Pakistan’s major refineries recorded a sharp turnaround in financial performance during FY2026, moving from a combined loss in the previous fiscal year to billions of rupees in net profit.
Attock Refinery Limited (ATRL), National Refinery Limited (NRL) and Pakistan Refinery Limited (PRL) together posted a net profit of Rs. 48.01 billion in FY2026. The sector had recorded a combined net loss of Rs. 10.58 billion in FY2025.
The improved results were supported by stronger sales during the year. Combined net sales increased 23.3% year-on-year to Rs. 1.13 trillion, compared with Rs. 919.53 billion in the previous fiscal year.
At the same time, the sector’s cost of sales rose by 14.4% to Rs. 1.05 trillion. Despite the increase in costs, the refineries achieved a major improvement in gross profitability. Combined gross profit climbed to Rs. 87.42 billion from just Rs. 5.55 billion a year earlier.
Operating performance also showed substantial growth. The sector’s operating profit reached Rs. 85.08 billion in FY2026, representing a 680.1% increase from Rs. 10.91 billion recorded in FY2025.
The results indicate a significant improvement in the financial position of Pakistan’s refinery sector over the year. Higher petroleum sales and improved margins contributed to the stronger earnings, while the companies continued to manage administrative, selling and other operating expenses.
The performance of ATRL, NRL and PRL reflects a notable change from the losses recorded across the sector in FY2025, with the three listed refineries collectively returning to profitability in FY2026.
