National Refinery Limited (NRL) Reports Profit After Tax of Rs11.57 Billion for the Quarter Ended September 30, 2026

National Refinery Limited (NRL) has reported a significant improvement in its financial performance for the first quarter of fiscal year 2026-27, recording a profit after taxation of Rs11.57 billion for the quarter ended September 30, 2026. The results represent a substantial increase compared with the corresponding period of the previous year, reflecting a marked improvement in the company’s reported profitability.

According to the company’s financial statements, NRL posted a profit after taxation of Rs11.57 billion, compared with approximately Rs1.03 billion in the same quarter last year. Earnings per share also increased considerably, reaching Rs144.68 against Rs12.82 in the corresponding period of 2025.

Revenue and Gross Profit Show Significant Improvement

The refinery reported revenue from contracts with customers of approximately Rs202.26 billion during the quarter. After accounting for trade discounts, taxes, duties, levies and price differentials, net revenue stood at Rs152.31 billion, compared with Rs79.57 billion in the corresponding period last year.

Gross profit increased to approximately Rs22.00 billion from Rs4.11 billion a year earlier. This improvement was accompanied by a rise in operating profit, which reached Rs19.97 billion compared with approximately Rs3.64 billion in the same period of the previous year.

The results indicate a substantial year-on-year improvement in the company’s reported revenue and profitability. However, the financial statements alone do not establish the specific operational or market factors responsible for the increase.

Profitability Improves Despite Higher Operating Costs

NRL’s finance costs declined to approximately Rs1.64 billion from Rs1.77 billion in the corresponding quarter last year. Profit before taxation and levies increased to Rs18.33 billion compared with Rs1.87 billion in the previous year’s quarter.

After taxation of approximately Rs6.76 billion, the company recorded a net profit of Rs11.57 billion. The previous year’s corresponding quarter included a profit before taxation of approximately Rs1.81 billion and a profit after taxation of Rs1.03 billion.

These figures highlight the scale of the improvement in the company’s quarterly earnings.

Balance Sheet and Cash Flow Position

The company’s total assets stood at approximately Rs178.65 billion at September 30, 2026, compared with Rs166.24 billion at the end of the corresponding comparative period shown in the financial statements.

Current assets increased to approximately Rs100.49 billion, while current liabilities stood at around Rs107.63 billion. Total liabilities were approximately Rs110.63 billion.

NRL also reported net cash generated from operating activities of approximately Rs20.89 billion during the quarter, compared with Rs1.76 billion in the corresponding period last year. The company used approximately Rs918.64 million in investing activities, while net cash used in financing activities amounted to approximately Rs14.63 billion.

The cash flow statement also recorded substantial short-term borrowing proceeds and repayments during the period, reflecting significant financing activity.

No Dividend or Bonus Shares Announced

Alongside its financial results, NRL informed the Pakistan Stock Exchange that its Board of Directors, at a meeting held on October 19, 2026, did not recommend a cash dividend, bonus shares or right shares for the period. The company also reported no other entitlement or price-sensitive corporate action in the announcement.

NRL stated that its quarterly report for the period ended September 30, 2026, would be transmitted separately through the Pakistan Unified Corporate Actions and Reporting System (PUCARS).

Outlook

National Refinery Limited’s first-quarter results show a strong increase in revenue, operating profit, net earnings and operating cash generation compared with the same period last year. The substantial rise in earnings per share also marks a significant improvement in the company’s reported quarterly performance.

Investors and market participants will likely monitor the company’s subsequent financial disclosures for further details about the factors behind the improvement and whether the performance can be sustained in the coming quarters.