KARACHI: Cnergyico PK Limited has reported a remarkable turnaround in its financial performance for the nine months ended March 31, 2026, posting a profit after tax of Rs17.7 billion compared to a loss of Rs1.1 billion in the corresponding period last year. The sharp recovery was driven by stronger refining margins, higher refinery throughput, and an optimized crude sourcing strategy.
The country’s largest oil refining company generated gross sales of Rs336.2 billion, reflecting a 20% increase from the same period a year earlier. Gross profit climbed to Rs27.9 billion, up from Rs4.9 billion, while operating profit surged to Rs26.1 billion compared with Rs3.1 billion in the previous year. Earnings per share improved significantly to Rs3.22, reversing a loss per share of Rs0.20 recorded last year.
According to the company’s directors, the global energy market experienced significant volatility during the period due to disruptions in maritime traffic through the Strait of Hormuz, a key route for Pakistan’s crude oil imports. Despite these challenges, Cnergyico successfully secured crude oil supplies from the United States and Africa, allowing uninterrupted refinery operations and ensuring a stable fuel supply for the domestic market.
The company processed approximately 5 million barrels of U.S. crude oil during the period. Management stated that the lighter crude improved product yields, enhanced refinery profitability, and increased operational flexibility. In addition, the company’s Single Point Mooring (SPM) facility enabled the import of larger crude cargoes, reducing freight costs and improving operating margins.
Cnergyico also expanded its business by commencing the supply of Very Low Sulphur Fuel Oil (VLSFO) for marine bunkering operations at ports across Pakistan in collaboration with international trading partners. The company expects volumes from this business segment to increase in the coming quarters.
Despite the strong financial performance, management highlighted several industry challenges. The company said outstanding Price Differential Claim (PDC) receivables from the government continue to strain cash flows, while the difference between open market exchange rates and the State Bank’s pricing benchmark has negatively impacted profitability by around Rs1.5 billion.
Looking ahead, Cnergyico remains optimistic about refinery expansion plans under Pakistan’s Brownfield Refinery Upgradation Policy 2023. Management expressed hope that ongoing discussions with the government will help resolve outstanding policy issues, enabling the refining sector to proceed with planned modernization and expansion projects.
The company believes that the full financial impact of elevated international oil prices, which accelerated in early March 2026, is expected to become more visible in the upcoming quarters as market conditions continue to evolve.
