Pakistan refineries stage massive earnings turnaround in FY26

According to Mettis Global, Pakistan's three listed refineries together recorded a net profit of Rs48.01bn during FY26, which closed on June 30, 2026. That compares with a combined net loss of Rs10.58bn a year earlier. The group comprises Attock Refinery, National Refinery and Pakistan Refinery.

Sector revenue climbed 23.3% year on year to Rs1.13trn, while cost of sales rose by a slower 14.4% to Rs1.05tr. That pushed gross profit up to Rs87.42bn from Rs5.55bn, and operating profit reached Rs85.08bn. Administrative, selling and other operating expenses increased, other income fell 28.3%, and finance costs eased 3.7% to Rs14.11bn.

Tax expense rose 534.5% to Rs26.84bn from Rs4.23bn. Profit was also supported by a turnaround in non-refinery and associate income, led by Attock Refinery's share of associate profit. Attock Refinery's net profit surged 191.2% to Rs26.06bn, while National Refinery and Pakistan Refinery moved from losses to profits of Rs6.16bn and Rs15.78bn.