National Refinery Limited (NRL) made a strong financial recovery in fiscal year 2025-26, posting a net profit of Rs6.16 billion, compared with a loss of Rs14.87 billion in the previous year.
The turnaround was primarily driven by improved refining margins, although the company did not recommend any cash dividend, bonus shares, or right shares for shareholders.
The financial results were approved at a board meeting held in Rawalpindi on August 25, 2026. NRL’s Annual General Meeting is scheduled for September 30 at 10:00am in Karachi, while the share transfer books will remain closed from September 23 to September 30.
The company reported a profit before tax of Rs10.21 billion, compared with a loss of Rs18.44 billion a year earlier. Earnings per share improved significantly to Rs77.09, from a negative Rs185.91, while profit before tax and levies stood at Rs10.88 billion.
NRL’s revenue increased 44.2% to Rs588.55 billion, while net revenue reached Rs440.84 billion. Gross profit stood at Rs23.54 billion, reversing a gross loss of Rs6.23 billion recorded last year. The company also turned its operating loss of Rs7.70 billion into an operating profit of Rs20.16 billion.
As of June 30, 2026, NRL’s total assets increased to Rs166.24 billion, while equity rose to Rs56.45 billion. Long-term debt declined sharply from Rs11.25 billion to Rs3.75 billion, although total liabilities stood at Rs109.79 billion.
Cash generation also improved substantially. The company generated Rs15.42 billion in net cash from operating activities, compared with a cash outflow of Rs6.21 billion in the previous year. Its net cash position after deducting debt improved to negative Rs6.43 billion, from negative Rs23.10 billion a year earlier.
