Sanie Khan
APL Financial Results Key Highlights:
- APL posted 1QFY14 EPS of PRs 16.17 because of higher than expected inventory gains.
- The result is above our expectations of PRs12-13/sh (In our estimates, we hadn’t incorporated inventory gains/losses).
- No payout was announced as expected (company pays dividend in 2Q and Full year)
- Sales increased by 29% YoY on increased sales of FO, HSD and MS and higher POL product prices.
- Gross profit increased by 9% due to higher sales, increase margins and higher inventory gains.
- Financial Charges down by 94% YoY as short term borrowing was not utilized due to improved cash flow position and govt payments to settle circular debt.
- We maintain our Buy call on APL with PO of PRs505/sh.
|
1QFY14 |
1QFY13 |
YoY |
4QFY14 |
QoQ |
|
| Revenues |
47,313 |
36,572 |
29% |
47,473 |
0% |
| Cost of sales |
45,365 |
34,786 |
30% |
46,227 |
-2% |
| Gross profits |
1,948 |
1,787 |
9% |
1,246 |
56% |
| Distribution cost |
457 |
353 |
30% |
342 |
34% |
| Operating profits |
1,349 |
1,294 |
4% |
802 |
68% |
| Finance cost |
24 |
379 |
-94% |
445 |
-95% |
| Operating profits |
621 |
976 |
-36% |
1,012 |
-39% |
| Profit before taxation |
1,946 |
1,891 |
3% |
1,369 |
42% |
| Taxation |
605 |
600 |
1% |
407 |
49% |
| PAT |
1,341 |
1,291 |
4% |
962 |
39% |
| EPS |
16.2 |
15.6 |
4% |
11.6 |
39% |
| DPS |
0 |
45.0 |
|||
| Stock Dividend |
0 |
20% |
|||
| Gross margins |
4.1% |
4.9% |
2.6% |
||
| Other income as % of PAT |
32% |
52% |
74% |
||
| Effective tax rate |
31% |
32% |
30% |
||
| Net margins |
2.8% |
3.5% |
2.0% |
Syed Zaki Hussain
Add comment