Cnergyico refines its next chapter with cleaner fuels and wider reach

Cnergyico PK Limited (PSX: CNERGY) has set out its plans for the period ahead, centred on a refinery upgrade costing more than $1bn, a push into marine fuels and petrochemicals, and wider distribution. According to its annual report 2026, four reactors for the upgrade were built in Italy and shipped to Karachi, making them the first major project equipment to reach Pakistan. The company said FY27 will be about delivery rather than dialogue, with deeper engagement with investors and financial institutions.

The upgrade is designed to lower furnace oil production by a wide margin and lift output of higher-grade gasoline and diesel, while road fuels will comply with Euro V emission norms. Separately, the company is building an aromatics plant moved from Italy, targeting local petrochemical needs that imports still cover for the most part. Marine bunker fuel output began this year, and Vitol Bunkers is selling it to vessels fuelled at Karachi and Gwadar.

For the year to June 30, 2026, the company returned to profit, reporting consolidated net profit of Rs11.18bn after a Rs3.59bn net loss the year before. Earnings per share stood at Rs2.05, compared with a loss of Rs0.65 per share in FY25. Consolidated net revenue rose 38% to Rs410.24bn, while gross profit climbed to Rs19.56bn from Rs4.19bn, pushing the margin up to around 4.8%.