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Refinery

NRL National Refinery Limited

Latest results: FY2026 · Jun 2026

Last close · 16 Oct 2026

Rs 667.00 +0.86%

Annual · FY2007 – FY2026

National Refinery Limited (NRL) income statement

National Refinery Limited reported revenue of Rs 440.8 bn for FY2026 (Jul 2025 – Jun 2026), up 43.3% on FY2025. Gross profit came to Rs 23.5 bn, a gross margin of 5.3%. Operating profit was Rs 20.0 bn (an operating margin of 4.5%). Finance cost was Rs 6.7 bn, down 19.7% on FY2025. Tax of Rs 4.0 bn took 39.6% of pre-tax profit. Profit attributable to shareholders was Rs 6.2 bn, or Rs 77.09 per share.

NRL income statement (annual) (Rs bn)
Rs bn FY2026 Jul 2025 – Jun 2026 FY2025 Jul 2024 – Jun 2025 FY2024 Jul 2023 – Jun 2024 FY2023 Jul 2022 – Jun 2023 FY2022 Jul 2021 – Jun 2022
Revenue 440.8 307.7 308.8 298.8 251.9
Cost of revenue (417.3) (313.9) (316.6) (285.6) (228.1)
Gross profit 23.5 (6.2) (7.8) 13.2 23.8
Selling, general & administrative expenses (3.7) (2.0) (1.8) (2.5) (2.6)
Operating profit 20.0 (8.1) (9.5) 11.0 20.8
Finance cost (6.7) (8.3) (9.1) (6.4) (2.9)
Profit before tax 10.2 (18.4) (18.9) (5.1) 11.8
Taxation (4.0) 3.6 3.1 0.7 (2.7)
Profit after tax 6.2 (14.9) (15.8) (4.5) 9.1
Profit attributable to shareholders 6.2 (14.9) (15.8) (4.5) 9.1
Per share & other
EPS – basic (Rs) Rs 77.09 (185.91) (197.46) (55.81) 113.53
EPS – diluted (Rs) Rs 77.09 (185.91) (197.46) (55.81) 113.53
Dividend per share (Rs) Rs 0.00 0.00 0.00 0.00 15.00
EBITDA 21.5 (4.6) (6.0) 14.4 24.3
Depreciation & amortisation 1.6 3.5 3.5 3.4 3.4
Weighted average shares mn 80.0 80.0 80.0 80.0 80.0
NRL income statement — year-on-year change (Rs mn)
Rs mn FY2026 Jul 2025 – Jun 2026 FY2025 Jul 2024 – Jun 2025 FY2024 Jul 2023 – Jun 2024 FY2023 Jul 2022 – Jun 2023 FY2022 Jul 2021 – Jun 2022
Revenue +43.3% -0.4% +3.4% +18.6% +80.4%
Cost of revenue +32.9% -0.9% +10.9% +25.2% +68.1%
Gross profit — — -158.9% -44.5% +506.3%
Selling, general & administrative expenses +86.3% +8.6% -26.0% -3.4% +38.5%
Operating profit — — -186.9% -47.3% +813.5%
Finance cost -19.7% -8.9% +44.0% +117.6% +83.1%
Profit before tax — — — -143.4% +743.5%
Taxation — — — -124.2% —
Profit after tax — — — -149.2% +412.9%
Profit attributable to shareholders — — — -149.2% +412.9%
Per share & other
EPS – basic (Rs) — — — -149.2% +412.9%
EPS – diluted (Rs) — — — -149.2% +412.9%
Dividend per share (Rs) — — — -100.0% +50.0%
EBITDA — — -141.8% -40.5% +324.1%
Depreciation & amortisation -55.8% -0.3% +2.3% +0.3% -0.2%
Weighted average shares — — — — —

Change against the previous fiscal year; shown when the earlier figure is positive.

NRL income statement — common size (Rs mn)
Rs mn FY2026 Jul 2025 – Jun 2026 FY2025 Jul 2024 – Jun 2025 FY2024 Jul 2023 – Jun 2024 FY2023 Jul 2022 – Jun 2023 FY2022 Jul 2021 – Jun 2022
Revenue 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of revenue (94.7%) (102.0%) (102.5%) (95.6%) (90.6%)
Gross profit 5.3% (2.0%) (2.5%) 4.4% 9.4%
Selling, general & administrative expenses (0.8%) (0.7%) (0.6%) (0.8%) (1.0%)
Operating profit 4.5% (2.6%) (3.1%) 3.7% 8.3%
Finance cost (1.5%) (2.7%) (3.0%) (2.1%) (1.2%)
Profit before tax 2.3% (6.0%) (6.1%) (1.7%) 4.7%
Taxation (0.9%) 1.2% 1.0% 0.2% (1.1%)
Profit after tax 1.4% (4.8%) (5.1%) (1.5%) 3.6%
Profit attributable to shareholders 1.4% (4.8%) (5.1%) (1.5%) 3.6%
Per share & other
EBITDA 4.9% (1.5%) (1.9%) 4.8% 9.6%
Depreciation & amortisation 0.4% 1.1% 1.1% 1.2% 1.4%

Each line as a percentage of revenue.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 16 Oct 2026.

All reported line items 141
NRL income statement — all reported line items (Rs bn)
Rs bn FY2026 Jul 2025 – Jun 2026 FY2025 Jul 2024 – Jun 2025 FY2024 Jul 2023 – Jun 2024 FY2023 Jul 2022 – Jun 2023 FY2022 Jul 2021 – Jun 2022
Revenue from Goods & Services 440.8 307.7 308.8 298.8 251.9
Sales Returns, Allowances & Other Revenue Adjustments 147.7 100.4 88.1 53.8 33.4
Gross Revenue from Business Activities - Total 588.6 408.1 396.9 352.6 285.2
Revenue from Business Activities - Total 440.8 307.7 308.8 298.8 251.9
Cost of Operating Revenue 417.3 313.9 316.6 285.6 228.1
Cost of Revenues - Total 417.3 313.9 316.6 285.6 228.1
Cost of Revenues - Unclassified 403.2 301.7 306.0 276.6 219.9
Selling, General & Administrative Expenses - Total 3.7 2.0 1.8 2.5 2.6
Selling, General & Administrative Expenses - Unclassified 1.8 1.2 1.0 1.6 1.6
Amortization in Cost of Revenues 0.0 0.0 0.0 0.0 0.0
Depreciation in Cost of Revenues 1.5 3.5 3.4 3.4 3.4
Depreciation in Selling, General & Administrative Expenses 0.0 0.1 0.1 0.1 0.1
Labor & Related Expenses including Stock-Based Compensation in Cost of Revenues 2.0 1.4 1.5 1.4 1.3
Amortization of Intangibles in Selling, General & Administrative Expenses 0.0 0.0 0.0 0.0 0.0
Material Expenses 10.5 7.3 5.7 4.2 3.4
Utility Cost of Revenue - Fuel Expense 10.5 7.3 5.7 4.2 3.4
Other Operating Expense/(Income) - Net (0.2) (0.2) (0.1) (0.3) 0.4
Other Operating Income - Total 0.2 0.2 0.1 0.3 0.3
Ground leases/Rental Expenses in Cost of Revenues 0.0 0.0 0.0 0.0 0.0
Cost of Revenues - Other - Total — — — — —
Gross Profit - Industrials/Property - Total 23.5 (6.2) (7.8) 13.2 23.8
Operating Expenses - Total 420.9 315.7 318.4 287.8 231.1
Labor & Related Expenses including Stock-Based Compensation in Selling, General & Administrative Expenses 1.8 0.7 0.8 0.7 0.8
Selling, General & Administrative Expenses - Other - Total 0.0 0.0 0.0 0.0 0.0
Operations & Maintenance (Utility) 0.0 0.0 0.0 0.1 0.1
Operating Profit before Non-Recurring Income/(Expense) 20.0 (8.1) (9.5) 11.0 20.8
Financing Income/(Expense) - Net - Total (9.1) (10.0) (9.1) (16.1) (9.0)
Interest Expense - Net of (Interest Income) 6.6 8.1 8.9 6.2 2.9
Other Operating Expense 0.0 0.0 0.0 0.0 0.6
Occupancy Expense - Other 0.0 0.0 0.0 0.0 0.0
Interest Expense - Net of Capitalized Interest 6.7 8.3 9.1 6.4 2.9
Provision for Doubtful Accounts & Write-off — — — — —
Supplementary Adjustments - Operating - Decrease/(Increase) — — — — —
Non-Interest Financial Income/(Expense) - Total (2.6) (1.9) (0.2) (9.9) (6.1)
Non-Interest Financial Income/(Expense) - Other - Net (0.0) (0.0) (0.0) (0.0) (0.0)
Sale of Tangible & Intangible Fixed Assets - Gain/Loss 0.0 0.0 0.0 — 0.0
Other Non-Operating Income/(Expense) - Total (0.7) (0.4) (0.2) 0.0 0.0
Non-Operating Rental Income 0.0 0.0 0.0 0.0 0.0
Foreign Exchange Gain/(Loss) - Non-Business (2.6) (2.0) (0.1) (9.9) (6.1)
Normalized Pre-tax Profit 10.2 (18.4) (18.8) (5.1) 11.8
Non-Recurring Income/Expense - Total 0.0 (0.0) (0.1) — —
Impairment - Tangible & Intangible Fixed Assets 0.0 0.0 0.1 — —
Impairment - Fixed Assets 0.0 0.0 0.1 — —
Interest Income - Non-Bank 0.1 0.2 0.2 0.1 0.0
Interest Expense on Capital Financing - Gross — — — — —
Sale of Investments Held for Sale, Maturity & Trading - Gain/(Loss) 0.0 0.1 — — —
Provision for Income Tax Expense- Unclassified — — — — —
Income before Taxes 10.2 (18.4) (18.9) (5.1) 11.8
Income Taxes 4.0 (3.6) (3.1) (0.7) 2.7
Income Taxes for the Year - Current 1.1 1.4 1.4 1.6 1.5
Income Taxes - Domestic - Current — — — — —
Income Taxes - Other (KFAS/NLST) - Current — — — — —
Income Taxes - Deferred 3.0 (5.0) (4.0) (2.3) 3.5
Income Taxes - Other (by Type) 0.0 0.0 (0.5) 0.0 (2.3)
Net Income after Tax 6.2 (14.9) (15.8) (4.5) 9.1
Income before Discontinued Operations & Extraordinary Items 6.2 (14.9) (15.8) (4.5) 9.1
Net Income before Minority Interest 6.2 (14.9) (15.8) (4.5) 9.1
Net Income after Minority Interest 6.2 (14.9) (15.8) (4.5) 9.1
Income Available to Common Shares 6.2 (14.9) (15.8) (4.5) 9.1
Other Comprehensive Income - Starting Line 6.2 (14.9) (15.8) (4.5) 9.1
Other Comprehensive Income - Unrealized Investment Gain/(Loss) 0.0 (0.0) 0.0 (0.0) 0.0
Other Comprehensive Income - Revaluation of Tangible & Intangible Assets 0.0 46.1 — — —
Other Comprehensive Income - Pension Related (0.0) (0.2) 0.4 0.4 (0.1)
Other Comprehensive Income - Income Tax (0.0) 0.0 (0.0) 0.0 (0.0)
Other Comprehensive Income - Net of Tax - Total (0.0) 46.0 0.4 0.4 (0.0)
Comprehensive Income before Minority Interest - Total 6.1 31.1 (15.4) (4.0) 9.0
Comprehensive Income - Attributable to Parent Company Equity Holders - Total 6.1 31.1 (15.4) (4.0) 9.0
DPS - Common - Gross - Issue - By Period End Date Rs 0.00 0.00 0.00 0.00 15.00
Net Income - Basic - including Extraordinary Items Applicable to Common - Total 6.2 (14.9) (15.8) (4.5) 9.1
Income available to Common excluding Extraordinary Items 6.2 (14.9) (15.8) (4.5) 9.1
Shares used to calculate Basic EPS - Total mn 80.0 80.0 80.0 80.0 80.0
EPS - Basic - including Extraordinary Items Applicable to Common - Total Rs 77.09 (185.91) (197.46) (55.81) 113.53
EPS - Basic - excluding Extraordinary Items Applicable to Common - Total Rs 77.09 (185.91) (197.46) (55.81) 113.53
EPS - Basic - excluding Extraordinary Items - Normalized - Total Rs 77.09 (185.91) (196.74) (55.81) 113.53
Allocated Net Income including Extraordinary Items Applicable to Common - Issue Specific 6.2 (14.9) (15.8) (4.5) 9.1
Earnings Allocation Factor - Basic - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Shares used to calculate Basic EPS - Issue Specific mn 80.0 80.0 80.0 80.0 80.0
EPS - Basic - including Extraordinary Items Applicable to Common - Issue Specific Rs 77.09 (185.91) (197.46) (55.81) 113.53
EPS - Basic - excluding Extraordinary Items Applicable to Common - Issue Specific Rs 77.09 (185.91) (197.46) (55.81) 113.53
EPS - Basic - excluding Extraordinary Items - Normalized - Issue Specific Rs 77.09 (185.91) (196.74) (55.81) 113.53
EPS - Basic from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 0.00 0.00
Comprehensive Earnings Per Share - Basic - Issue Specific Rs 76.68 388.91 (192.36) (50.29) 112.94
Dilution Adjustment — — — — —
Net Income - Diluted - including Extraordinary Items Applicable to Common - Total 6.2 (14.9) (15.8) (4.5) 9.1
Diluted Income available to Common excluding Extraordinary Items 6.2 (14.9) (15.8) (4.5) 9.1
Shares used to calculate Diluted EPS - Total mn 80.0 80.0 80.0 80.0 80.0
EPS - Diluted - including Extraordinary Items Applicable to Common - Total Rs 77.09 (185.91) (197.46) (55.81) 113.53
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total Rs 77.09 (185.91) (197.46) (55.81) 113.53
EPS - Diluted - excluding Extraordinary Items - Normalized - Total Rs 77.09 (185.91) (196.74) (55.81) 113.53
Allocated Diluted Net Income including Extraordinary Items Applicable to Common - Issue Specific 6.2 (14.9) (15.8) (4.5) 9.1
Earnings Allocation Factor - Diluted - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Shares used to calculate Diluted EPS - Issue Specific mn 80.0 80.0 80.0 80.0 80.0
EPS - Diluted - including Extraordinary Items Applicable to Common - Issue Specific Rs 77.09 (185.91) (197.46) (55.81) 113.53
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Issue Specific Rs 77.09 (185.91) (197.46) (55.81) 113.53
EPS - Diluted - excluding Extraordinary Items - Normalized - Issue Specific Rs 77.09 (185.91) (196.74) (55.81) 113.53
EPS - Diluted from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 0.00 0.00
Comprehensive Earnings Per Share - Diluted - Issue Specific Rs 76.68 388.91 (192.36) (50.29) 112.94
DPS - Common - Gross - Issue - By Announcement Date Rs 0.00 0.00 0.00 15.00 10.00
DPS - Common - Net - Issue - By Announcement Date Rs 0.00 0.00 0.00 13.50 9.00
Earnings before Interest & Taxes (EBIT) 20.0 (8.1) (9.5) 11.0 20.8
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 21.5 (4.6) (6.0) 14.4 24.3
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) and Operating Lease Payments 21.6 (4.5) (6.0) 14.5 24.3
Depreciation & Amortization - Supplemental 1.6 3.5 3.5 3.4 3.4
Depreciation Expense - Total - Supplemental 1.6 3.5 3.5 3.4 3.4
Depreciation - Financial Lease Right-of-Use Assets - Supplemental 0.0 0.0 0.0 0.0 0.0
Amortization - Total - Supplemental 0.0 0.0 0.0 0.0 0.0
Intangible Amortization - Other - Supplemental 0.0 0.0 0.0 0.0 0.0
Amortization of Computer Software - Supplemental 0.0 0.0 0.0 0.0 0.0
Depreciation, Depletion & Amortization - Total 1.6 3.5 3.5 3.4 3.4
Depreciation - Total 1.6 3.5 3.5 3.4 3.4
Amortization of Intangible Assets including Goodwill - Total — — — — —
Amortization of Intangible Assets excluding Goodwill - Total 0.0 0.0 0.0 0.0 0.0
Labor & Related Expenses - Total 3.8 2.2 2.2 2.1 2.2
Labor & Related Expenses - Supplemental 3.8 2.2 2.2 2.1 2.2
Auditor Fees 0.0 0.0 0.0 0.0 0.0
Audit-Related Fees 0.0 0.0 0.0 0.0 0.0
Tax Fees 0.0 0.0 0.0 0.0 0.0
Fees - Other 0.0 0.0 0.0 0.0 0.0
Normalized after Tax Profit 6.2 (14.9) (15.7) (4.5) 9.1
Normalized Net Income from Continuing Operations 6.2 (14.9) (15.7) (4.5) 9.1
Normalized Net Income - Bottom Line 6.2 (14.9) (15.7) (4.5) 9.1
Earnings before Interest & Taxes (EBIT) - Normalized 16.8 (10.3) (9.9) 1.1 14.7
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) - Normalized 18.3 (6.8) (6.4) 4.5 18.1
Depreciation of Financial Lease Right-of-Use Assets 0.0 0.0 0.0 0.0 0.0
Interest Expense on Financial Lease Liabilities - Supplemental 0.0 0.0 0.0 0.0 0.0
Rental/Operating Lease Expense 0.0 0.0 0.0 0.0 0.0
Interest Expense 6.7 8.3 9.1 6.4 2.9
Operating Expenses 420.9 315.7 318.4 287.8 231.1
Selling, General & Administrative Expenses excluding Research & Development Expenses 3.7 2.0 1.8 2.5 2.6
Income before Taxes & Provision for Loan Losses 10.2 (18.4) (18.9) (5.1) 11.8
Cost of Revenue including Operation & Maintenance (Utility) - Total 417.3 313.9 316.6 285.7 228.2
Cost of Revenues excluding Depreciation 415.8 310.4 313.2 282.2 224.7
Generation Cost 417.3 313.9 316.6 285.7 228.2
DPS - Common - Gross - Issue - By Payable Date Rs 0.00 0.00 0.00 15.00 10.00
DPS - Common - Gross - Issue - By Ex Date Rs 0.00 0.00 0.00 15.00 10.00
Tax Adjusted Operating Income 10.2 — — — 11.3
Operating Expenses excluding Non-Cash Charges - Total 419.3 312.2 314.9 284.4 227.6
Income Available to Common Shares before Depreciation & Amortization 7.7 (11.4) (12.3) (1.0) 12.5
Fixed Charges 6.7 8.3 9.1 6.4 2.9
Estimated Tax Rate 0.29× 0.29× 0.29× 0.29× 0.29×
Total Common & Spl DPS -Gross - Issue - By Announcement Date Rs 0.00 0.00 0.00 15.00 10.00

Every line the company reported, in the original order and wording, without regrouping or signs changed.