Attock Petroleum posts full year results, EPS up 11 percent

Attock Petroleum Limited (APL) posted profit after tax of PKR4.3 billion (EPS: PKR52.2) for FY14 (financial year ended June 30, 2014) as compared to PKR3.9 billion (EPS: PKR47.1) for the corresponding period last year, depicting a growth of 11 percent YoY.
The result was below expectations due to higher than estimated inventory losses in 4QFY14.
The increase in earnings can be attributed to a) 18% higher volumetric sales of major petroleum products, b) increased margins on HSD and motor gasoline and c) lower late payment charges.
The announcement was also accompanied by final dividend of PKR30/share, taking full year FY14 payout to PKR47.5/share.
At current levels, analysts maintain ‘accumulate’ stance on APL with a trade price of PKR625/share, offering a total return of 15 percent.