Pakistan Refinery Sector Profit Jumps 20-Fold to Rs57bn

Pakistan’s four major refineries—Attock Refinery Limited, Cnergyico PK Limited, National Refinery Limited, and Pakistan Refinery Limited—reported a combined net profit of Rs57.06bn for the first quarter ended September 30, 2026, marking a nearly 20-fold increase from Rs2.90bn in the same period the previous year.

The sector’s net sales/revenue rose 116.5% year-over-year to Rs567.48bn, up from Rs262.16bn in the prior year. This growth was accompanied by a slower rise in cost of sales, which increased 85.2% to Rs468.96bn, contributing to a more than 11-fold expansion in gross profit to Rs98.52bn.

Operating expenses also saw significant changes, with administrative expenses rising 12.2% to Rs1.70bn, distribution and selling costs nearly doubling to Rs969.83m, and other operating expenses jumping over 12-fold to Rs5.10bn. Other income, however, increased 38.3% to Rs3.76bn.

The sector’s operating profit climbed more than 10-fold to Rs94.52bn, compared to Rs9.25bn in the previous year. Finance costs remained largely unchanged at Rs3.79bn, while levies and minimum taxes were nil, up from Rs401.18m in the prior year. Profit before taxation increased nearly 18-fold to Rs90.73bn, with taxation expenses rising 16-fold to Rs33.79bn.

The sharp gross margin expansion, along with contributions from Attock Refinery Limited’s non-refinery operations, led to the sector’s net profit of Rs57.06bn, compared to Rs2.90bn in the corresponding period last year. The combined statement of profit or loss for the quarter shows a net profit increase of 1865% year-over-year.

Individual refinery performance varied, with Attock Refinery Limited reporting a net profit of Rs18.65bn, up nearly 13-fold from Rs1.45bn. Cnergyico PK Limited swung to a net profit of Rs12.88bn from a loss of Rs589.47m. National Refinery Limited’s net profit rose 13.74 times to Rs13.97bn, and Pakistan Refinery Limited’s profit increased over 11-fold to Rs11.57bn.