter due to 16% rise in int’l oil prices followed by improved ex-refinery prices (despite 40% YoY decline in int'l oil prices). On QoQ basis, APL posted a 5% rise in volumes with better margins of the company is expected to help company restrict decline in quarterly profits. We do not expect any cash dividend payout with the results.
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Re: APL -- Attock Petroleum
« Reply #10 on: October 19, 2009, 11:24:23 AM »
Attock Petroleum Limited - While higher market share in transportation fuel should bode well for
earnings from marketing, lower refinery throughput of Attock Group controlled refineries should
lower handling income. All in all, we see relatively soft set of earnings in 1QFY10 estimated at
PRs12.5/sh, down 18% QoQ and 10% YoY. Our FY10 earnings estimate for APL stands at
PRs56.39/sh.
« Last Edit: October 19, 2009, 11:43:59 AM by Farzooq Haider »

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Re: APL -- Attock Petroleum
« Reply #11 on: October 19, 2009, 11:57:42 AM »
APL: 1QFY10 EPS expected at Rs8.5
We expect Attock Petroleum (APL) to announce 1QFY10
earnings of Rs491mn (EPS Rs8.5) compared to profit of
Rs785mn (EPS Rs13.6) last year, down 37%YoY. Decline in
earnings is primarily attributed to fall in furnace oil (FO) sales
and lower other income. During 1QFY10, FO sales stood at
65k tons compared to 118k tons last year, down 45%YoY.
Moreover, other income is expected to decline due to lower
markup earned on bank deposits. This is mainly due to
reduction in interest rates and higher receivables from
Wapda. We also expect slight pre-tax inventory gains of 70-
80mn in this quarter amid increase in product prices by an
average 20-22% on major oil products. We do not expect any
cash payout with the result.
Going forward, we expect FO sales to revert back amid
resolution of the circular debt and higher FO demand in the
country. We therefore maintain our ‘Buy’ stance on APL which
is trading at FY10 PE of 6.6x and dividend yield of 7.7%.

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Re: APL -- Attock Petroleum
« Reply #12 on: October 20, 2009, 11:17:57 AM »
20-OCT-09 APL Attock Petroleum FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 30/09/2009
20-OCT-09 APL Attock Petroleum PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 1,019.557
20-OCT-09 APL Attock Petroleum PROFIT/LOSS AFTER TAXATION RS. IN MILLION 733.557
20-OCT-09 APL Attock Petroleum EPS = 12.74

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Re: APL -- Attock Petroleum
« Reply #13 on: November 05, 2009, 03:01:14 PM »
APL: Strong pick-up in volumes - Buy

As per provisional numbers, APL has made a strong recovery in FO volumes in Oct with monthly sales of 48k tons compared to 88k tons of FO sold in 1QFY10. This translates into total FO sales of 134k ton in 4MFY10 compared to 153k tons in 4MFY09, down 13% YoY. In 1QFY10, APL's FO volumes were down 20% YoY. We believe this is a marked improvement in volumes and reflects normalization of trend of monthly sales of FO temporarily disturbed in 1QFY10 due to low refinery throughput and APL's decision to avoid inter-corporate debt by supplying FO to PEPCO.

Overall, APL has improved its market share (M/S) from 4.9% in 4MFY09 to 5.1% in 4MFY10. Recall, there was a slight drop in M/S in 1QFY10. The key theme of gain in M/S in transportation fuels (diesel and gasoline) remained intact with M/S of 5.8% in 4MFY10 compared to 3.6% 4MFY09. MoM, APL volumes have jumped by 25%.

APL 1QFY10 earnings of PRs12.7/sh though close to our expectation of PRs12.6/sh, carried a positive surprise for the market. We see sequential improvement in earnings in 2QFY10 due to improved QoQ volumes and other income.

Recovery in FO volumes and M/S gain in transportation fuels re-affirm our liking for APL. APL trades at 5.9x FY10 and 5.0x FY11 EPS. We think strong recovery in FO volumes should lead the stock to trade close to its peers where PSO, its Buy rated peer, trades at 7.5x FY10E and 5.5x FY11E earnings

Offline Farzooq

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Re: APL -- Attock Petroleum
« Reply #14 on: November 06, 2009, 09:59:03 AM »
Petroleum: ATTOCK PETROLEUM LIMITED (APL) - Financial Statements Analysis Financial Year 2004 -2001 Q 2010
OVERVIEW (November 06 2009): The 4th company to be granted marketing license in Pakistan, Attock Petroleum Limited (APL) is the 3rd largest Oil Marketing Company of Pakistan with a market share of 6.6 % in FY'09. APL is part of the first fully integrated Oil Company of the sub-continent. APL's sponsors include Pharaon Commercial Investment Group Limited (PCIGL) and Attock Group of Companies.

Pharaon Group is engaged internationally in diversified entrepreneurial activities, including Hotels, Oil Exploration, Production and Refining, Manufacturing of Petroleum Products, Chemicals, Manufacturing and Trading of Cement, Real Estate etc on the other hand, the Attock Group of companies consist of The Attock Oil Company Limited (AOC), Pakistan Oilfields Limited (POL), Attock Refinery Limited (ARL), Attock Petroleum Limited (APL), Attock Information Technology Services (Pvt) Limited (AITSL), Attock Cement Pakistan Limited (ACPL) etc thus, the strong backward and forward linkages give APL a strong competitive advantage.

APL generates the bulk of its sales revenue via sale of a variety of POL products to consumers, including both, direct end-users and through distribution channels. These products include asphalt, furnace oil and light diesel oil. 2009 saw furnace oil sales plunging, along with 10% decline in exports in FY'09 compared to FY'08 owing to the deteriorating law and order situation.1

RECENT RESULTS 1Q'10:

Company's profit after tax increased by 33% to Rs 2,218 million as against the profit of Rs 1,665 million during the corresponding period last year translated into earnings per share of Rs 38.51 against Rs 28.91 during same period last year. Net sales declined by 9.8% to be Rs 11.9 billion on account of reduced local prices in wake of reduced international prices. Gross margins improved from 4.6% in 1Q'09 to 5.7%. Operating profit declined by 2.3%, however increase in income from deposits and investments showed a significant increase of 202%, thus bringing an increase in the PAT.

Following the fall in the global prices of the commodities, average crude oil prices announced by the Organisation of the Petroleum Exporting Countries' (Opec) also came down to US $45/bbl in March 2009 from US $128/bbl in June 2008. Consequently, the subsidy given by the GoP in the form of Price Differential Claim (PDC) on Diesel was reduced to zero in October 2008. Nevertheless, an amount of Rs 720 million was still receivable from GoP as at March 31, 2009 on account of PDC related to prior period. However, the problem is being resolved on an urgent basis by the government by issuance of TFCs.

In FY'09, APL experienced a number of significant improvements as briefly highlighted below1: Setting up a bulk Oil Terminal at Machike at a total cost of approximately Rs 300 mln. The terminal is functional and is providing smooth and prompt supplies of POL products to its valued customers. After the year end, APL signed a deal with Pak Arab Refinery Limited (PARCO) and Pak Arab Pipeline Company Limited ( PAPCO) for supplying its petroleum products through the White Oil Pipe Line (WOPP) and the Mehmoodkot- Faisalabad- Machike (MFM) Pipeline to facilitate the mid country supply for customers.

Filling capacity increased at the Rawalpindi Bulk Oil Terminal by addition of two new filling point, one for petrol and diesel each. In order to bolster its country-wise network of retail outlets, APL commissioned an additional 37 outlets bringing the number to a current total of 246 nation wide retail outlets as at June 2009. The total investment in the retail network amounts to Rs 427 mln, with another 42 pumps under construction and an additional 130 in the pipeline.

APL OVERVIEW -FY'091

Despite the global recession and huge declines in Global oil prices, APL managed to post positive financial results and growth indicators. Opec announced a 47% decline in international crude prices from $128 per bb l in June 2008 to $68 per bbl in June 2009. As a result the subsidy from Government of Pakistan under the head of Petroleum Development Levy (PDC) was reduced to 0% in June 2008. The global slowdown took its toll on the domestic economy leading to a decline in domestic energy consumption.

The sales volume of White Oil fell by 4% in FY'09 compared to FY'08 on account of two major factors: firstly, the economic slowdown and secondly ,escalation in retail prices. Despite this adversity, APL managed to increase its market share in White Oil from 3.4% in FY'08 to 4.3% in FY'09. The market share for Black Oil also posted a 5% YoY increase.

Total inland annual sales of the industry declined by 8% for Diesel and rose by 5% for Petrol. Notwithstanding , APL managed to increase its sales volume by 35% and 44% for diesel and petrol, respectively, leading to an increase in diesel market share from 2.4% to 3.5% and an increase from 2.4% to 3.3% for petrol. These positive metrics were posted on the back of a strong national coverage and commissioning of additional pumps to enhance service to customers. On the other hand, receivables from various Government bodies stood at a consolidated total of Rs 5.3 bln as at June'09 owing to large circular debt, liquidity crunch and deteriorating economic situation.

APL-FINANCIAL ANALYSIS FY'09

The gross profit in FY'09 stood at Rs 3.29 bln as against Rs 2.75 bln in FY'08, posting a 17% YoY increase. Gross profit margin rose from 4.57% to 4.66 % due to higher international oil prices and improved product mix. The Net Profit recorded for FY'09 was Rs 3.08 bln compared to Rs 2.64 bln in FY'08. Net Profit Margin slightly declined from 4.39% to 4.36%. Return on Assets (ROA) and Return on Equity (ROE) both saw a drop , with ROA falling from 17.03% in FY'08 to 16.87% in FY'09 and ROE declining by 8.8% from 47.7% in FY'08 to 43.5% in the current year.

ROE fell due to a 28% increase in share capital as the number of issued shares rose from 48,000,000 to 57,600,000 shares. However, the minor reduction in ROA despite the rise in Net Profit may be attributed to an increase in the Total Assets with the commissioning of new retail outlets. Inventory turnover fell from 1.82 days in FY'08 to 0.73 days in FY'09, displaying efficient inventory management. Day Sales Outstanding (DSO) on the other hand rose from 34.8 in FY'08 to 39.8 in FY'09 attributed to a 34.5% increase in the Trade Debts indicating a slight decrease in the efficiency with which APL converts credit sales into cash sales. As cited earlier, this is a standard problem with all OMC's on account of piling and circular debt with various GoP entities.

The operating cycle rose from 36.7 days in FY'08 to 40.6 days in FY'09 due to the rising DSO. Total Asset Turnover shrank from 4.35 to 3.66 times. Sales to Equity Ratio fell from 10.86 times in FY'08 to 9.99 times in FY'09 due to a 28% increase in share capital with a 17% concomitant increase in Sales due to the downturn in the economy. APL experienced a rise in it's Current Ratio from 1.41 in FY'08 to 1.5 in FY'09, demonstrating a comfortable liquidity posture. An 18% increase in current assets against 11% increase in current liabilities explains this increase. Current Assets rose largely on account of a 34% rise in outstanding trade debts. APL also maintained comfortable Cash and Bank balances which stood at Rs 7345 mln in FY'09 allowing for spare liquidity.

Analysis of APL's debt management calibre shows a slight decline in the Debt to Asset ratio which fell from 64.3% in FY'08 to 61.2% in FY'09. This is a positive indicator showing that the company's assets grew faster than it's debt. Debt to Equity ratio declined from 1.8 to 1.58 due to the increase in share capital from Rs 5.5 bln in FY'08 to Rs 7.08 bln in FY'09 as APL increased it issued , paid up capital. However, the Long Term Debt to Equity ratio rose from a previous 2.44% to 3.55 % in FY'09 as there was a sizeable 86% increase in APL's Long Term Debt. The major increase in Long term debt is contributed by the increase in deferred tax liability due to accelerated tax depreciation.

The 17% increase in Net Profit from Rs 2642 mln in FY'08 to Rs 3082 mln in FY'09 enhanced the Earnings Per Share (EPS) and Dividend Per Share (DPS). EPS rose by 16% from Rs 45.86 in FY'08 to Rs 53.51 in FY'09 whereas, the DPS rose to Rs 25 from Rs 20 in FY'08. Book value per share rose from Rs 115.33 in FY'08 to Rs 122.96 in FY'09. The market value, however, showed greater volatility as it tapered by 26%, falling from Rs 432.28 in FY'08 to Rs 318.51 in FY'09. For the most part, the market value of APL posted a rising trend in FY'09.
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Re: APL -- Attock Petroleum
« Reply #15 on: November 19, 2009, 12:41:22 PM »
Declining furnace oil volumes and lower absolute
margins on oil products drove a 7%YoY decline in
1QFY10 profits of Attock Petroleum Limited (APL).
Earnings for the quarter arrived at Rs734mn (EPS of
Rs12.7) as against profits of Rs785mn (EPS of
Rs13.6) in the corresponding period last year.
Nonetheless, with the stock trading at an attractive
FY10E and FY11F PE of 5.8x and 5.5x, respectively, we
reiterate our ‘Buy’ recommendation on the scrip.

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Re: APL -- Attock Petroleum
« Reply #16 on: November 20, 2009, 11:41:02 AM »
APL: Industry data paints a bullish picture

We raise earnings estimates for APL by 2-6% over FY10-FY13E and lift our PO to
PRs409.66/sh, up 2%. We see 7-8 % higher Rupee margins.

We believe October 2009 industry sales data should trigger a re-rating of the stock
as the market gains confidence on future earnings/ volume growth.

We reiterate a Buy based on the strong volume growth outlook; and APL’s unique
position leveraging group synergies in the refining industry, solid monopolistic
position in a de-regulated segment and attractive valuation.

With an estimated 20% QoQ jump in volumes and 8-10% higher margins, we believe
the stage is set for APL to post strong earnings recovery in 2QFY10. Our initial
estimates suggest EPS of PRs15-15.5/sh in 2QFY10, up 18% QoQ.

Toshi

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Re: APL -- Attock Petroleum
« Reply #17 on: November 20, 2009, 11:44:01 AM »
APL is rocking

Offline Karuli

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Re: APL -- Attock Petroleum
« Reply #18 on: November 20, 2009, 06:41:58 PM »
yes Toshi bhai sold rock

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