Attock Refinery Limited (ARL) reported a strong financial performance for the nine months ended March 31, 2026, with profit after tax nearly doubling on the back of improved refinery operations and stronger refining margins.
According to the company’s latest financial results, profit after tax reached Rs 16.36 billion, compared with Rs 8.59 billion recorded in the corresponding period last year. Earnings per share (EPS) increased to Rs 153.49 from Rs 80.62 a year earlier.
The company earned Rs 15.71 billion from refinery operations during the period, while non-refinery income contributed Rs 656 million. Consolidated profit after tax stood at Rs 19.08 billion, translating into consolidated earnings per share of Rs 178.93.
ARL’s net sales for the nine-month period amounted to Rs 224.79 billion, while gross profit surged to Rs 22.58 billion, significantly higher than Rs 5.37 billion reported in the same period of the previous year. Operating profit rose to Rs 25.91 billion from Rs 12.98 billion.
Management noted that although product spreads remained under pressure for much of the period, refining margins improved considerably in recent months amid heightened geopolitical tensions in the Gulf region. The company said increased energy risk premiums and stronger operational profitability contributed to earnings growth. ARL also benefited from income generated through short-term investments and deposit placements, despite lower profit rates compared with last year.
During the review period, the refinery supplied approximately 1.16 million metric tons of petroleum products while operating at around 71% of its capacity, matching the utilization level recorded a year earlier. The company also exported nearly 140,700 metric tons of furnace fuel oil to maintain operational flexibility amid weak domestic demand for the product.
Looking ahead, ARL stated that ongoing geopolitical developments in the Gulf region could impact freight costs, insurance premiums and supply chain logistics. However, as the refinery processes indigenous crude oil, management believes its core refining operations remain relatively insulated from disruptions in international crude supply. The company also reiterated its call for timely implementation of refinery upgradation policies to encourage future investment in Pakistan’s refining sector.
