Attock Refinery Posts its 2nd Highest-Ever Profit After Record Increase in Fuel Prices

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Attock Refinery Limited (PSX: ATRL) reported its financial results for 3QFY26, posting a net profit of Rs. 11.345 billion, its second-highest ever.
This compares with Rs. 1.703 billion (earnings per share (EPS): Rs. 15.97) in 3QFY25, reflecting a sharp 6.7x year-on-year (YoY) increase.
Earnings per share for the quarter stood at Rs. 106.4, with no dividend payout announced.
Net sales rose 18 percent YoY to Rs. 87.7 billion in 3QFY26. According to Arif Habib Limited, this was driven by higher throughput volumes and stronger ex-refinery prices. Sales of high-speed diesel (HSD), motor spirit (MS), and furnace oil (FO) increased by 42.2 percent YoY, 10.7 percent YoY, and 19.4 percent YoY, respectively.
Gross profit reached Rs. 17.6 billion, translating into record-high margins of 20.1 percent, the strongest in the company’s history. The improvement was mainly driven by higher refining volumes and a sharp expansion in HSD crack spreads.
Margins strengthened significantly due to widening refinery crack spreads, especially for HSD. During the quarter, MS and HSD cracks averaged $6.2 per barrel and $57 per barrel, compared to historical averages of around $5 per barrel for MS and $12 per barrel for HSD, providing a strong boost to profitability.
On the volumetric side, MS sales rose 15.6 percent YoY to 146,000 tons, while HSD sales increased 24.2 percent YoY to 152,000 tons in 3QFY26.
Growth was supported by lower curtailment and stronger demand from OMCs amid expectations of rising petroleum product prices. FO volumes declined 35.4 percent YoY to 65,000 tons in March 2026, although most output was exported, still at negative spreads despite some recovery in international HSFO prices.
Other income declined 9 percent YoY to Rs. 2.2 billion due to lower interest rates, despite a stronger cash position.
Cash and short-term investments stood at Rs. 98.3 billion (Rs. 922 per share), compared to Rs. 76.8 billion (Rs. 721 per share) in the corresponding period. Book value per share was recorded at Rs. 1,494.
ATRL remains attractively valued, trading at FY26e and FY27f price-to-earnings (P/E) multiples of 4.7x and 6.1x, respectively.



