National Refinery posts Rs11.57bn Profit in 1st QTR, Up 11-Fold
KARACHI: National Refinery Limited (NRL) declared a more than 11-fold increase in profit after taxation to Rs11.57 billion for the quarter ended September 30, 2026. The refinery profit were at Rs1.03 billion in the same period last year.
According to the unaudited financial statements released at Pakistan Stock Exchange (PSX) website,, the refinery’s earnings per share (EPS) rose to Rs144.68 from Rs12.82 in corresponding quarter of previous fiscal year.
NRL’s revenue from contracts with customers increased to Rs202.26 billion during the quarter, compared with Rs111.87 billion a year earlier, representing growth of approximately 81%.
However, trade discounts, taxes, duties, levies and price differentials also increased to Rs49.95 billion from Rs32.30 billion.
National Refinery Net Revenue
Consequently, net revenue from contracts with customers rose to Rs152.31 billion, compared with Rs79.57 billion in the corresponding period last year, an increase of approximately 91%.
The company’s cost of sales climbed to Rs130.31 billion from Rs75.46 billion. Despite higher costs, gross profit surged to Rs22 billion from Rs4.11 billion a year earlier.
Distribution costs also increased to Rs538.83 million from Rs136.20 million, while administrative expenses edged up to Rs347.07 million from Rs331.39 million.
NRL recorded other income of Rs195.04 million, compared with Rs90.68 million in the same quarter last year. Other operating expenses rose to Rs1.33 billion from Rs94.90 million.
Operating profit increased substantially to Rs19.97 billion from Rs3.64 billion, reflecting a significant improvement in the company’s operating performance.
Net finance costs declined slightly to Rs1.64 billion from Rs1.77 billion. As a result, profit before taxation and levies reached Rs18.33 billion, compared with Rs1.87 billion in the corresponding quarter last year.
The company reported no levies during the quarter, against Rs54.33 million in the same period a year earlier. Profit before taxation therefore stood at Rs18.33 billion, compared with Rs1.81 billion last year.
Taxation increased to Rs6.76 billion from Rs789.11 million, reflecting the substantially higher pre-tax earnings. After accounting for taxation, NRL posted a net profit of Rs11.57 billion.
Financial position strengthens
NRL’s total assets increased to Rs178.65 billion as of September 30, 2026, from Rs164.24 billion at June 30, 2026.
Current assets rose to Rs100.49 billion from Rs84.24 billion, while non-current assets declined to Rs78.16 billion from Rs82 billion.
Cash and bank balances increased to Rs7.02 billion from Rs1.22 billion at the end of June. Short-term investments remained unchanged at Rs175.27 million.
Trade receivables increased to Rs36.55 billion from Rs22.29 billion, while stock-in-trade declined to Rs42.60 billion from Rs46.71 billion. Stores, spares and chemicals decreased to Rs2.93 billion from Rs3.50 billion.
Total equity increased to Rs68.02 billion from Rs56.45 billion, supported by higher retained reserves and the revaluation surplus on leasehold land.
Meanwhile, total liabilities rose to Rs110.63 billion from Rs109.79 billion. Current liabilities increased to Rs107.63 billion from Rs104.98 billion, while non-current liabilities declined to Rs3 billion from Rs4.82 billion.
The financial results indicate a substantial improvement in NRL’s profitability during the September quarter, with higher revenue and gross margins contributing to the increase in earnings. The company’s unaudited statements cover the three months ended September 30, 2026.
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