KARACHI: National Refinery Limited (NRL) has returned to profitability in the third quarter of FY2026, posting a strong financial turnaround driven by improved refining margins and higher revenues compared to the same period last year. The company shared its financial results for the period ended March 31, 2026, following a Board of Directors meeting held on April 29, 2026.
According to the unaudited financial statements, NRL reported a net profit after tax of Rs7.302 billion for the quarter ended March 31, 2026, compared to a loss of Rs2.757 billion recorded in the corresponding quarter of FY2025. Earnings per share (EPS) improved significantly to Rs91.31, reversing a loss per share of Rs34.48 a year earlier.
For the nine-month period ended March 31, 2026, the refinery posted a net profit of Rs9.067 billion, a sharp recovery from the loss of Rs14.490 billion reported during the same period last year. Earnings per share for the nine months stood at Rs113.39, compared with a loss per share of Rs181.20 in the corresponding period of FY2025.
The company’s net revenue from contracts with customers increased to Rs117.03 billion during the third quarter from Rs84.11 billion in the same quarter last year. Gross profit reached Rs15.15 billion, compared with a gross loss of approximately Rs193 million in the corresponding quarter, reflecting a substantial improvement in operational performance.
Operating profit also strengthened, reaching Rs13.53 billion during the quarter, while profit before taxation stood at Rs11.85 billion despite higher finance costs. The improved financial performance highlights the refinery’s recovery amid a more favorable business environment.
The Board of Directors did not recommend any cash dividend, bonus shares, or right shares for the period.
NRL’s balance sheet also reflected stronger financial positioning, with total assets increasing to Rs217.31 billion as of March 31, 2026, compared with Rs149.50 billion at the end of June 2025. Shareholders’ equity rose to Rs59.38 billion, supported by the company’s return to profitability.
The latest results indicate a significant turnaround for National Refinery Limited after a challenging previous year, positioning the company on a stronger financial footing as it enters the final quarter of FY2026.
