Karachi August 22 2022: Pakistan Refinery Limited posted a pro¬fit after tax of Rs. 12.57 billion in the fiscal year 2022 which is 13 times higher when compare to profit after tax of Rs 937 million in the previous year according to company’s filing to the exchange.
The announced profitability is more than the current market cap of the stock that is Rs. 12.00 billion at PST 10:45. However, the share price decline Rs. 0.77 or 3.88 percent after the announcement as company skips cash payout for its shareholders.
Refinery is planning to undertake Re¬finery Expansion & Upgrade Project (REUP) with a cost of USD 1.2 billion. The objectives of the REUP are; i) production of EURO V compliant environment friendly HSD and MS; ii) expand crude oil processing capacity to 100,000 barrels per day; and iii) reduction in production of HSFO.
The Company has signed an agreement with Wood Group UK Limited appointing them as the Front End Engineering Design (FEED) contractor for the Refinery Expansion and Upgrade project.
Pakistan Refinery Limited was incorporated in Pakistan as a public limited company in May 1960. The company is engaged in the production and sale of petroleum products.
