ARL is an associated concern of Attock Group of companies, sponsored by The Pharaon Commercial Investment Group Ltd (PCIGL). The Attock Group of Companies are the pioneers of oil and gas exploration, production and refining in this part of the world, whereas PCIGL is an international investment conglomerate engaged in various economic fields including Trade, Hotels and Entertainment, Oil Exploration, production and refining, chemicals, cement, real estate all over the world.
Dr. Ghaith Rashed Pharaon has been the driving force and sponsor of these ventures. He gave a keynote message on June 1, 2005 (Business Recorder) on the occasion of celebrating 100th retail outlet of Attock Petroleum Limited (APL). In this message he said that APL is another symbol of the Attock Group of Companies continued presence and commitment towards the economy of Pakistan and its success validates their belief that Pakistan is and will remain an important country for investment for them.
In addition to APL the other sister concerns of Attock Refinery Ltd are Attock Cement Pakistan Ltd, Attock Information Technology Services Ltd., Attock Oil Company Ltd (incorporated in UK), Pakistan Oilfields Ltd whose subsidiary is CAPGAS (Private) Ltd, Attock Hospitals Ltd.
In the third quarterly report of ARL, it was announced that Attock Oil Group of Companies was pre-qualified by the Privatisation Commission to participate in the bidding process for acquisition of 51% shares and management rights of National Refinery Ltd (NRL). On June 1, 2005, the Daily Business Recorder reported that the Group gave the highest offer of Rs 483 per share (Rs 16.415 billion total) for NRL. The Privatisation Commission Board met after the bidding with Abdul Hafeez Shaikh in Chair and approved the Group's offer and referred it to Cabinet Committee on Privatisation (CCOP) for approval.
ARL is the pioneer in crude oil refinery in the country with its operations dating back to early nineteen hundreds and has 80 years of rich experience of successful operation.
During 9M 2004-05 the refinery posted net sales amounting to Rs 29.554 billion (9M 2003-04: Rs 17.752 billion) and gross profit at Rs 2.262 billion (9M 2003-04: Rs 0.729 billion) registering 66.5% and 210.5% growth respectively over the same period last year (SPLY).
The company's net profit after taxation for the nine months ended March 31, 2005 (9M 2004-05: Rs 321.80 million) registering impressive increase by 299.4% over SPLY.
Net profit included a net capital gain of Rs 59.8 million derived from the sale of shares in an associated company offered by its existing shareholders for public subscription.
An issue of bonus shares in the proportion of one share for every five shares held i.e. 20% has been declared at the Board of Directors meeting held on April 19, 2005. These financial statements (under review) do not reflected the transfer of Rs 58.32 million to reserve for issue of bonus shares.
In 2001, ARL acquired ISO 9001: 2000 Certification for the entire organisation and has thus become the first refinery in Pakistan to do so.
It also achieved ISO 14001, keeping in line with its commitment to environment and quality.
The total crude oil processed during nine months under review was 10.976 million barrels, which was the highest ever throughout achieved. ARL has successfully started export of PMG, HSD and Jet fuels to Afghanistan and petrochemical grade Naphtha to Singapore. ARL's White Petroleum Pipeline Project for laying 576 km long pipeline is in progress.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 June 30
2005 2004
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Share Capital-Paid-up: 291.60 291.60
Reserves & Surplus: 2,496.95 1,328.42
Shareholders Equity: 2,788.55 1,620.02
Surplus on
Revaluation of Fixed Assets: 1,923.34 1,923.34
L T Debts: - 30.00
Provision for Gratuity: 58.54 58.54
Current Liabilities
& Provisions: 11,775.10 8,722.34
Fixed Assets: 3,359.13 3,524.64
L T Investments-at Cost: 250.27 9.25
L T Loans & Deposits: 12.87 12.63
Deferred Taxation: 78.19 56.19
Current Assets: 12,845.07 8,751.53
Total Assets: 16,545.53 12,354.24
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Profit & Loss A/c for Nine Months Ended
March 31 2005 2004
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Net Sales: 29,554.14 17,752.32
Gross Profit: 2,262.22 728.60
Other Income: 129.16 99.84
Financial (Cost): 7.05 9.97
Profit Before Taxation
from Refinery Operations: 1,960.92 614.74
Profit After Taxation
from Refinery Operations: 1,214.82 313.32
Income from
Non-Refinery Operations
Less Applicable Charges
& Taxation: 70.03 8.47
Net Profit for the
Period After Taxation: 1,285.17 321.80
Earnings Per share (Rs): 44.07 11.04
Share Price (Rs) on 30/05/05: 151.00 -
Price/Earnings Ratio: 3.43 -
Book Value of Share (Rs): 95.63 55.56
Debt/Equity Ratio: 0:100 1:99
Current Ratio: 1.09 1.00
Gross Profit Margin (%): 7.65 4.10
Net Profit Margin (%): 4.35 1.81
R.O.A. (%): 7.76 2.60
R.O.E. (%): 46.08 19.86
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COMPANY INFORMATION: Chairman: Tariq Iqbal Khan; Director: Dr Ghaith R. Pharaon; Chief Executive: M. Adil Khattak; Director: Abdus Sattar; Company Secretary: S. Ahmed Abid FCA; Registered Office: The Refinery Morgah Rawalpindi; Web Address: www.arl.com.pk
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