National Refinery Limited (NRL) held its corporate briefing session today to discuss FY25 financial results and provide insights on the future outlook. According to AKD Research, the key takeaway from the session is as follows:

·        In FY25, NRL earned a net revenue of PkR307.7bn, a 0.4%YoY decrease, however, incurred a third consecutive loss of PkR14.9bn (LPS:185.9), compared to a LAT of PkR15.8bn (LPS:197.5) in the previous year. Despite an improvement in gross refinery margins, the loss was primarily driven by higher manufacturing costs, including higher utilities and tariffs, as well as inventory losses in the first three quarters.

·        Sales volume increased to 1.6mn tons, a 16.6%YoY increase. This was largely due to increase in HSD, MS and RFO (export) sales.

·        The refinery operates at a crude oil processing capacity of 70,000 barrels/per day (23.1mn barrels/per annum).

https://research.akdsl.com/638974341085595294.pdf

AKD Research