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Analyst Opinion
APL - Attock Petroleum Ltd.
APL: Integrated Downstream Network with Expanding Infrastructure and Diversified Energy Operations
Ahsan Muhammad Asif    9/28/2026 11:47:38 AM
Attock Petroleum Limited (APL) operates within an integrated downstream-upstream network through the Attock Group. The group’s value chain extends from exploration and production through Pakistan Oilfields Limited (POL), which holds a 7.02% stake in APL, to refining through Attock Refinery Limited (ARL), which holds a 21.88% stake in APL, and National Refinery Limited (NRL). Distribution Network APL ranks fourth among oil marketing companies (OMCs) in terms of market share and has continued to expand its retail and storage infrastructure. During FY26, the company added 33 new retail outlets, taking its nationwide network to 811 stations, including 44 company-operated sites. The company operates nine bulk oil terminals with a combined storage capacity of 210,885 MT as of FY25. Major facilities include Machike with a capacity of 60,998 MT, Port Qasim at 39,442 MT, Rawalpindi at 19,420 MT, and Dera Ismail Khan at 18,908 MT. Infrastructure Expansion APL continues to expand its logistics and storage footprint. Land acquisition has been completed for a new bulk oil terminal at Port Qasim, while capacity expansion is underway at the Rawalpindi and Machike facilities. Civil works have also commenced at Pashtoon Garhi (Taru Jabba). Liquidity Position APL’s short-term investments increased from PKR 38.46bn to PKR 47.87bn during the year. The portfolio comprised PKR 12.78bn in Treasury Bills, compared with PKR 11.37bn previously, while mutual fund investments increased from PKR 5.00bn to PKR 11.76bn. PIBs, including their short-term/current portion, stood at PKR 23.33bn. The company’s sizeable short-term investment base contributes to its non-operating income and provides liquidity alongside its core operating activities. Diversification Beyond Conventional Fuels APL has expanded into areas beyond its traditional petroleum retailing operations. The company currently operates three 180kW ultra-fast EV charging stations and is expanding its DC fast-charging infrastructure in collaboration with HUBCO Green and Huawei. Solar net-metering systems have also been deployed across multiple company outlets. In the LPG segment, APL has established a dedicated storage and filling facility in Rawalpindi. The facility was commissioned and commenced operations during FY26 following approvals from the Oil and Gas Regulatory Authority (OGRA) and the Explosives Department. Business Profile APL’s operations combine a nationwide petroleum retail network with bulk storage infrastructure and an integrated relationship with upstream and refining companies within the Attock Group. The company is also expanding into EV charging, LPG, renewable-energy applications, and non-fuel retailing, broadening its operating footprint beyond conventional fuel marketing.
Link: https://scstrade.com/apaudio/APL-113-1790578047724-9ff485cb.pdf
APL - Attock Petroleum Ltd.
Attock Petroleum Limited (APL) – 2QFY26 Result Review
Ahsan Muhammad Asif    2/24/2026 12:00:00 AM
Earnings Overview Attock Petroleum Limited (APL) reported 2QFY26 earnings of PKR 2.61bn (EPS: PKR 20.97), down 5% YoY compared to PKR 2.74bn (EPS: PKR 22.01) in 2QFY25. While topline growth remained modest, with net sales increasing to PKR 122.9bn (+3% YoY), the quarter was characterized by a recovery in core operating margins. Gross profit clocked in at PKR 4.78bn, up 19% YoY, reflecting improved inventory gains and relatively better product spreads. Consequently, operating profit rose to PKR 3.63bn, marking a 35% YoY increase. Margin Dynamics The expansion in gross profitability highlights a more favorable margin environment during the quarter. Improved product spreads and inventory effects supported earnings at the operating level, suggesting that core marketing operations remained resilient despite sector-wide volatility. The strength in operating profit underscores that the underlying business fundamentals remained intact, with margin recovery serving as the primary driver of earnings. Cumulative Performance (1HFY26) On a cumulative basis, 1HFY26 earnings stood at PKR 6.42bn (EPS: PKR 51.60), up 25% YoY, highlighting that overall profitability remains on a growth trajectory despite quarterly volatility. The cumulative growth trend reinforces the view that earnings moderation in the quarter is largely cyclical rather than reflective of structural weakness. Dividend & Balance Sheet Comfort The company announced an interim dividend of PKR 20/share alongside the results. At the prevailing market price of PKR 585, the payout translates into an implied yield of approximately 3.4%. The dividend announcement, supported by the company’s liquidity position, reinforces APL’s defensive investment appeal. APL’s strong balance sheet, with the company holding approximately PKR 50bn in cash on its books. This translates into roughly PKR 420 cash per share SCS Research
Link: https://www.linkedin.com/in/mahsan178/