Islamabad 05 August 2022: Pakistan Refinery sector after years of struggle will be able to made historical profit in this year. In last quarter of last year for which result are overdue refineries have earned significant profit as Gross Refinery Margins remained above USD25 per barrel that were usually move around USD5-7 per barrel range.
Attock Refinery Limited during the nine months period ended March 31, 2022, the Company earned profit after tax of Rs 2,840 million from refinery operations (March 31, 2021: Loss of Rs 1,129 million). Non-refinery income during this period was Rs 947 million (March 31, 2021: Rs 120 million).
Accordingly, overall profit after taxation was Rs 3,787 million with earning per share of Rs 35.52 (March 31, 2021: Loss of Rs 1,009 million with loss per share of Rs 9.46). During this period global prices of crude oil and petroleum products remained volatile. This factor resulted in an overall inventory gain to the Company.
National Refinery Limited during nine months earned profit after tax of Rs. 3,673 million resulting in earning per share of Rs. 45.93 as compared to profit after tax of Rs. 892 million that had resulted in earning per share of Rs. 11.15 in the corresponding period.
National Refinery Lube Segment of the Company earned profit after tax of Rs. 3,890 million as compared to profit after tax of Rs. 2,666 million during the corresponding period. Improvement in sales volume and prices have been witnessed due to restoration of economic activities and increase in global oil prices that resulted in better financial results of lube segment.
Due to lower demand of Bitumen in local market, the Company exported 43,602 M.Tons of Bitumen during the period as compared to 22,175 M.Tonsin the corresponding period. Lube segmentthroughput improved to 86% as compared to 79% during same period last year.
Pakistan Refinery Limited was able to take advantage of healthy re¬ning margins that resulted in pro¬t after tax of Rs. 5.53 billion for the quarter ended March 31, 2022 against pro¬t after tax of Rs. 0.54 billion in the same quarter last year.
On an aggregate basis, the Company posted a pro¬t after tax of Rs. 5.42 billion for the nine months period ended March 31, 2022 against the pro¬t after tax of Rs. 0.62 billion in the corresponding period. The above pro¬t was achieved despite incurring exchange loss of Rs. 2.07 billion during the nine months period ended March 31, 2022.
CNERGY PK Limited recorded net sales of PKR 121.8 billion as compared to PKR 101.3 billion in the same period last year and earned gross proft of PKR 5.0 billion compared to PKR 5.4 billion last year. As explained in previous paragraphs, the refnery margins were very strong, however, a signifcant portion of the refnery’s capacity was not brought into operations due to limited amount of working capital availability.
Expenses remained within budget except fnance cost, which increased due to upward revision in KIBOR and amortization of deferred tax. The Company incurred proft after tax of PKR 562 million with basic | diluted earnings per share of Rs. 0.11 and Rs. 0.10 respectively as compared to proft after tax of PKR 2.1 billion with basic | diluted earnings per share of Rs. 0.41 in the same period last year.
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