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Attock Refinery Limited — Interim / Quarterly Report 2026
Feb 27, 2026
71602_rns_2026-02-27_b85b7e20-8019-48dc-b3ce-b250a3b724b7.pdf
Interim / Quarterly Report
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Condensed Interim Financial Statements For the Six Months Period Ended December 31, 2025
CONTENTS
COMPANY INFORMATION
DIRECTORS’ REVIEW REPORT
AUDITORS’ REVIEW REPORT
CONDENSED INTERIM FINANCIAL STATEMENTS
Statement of Financial Position Statement of Profit or Loss Statement of Comprehensive Income
Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Statement of Financial Position Statement of Profit or Loss
Statement of Comprehensive Income
Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements
1
COMPANY INFORMATION
BOARD OF DIRECTORS
Mr. Laith G. Pharaon Non Executive Director
(Alternate Director Agha Sher Shah)
Mr. Wael G. Pharaon
(Alternate Director Mr. Babar Bashir Nawaz)
Non Executive Director
Mr. Shuaib A. Malik
Chairman / Non Executive Director
Mr. Abdus Sattar
Non Executive Director
Mr. Shamim Ahmad Khan
Non Executive Director
Mr. Tariq Iqbal Khan
Independent Non Executive Director
Mr. Mohammad Haroon Independent Non Executive Director
CHIEF EXECUTIVE OFFICER Mr. M. Adil Khattak CHIEF FINANCIAL OFFICER Syed Asad Abbas
COMPANY SECRETARY Mr. Saif ur Rehman Mirza
AUDIT COMMITTEE Mr. Tariq Iqbal Khan
Mr. Tariq Iqbal Khan Chairman Mr. Shuaib A. Malik Member Mr. Abdus Sattar Member Mr. Shamim Ahmad Khan Member Mr. Babar Bashir Nawaz Member A.F. Ferguson & Co. Chartered Accountants Ali Sibtain Fazli & Associates Legal Advisors, Advocates & Solicitors
AUDITORS
LEGAL ADVISOR
SHARE REGISTRAR CDC Share Registrar Services Limited
CDC House, 99-B, Block ‘B’, S.M.C.H.S., Main Shahra-e-Faisal, Karachi-74400.
REGISTERED OFFICE
The Refinery, P.O. Morgah, Rawalpindi.
Tel : (051) 5487041-5 Fax : (051) 5487093 & 5406229 E-mail : [email protected] Website : www.arl.com.pk
Attock Refinery Limited
2
DIRECTORS’ REVIEW REPORT
IN THE NAME OF ALLAH, THE MOST GRACIOUS, THE MOST MERCIFUL
On behalf of the Board of Directors of Attock Refinery Limited, we are pleased to present review of the financial results and operations of the Company for the second quarter and half year ended December 31, 2025 along with the Review Report of the Auditors thereon.
FINANCIAL RESULTS
During the period under review the Company earned profit after tax of Rs 4,762 million from refinery operations (December 31, 2024: Profit of Rs 6,243 million). Non-refinery income during this period was Rs 258 million (December 31, 2024: Rs 649 million). Accordingly, overall profit after taxation was Rs 5,020 million with earning per share of Rs 47.08 (December 31, 2024: Profit of Rs 6,892 million with earning per share of Rs 64.65).
During the period under review, there was slight decline in refinery margins primarily due to prevailing global refining industry dynamics. Local refineries also faced products uplifting constraints mainly due to falling pricing trend. Notwithstanding these challenges, the Company remained focused on capitalizing available opportunities to optimize business processes, strengthen operational efficiency and enhance overall profitability. Earnings from short term investments and deposit placements continue to contribute significantly to the Company’s overall profitability although such earnings were also reduced as a result of lower profit rates.
The Consolidated Financial Statements of the Company are annexed. During the period the Company made a Consolidated profit after tax of Rs 6,412 million (December 31, 2024: Rs 7,600 million) which translates into consolidated earnings per share of Rs 60.14 (December 31, 2024: Rs 71.29).
REFINERY OPERATIONS
During the period under review, the Company supplied 742 thousand Metric Tons of various petroleum products while operating at about 71% of the capacity (December 31, 2024: 821 thousand Metric Tons, 72% capacity). The reduction in capacity utilization was attributable to multiple factors, including lower crude oil receipts and product uplifting issues. Sale of Furnace Fuel Oil (FFO) in domestic market has drastically reduced after imposition of government levies on it. In order to maintain operational flexibility, the Company exported around 111,000 Metric Tons of FFO during the period under review.
3
DIRECTORS’ REVIEW REPORT
DIVIDEND
The Board has approved interim cash dividend @ 25% i.e. Rs 2.50 per share (December 31, 2024: interim cash dividend @ 50%).
FUTURE OUTLOOK
While the country’s economy and business climate are exhibiting signs of positive momentum, supported by improvements in key macroeconomic indicators, management remains cautious and anticipates that the overall economic environment will continue to be challenging in the near term. The Company’s management will continue to focus on proactive initiatives to enhance operational efficiency with the dual objectives of driving revenue growth and optimizing costs.
We are continuously following up relevant forums to address issues created by classification of major petroleum products as “Exempt Supplies” for sales tax purposes and imposition of Petroleum Levy and Climate Support Levy on Furnace Oil. We urge the Government to address these issues on a sustainable basis to facilitate effective implementation of the Refining Policy and attract potential investment in refinery upgradation projects.
ACKNOWLEDGEMENT
The Board would like to acknowledge support received from the Ministry of Energy and all other stakeholders. We highly appreciate dedicated efforts of our employees and their commitment to achieve excellence. We also thank our valued customers and suppliers for their support and unwavering faith in our Company.
On behalf of the Board
M. ADIL KHATTAK Chief Executive Officer
ABDUS SATTAR DIRECTOR
Date: February 23, 2026 Place: Rawalpindi
Attock Refinery Limited
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من � منظر کا ارگہچ یکلم � اور اکرون اری اموحل یم تبثم شیپ رتف ےک آن احلص ارویں یم رتہبی ےس وقتییہ، � امہ اعمیش اشار امنن ا ک ف یتخر ےیک وہےئ ےہ اور وتعق ریتھک الکشمت اک ومیش احالت دبوتسرجم ا ڑیبی دمت ظتنہیم اتحمط روہی امہ وہ ریہ ےہ، ن ڑا اکشر یلمت رپ وتہج رموکز رےھک یگ، نج اک دوہ کدیگ وک رتہب انبےن ےک ےیل � ادق ع اک ظتنرںیہ ےگ۔ اس انترظ یم، � یک ڑ � ےہ۔جت یک ؤمب ضہف اور اخ دصقم آدمین یم کیٹ ےس اہک اُن اسملئ اک دتارک ایک اج ےکس وج امہ رٹپومیل ونصماعت وک پ � اداروں ےس روجع ےیک وہےئ ںیہ نمہ � وط (Climate Support Levy) نثمست ےک افنذ ےس منج ےیل ڑسن آلئ رپ رٹیپومیل ویلی و اموحایلیت اعمون ویلییٰ رکےن اور ف ےس ب ُ ڑ ادیم افیرنئی ےک ڑ افنذ نکمم وہ اور راہک رافیگننئ ن ایسیل اک ؤمبک ان اومر وک ن ادیئار اینبدوں رپ لح ایک اجےئ اگ ن ںیہ۔ مہ وکحم ب ڑوغ دن ج ےکس۔ ا ڑیق و دجتی د ےک وصنموبں یم رسامہی اکری وک ف
ر ا تشک ظہا ا تحم اور مہ اےنپ المزنیم یک رپ رکشزگار ںیہ۔ ےس ےنلم وایل اعمویایئ اور درگیاداروں یک اجیڑرٹکیز وزارت وتانوبرڈ آف ڈاب وایگتسب وک رساےتہ ںیہ ۔ اس ےک العو ہ مہ اےنپ اقب دقّر اصرنیف،اخم لیت ایہم رکےن واےلاداروں ان یکٰایلع رایعم ےک وصحل ےک ےیل یھب ونممن ںیہ۔ ےک یک امحیمتعد رپ اور � رپ ےس وبرڈیک اجی
ر ا لد ا لس عبد خٹ عا یم ڈائ ٹکی فیچ ازگیوٹکی آسیفج ف۲۰۲۶ ڑوری۲۳ راوڈنپلی
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ل ےہ۔ رمح رکےن و ڑا رہم ن ان اہنیام ےس وج ب اہلل ےک ن
اٹ وک متخ وہےن وایل دورسی ہس امیہ اور امششیہ تتخیم دمت دربمس۲۰۲۵ رافیرنئی � ےک وبرڈ آف ڈاب۳۱ ےس مہ ڑرٹکیز یک اجی ڑہ شیپ رکےت وہےئ رسمت وسحمس رک رےہ ںیہ۔ ڑہ روپرٹ اور آرپزنشی اک �اجبنجئ، آڈرٹیز یک اجبےک ینپمک ےک امایل ا ئن لیاما (۳١ دربمس ۲۰۲۴ ,۴نیلم روےپ اک انمعف وہازب ڑِ اجب۷۶۲کیٹ ادا رکےن ےک دعب پمک وک رافیرنئی آرپزنشی ڑہ دمّت ےک دورا ی : (۳١ ,۶۲۴۳: دربمس ۲۰۲۴ نیلم روےپ اک انمعف)۔ اس دمّت ےک دوران ریغ رافیرنئی ذراعئ ےس۲۵۸نیلم روےپ یک آدمن وہیئ اسھت یف صصح کے , ۵نیلم روےپ ےکانمعف۶۴۹نیلم روےپ)۔ اس رطح ومجمیع وطر رپ سکیٹ ادا رکےن ےک دعب۰۲۰ ۶۴. ,۶۸۹۲ : ١٣ ( . روےپ)۔ انمعف۶۵ نیلم روےپ ےکانمعف ےک اسھت یف صصح دربمس ۲۰۲۴ ۴۷روےپ راہ انمعف۰۸ ، ب ڑِ ز راجئ احالت رےہ۔ تعنص یم ریفائننگوہج اعیملی داینب سج یک واعق وہیئ یمک ومعمیلامرزنج یم یفا ئنری ڑہ دمت ےک دوران راجب یب ڑوخف کےالکشمت اک راحجن اھت۔ ان کمی ں میوہج وتمیق ٹں اک اسانم راہ، سج یکراک ت یم ونصماعت یک وک یھب ب ڑ رنئافیر اقمیم ی ب ن ا انمعف یمحتسم رکےن اور ومجمیع م کدیگ اکلمع وک رتہب انبےن، یلمع فتسدہ رکےت وہےئ اکرون اروماعق ےس دایتس جدینپمک انمعف ومجمیع کیآدمن دبوتسر ینپمک ےس احلص وہےن وایل ج دشہ رمق ع وکنیبں اور ی اکر ہی رسام یت ادمل ۔ لیلقضہف رکےن رپ رموکز ریہ ۔ واعق وہیئ بھیکمی اس آدمن یمےک ن اع کمی رشح یمارگہچ انمعف یک ریہ رکیت ادارکدار ںن ا امن یم یشخب ڑہ دمّت ےک دوران)� ںیہ۔زب ڑِ اجبینپمک Consolidated Financial Statementsی امایلیت وگوشارے( اج , ۷۶۰۰ : ,۶ نیلم روےپ) وج ہک ومجمیع یف صصح دربمس۲۰۲۴( نیلم روےپ اک ومجمیع انمعف امکنا۳۱ ینپمک ےن سکیٹ ادا رکےن ےک دعب ۴۱۲ ۷۱. : ۶۰.۱۴ روےپ)۔ انمعف۲۹ دربمس۲۰۲۴ا ےہ۳۱ ( روےپ ب[ ت] آ ی ر یشنپر ئنریفا � ہڑار م ڑہ ڑامہ ںیک رٹیپومیل ونصماعت ف ڑک نٹ یک دیپاواری ادعتساد ےک اسھت۷۴۲دمّت ٪ےک دوران رافیرنئی ےن۷۱ زب ڑِ اجب ی ڑار م ہ٨۲۱ ۷۲ ٪ :۲۰۲۴ ١ وہج دعتمد وعالم یک کمی معتسل یم ادعتساد ےک اوار دیپ ڑک نٹ)۔ دیپاواری ادعتساد ےک اسھت (۳دربمس ڑوخف ، ےک افنذ ےک دعب وصحمالتوکحیتم ےھت ت ےس � اسملئ شث الم اور ونصماعت یکصیل مک کی اخم لیت نج یم ےس واعق وہیئ ب ڑف ۔ ڑوخف ل ف ڑار رےنھک ےک ےیل کودیپاواری رسرگویمں واعق وہ یئگ یمک دح ٹ ںن ا امن ت یم ) یکآلئ (FFO ڑسن ویف منڈی میملکی ۔ ل ک ڑڑار م آلئ ب ڑآدم ایک ڑسن ویف نٹ ف ابیً۱۱۱ ہ ڑہ دمت ےک دوران رقتاجبب ڑِ ےن زکمپنی )یی ڈ( ہمسقنم یو فعمنا )۵۰ :٪ . ۲ مہ ٪ ےہ۔ ی وظنمر د ی کی دربمس۲۰۲۴ روےپ یف( صصح۳۱ ۲۵یعنی۵۰[من قس] معف ی اوبرڈ ےن وبعر 6 Attock Refinery Limited
A. F. FERGUSON & CO.
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INDEPENDENT AUDITOR’S REVIEW REPORT To the members of Attock Refinery Limited Report on review of Interim Financial Statements
Introduction
We have reviewed the accompanying condensed interim statement of financial position of Attock Refinery Limited as at December 31, 2025 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the financial statements for the six-month period then ended (here-in-after referred to as the “interim financial statements”). Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these interim financial statements based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements is not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.
Other Matters
Pursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the half year, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the Company. Accordingly, the figures of the condensed interim statement of profit or loss, condensed interim statement of comprehensive income and notes thereto for the three months period ended December 31, 2025 and 2024 have not been reviewed by us.
The engagement partner on the audit resulting in this independent auditor’s report is M. Imtiaz Aslam.
Chartered Accountants Islamabad Date: February 26, 2026
UDIN: RR202510050FnpXraoES
7
Condensed Interim Statement of Financial Position (Unaudited) As at December 31, 2025
| Note EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Share capital Authorised capital 150,000,000 (June 30, 2025: 150,000,000) ordinary shares of Rs 10 each Issued, subscribed and paid-up capital 106,616,250 (June 30, 2025: 106,616,250) ordinary shares of Rs 10 each 5 Reserves and surplus 6 Surplus on revaluation of freehold land CURRENT LIABILITIES Trade and other payables 7 Current portion of lease liability Unclaimed dividends Provision for taxation TOTAL EQUITY AND LIABILITIES CONTINGENCIES AND COMMITMENTS 8 |
December 31, 2025 Rs ‘000 1,500,000 1,066,163 91,927,707 55,160,588 148,154,458 57,083,228 273,849 19,558 11,974,117 69,350,752 217,505,210 |
June 30, 2025 Rs ‘000 1,500,000 |
|---|---|---|
| 1,066,163 87,440,780 55,160,588 |
||
| 143,667,531 | ||
| 52,811,321 339,045 18,582 11,583,789 |
||
| 64,752,737 | ||
| 208,420,268 | ||
Attock Refinery Limited
8
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| Note ASSETS NON-CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT Operating assets 9 Capital work-in-progress 10 Major spare parts and stand-by equipment LONG TERM INVESTMENTS 11 LONG TERM LOANS AND DEPOSITS DEFERRED TAXATION CURRENT ASSETS Stores, spares, loose tools and chemicals Stock-in-trade 12 Trade debts 13 Loans, advances, deposits, prepayments and other receivables 14 Short term investments 15 Cash and bank balances 16 TOTAL ASSETS |
December 31, 2025 Rs ‘000 58,569,566 3,615,285 152,416 62,337,267 13,264,915 46,984 1,339,210 76,988,376 8,279,559 22,230,288 13,373,165 4,978,673 42,315,915 49,339,234 140,516,834 217,505,210 |
June 30, 2025 Rs ‘000 59,934,323 2,207,739 149,346 |
|---|---|---|
| 62,291,408 13,264,915 48,973 946,311 |
||
| 76,551,607 | ||
| 9,220,935 13,150,429 15,505,286 5,795,686 48,654,020 39,542,305 |
||
| 131,868,661 | ||
| 208,420,268 |
The annexed notes 1 to 28 form an integral part of these condensed interim financial statements.
Syed Asad Abbas Chief Financial Officer
M. Adil Khattak Chief Executive Officer
Abdus Sattar Director
9
Condensed Interim Statement of Profit or Loss (Unaudited) For The Six Months Period Ended December 31, 2025
Note Gross sales 17 Taxes, duties, levies, discount and price differential 18 Net sales Cost of sales 19 Gross profit Administration expenses Distribution cost Other charges Other income 20 Impairment (loss)/reversal on financial assets Operating profit Finance costs 21 Profit before income tax and final tax from refinery operations Final taxes - levy Profit before income tax from refinery operations Taxation 22 Profit after taxation from refinery operations Income from non-refinery operations less applicable charges and taxation23 Profit for the period Earnings per share - basic and diluted (Rupees) Refinery operations Non-refinery operations |
Three months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 113,303,370 110,620,104 (35,550,392) (30,480,371) 77,752,978 80,139,733 (73,712,294) (77,352,484) 4,040,684 2,787,249 438,079 389,889 24,094 24,361 412,349 408,164 (874,522) (822,414) 2,350,547 3,461,590 (32,194) (3,240) 5,484,515 5,423,185 (96,563) (115,104) 5,387,952 5,308,081 (88,192) - 5,299,760 5,308,081 (1,989,912) (2,093,024) 3,309,848 3,215,057 258,282 347,687 3,568,130 3,562,744 31.04 30.16 2.42 3.27 33.46 33.43 |
Six months ended | Six months ended |
|---|---|---|---|
| December 31, 2025 Rs ‘000 113,303,370 (35,550,392) |
December 31, 2025 Rs ‘000 201,468,624 (64,404,974) |
December 31, 2024 Rs ‘000 220,068,459 (59,308,852) |
|
| 77,752,978 (73,712,294) |
137,063,650 (132,091,468) |
160,759,607 (156,190,122) |
|
| 4,040,684 | 4,972,182 | 4,569,485 | |
| 438,079 24,094 412,349 |
886,224 50,894 596,396 |
818,869 48,298 778,774 |
|
| (874,522) 2,350,547 (32,194) |
(1,533,514) 4,522,411 (20,887) |
(1,645,941) 7,514,347 4,728 |
|
| 5,484,515 (96,563) |
7,940,192 (172,354) |
10,442,619 (209,781) |
|
| 5,387,952 (88,192) |
7,767,838 (121,388) |
10,232,838 - |
|
| 5,299,760 (1,989,912) |
7,646,450 (2,884,724) |
10,232,838 (3,989,362) |
|
| 3,309,848 258,282 |
4,761,726 258,282 |
6,243,476 648,876 |
|
| 3,568,130 | 5,020,008 | 6,892,352 | |
| 31.04 2.42 |
44.66 2.42 |
58.56 6.09 |
|
| 33.46 | 47.08 | 64.65 |
The annexed notes 1 to 28 form an integral part of these condensed interim financial statements.
Syed Asad Abbas Chief Financial Officer
M. Adil Khattak Abdus Sattar Chief Executive Officer Director
Attock Refinery Limited
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Condensed Interim Statement of Comprehensive Income (Unaudited) Condensed Interim Balance Sheet (Unaudited)For The Six Months Period Ended December 31, 2025
| Profit for the period Other comprehensive income - net of tax Total comprehensive income for the period |
Three months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 3,568,130 3,562,744 - - 3,568,130 3,562,744 |
Six months ended | Six months ended | |
|---|---|---|---|---|
| December 31, 2025 Rs ‘000 3,568,130 - |
December 31, 2025 Rs ‘000 5,020,008 - 5,020,008 |
December 31, 2024 Rs ‘000 6,892,352 - |
||
| 3,568,130 | 6,892,352 |
The annexed notes 1 to 28 form an integral part of these condensed interim financial statements.
Syed Asad Abbas Chief Financial Officer
M. Adil Khattak Chief Executive Officer
Abdus Sattar Director
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Condensed Interim Statement of Changes in Equity (Unaudited)
For The Six Months Period Ended December 31, 2025
| Balance as at July 01, 2024 Distribution to owners: Final cash dividend @ 125% related to the year ended June 30, 2024 Total comprehensive income - net of tax Profit for the period Other comprehensive income for the period Balance as at December 31, 2024 Distribution to owners: Interim cash dividend @ 50% related to the year ended June 30, 2025 Total comprehensive income - net of tax Profit for the period Other comprehensive income for the period Balance as at June 30, 2025 Distribution to owners: Final cash dividend @ 50% related to the year ended June 30, 2025 Total comprehensive income - net of tax Profit for the period Other comprehensive income for the period Balance as at December 31, 2025 |
Share capital |
Capital reserve | R | evenue rese | rve | Surplus on revaluation of freehold land |
Total | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Special reserve for expansion/ modernisation |
Utilised special reserve for expansion/ modernisation |
Others |
Investment reserve |
General reserve |
Un-appropriated Profit |
|||||
| Rs ‘000 | ||||||||||
| 1,066,163 - |
30,196,887 - |
10,962,934 - |
5,948 - |
3,762,775 - |
55 - |
32,344,637 (1,332,703) |
55,160,588 - |
133,499,987 (1,332,703) |
||
| - - |
- - |
- - |
- - |
- - |
- - |
6,892,352 - |
- - |
6,892,352 - |
||
| - | - |
- |
- |
- |
- | 6,892,352 | - | 6,892,352 | ||
| 1,066,163 - |
30,196,887 - |
10,962,934 - |
5,948 - |
3,762,775 - |
55 - |
37,904,286 (533,081) |
55,160,588 - |
139,059,636 (533,081) |
||
| - - |
- - |
- - |
- - |
- - |
- - |
5,079,713 61,263 |
- - |
5,079,713 61,263 |
||
| - | - |
- |
- |
- |
- | 5,140,976 | - | 5,140,976 | ||
| 1,066,163 - |
30,196,887 - |
10,962,934 - |
5,948 - |
3,762,775 - |
55 - |
42,512,181 (533,081) |
55,160,588 - |
143,667,531 (533,081) |
||
| - - |
- - |
- - |
- - |
- - |
- - |
5,020,008 - |
- - |
5,020,008 - |
||
| - | - |
- |
- |
- |
- | 5,020,008 |
- | 5,020,008 |
||
| 1,066,163 | 30,196,887 | 10,962,934 | 5,948 |
3,762,775 | 55 | 46,999,108 | 55,160,588 | 148,154,458 | ||
The annexed notes 1 to 28 form an integral part of these condensed interim financial statements.
Syed Asad Abbas Chief Financial Officer
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----- Start of picture text -----
M. Adil Khattak
Chief Executive Officer
----- End of picture text -----
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----- Start of picture text -----
Abdus Sattar
Director
----- End of picture text -----
Attock Refinery Limited
12
Condensed Interim Statement of Cash Flows (Unaudited)
For The Six Months Period Ended December 31, 2025
| Note CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from - customers - others Cash paid for operating costs Cash paid to Government for duties, taxes and other levies Income taxes and final taxes paid Net cash (outflows)/inflows from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment Proceeds against disposal of operating assets Long term loans and deposits Income received on bank deposits Short term investments - net Dividends received from associated companies 23 Net cash inflows/(outflows) from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Repayment of lease liability Dividends paid to Company’s shareholders Bank balances under lien Finance costs Net cash outflows from financing activities NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS DURING THE PERIOD CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD Effect of exchange rate changes on cash and cash equivalents CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 16.3 |
Six months ended | Six months ended | Six months ended |
|---|---|---|---|
| December 31, 2025 Rs ‘000 203,529,732 556,761 204,086,493 (137,846,071) (63,326,343) (3,097,135) (183,056) |
December 31, 2024 Rs ‘000 240,322,958 155,163 |
||
| 240,478,121 (163,549,973) (60,225,363) (5,665,323) |
|||
| 11,037,462 | |||
| (1,543,171) 11,469 1,989 4,279,638 - 353,811 |
(599,423) 15,440 2,449 7,408,667 (23,605,437) 850,431 |
||
| 3,103,736 | (15,927,873) | ||
| (91,631) (532,106) - (597) |
- (1,330,289) 856 (1,429) |
||
| (624,334) 2,296,346 87,189,505 1,162,478 90,648,329 |
(1,330,862) | ||
| (6,221,273) 67,190,300 (4,452) |
|||
| 60,964,575 |
The annexed notes 1 to 28 form an integral part of these condensed interim financial statements.
Syed Asad Abbas Chief Financial Officer
M. Adil Khattak Chief Executive Officer
Abdus Sattar Director
13
Selected Notes To and Forming Part of the Condensed Interim Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
1. LEGAL STATUS AND OPERATIONS
Attock Refinery Limited (the Company) was incorporated in Pakistan on November 8, 1978 as a private limited company and was converted into a public limited company on June 26, 1979. The Company is principally engaged in the refining of crude oil. The registered office and refinery complex of the Company is situated at Morgah, Rawalpindi. Its shares are quoted on Pakistan Stock Exchange Limited.
The Company is a subsidiary of The Attock Oil Company Limited, England and its ultimate parent is Coral Holding Limited.
2. STATEMENT OF COMPLIANCE
These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
-
International Accounting Standard 34 “Interim Financial Reporting”, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
-
Provisions of, directives and notifications issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of lAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed interim financial statements do not include all the information required for full financial statements and should be read in conjunction with the annual audited financial statements for the year ended June 30, 2025.
3. MATERIAL ACCOUNTING POLICY INFORMATION
The accounting policies adopted in the preparation of these condensed interim financial statements are consistent with those followed in the preparation of the audited financial statements for the year ended June 30, 2025.
4. FINANCIAL RISK MANAGEMENT
The Company’s financial risk management objectives and policies are consistent with those disclosed in the audited financial statements for the year ended June 30, 2025.
5. SHARE CAPITAL
The parent company, The Attock Oil Company Limited held 65,095,630 (June 30, 2025: 65,095,630) ordinary shares and the associated company Attock Petroleum Limited held 1,790,000 (June 30, 2025: 1,790,000) ordinary shares as at December 31, 2025.
Attock Refinery Limited
14
==> picture [486 x 43] intentionally omitted <==
6. RESERVES AND SURPLUS Capital reserve Special reserve for expansion/ modernisation - note 6.1 Utilised special reserve for expansion/ modernisation - note 6.2 Others Liabilities taken over from The Attock Oil Company Limited no longer required Capital gain on sale of building Insurance and other claims realised relating to pre-incorporation period Revenue reserves Investment reserve - note 6.3 General reserve Unappropriated profit - net |
December 31, 2025 Rs ‘000 30,196,887 10,962,934 4,800 654 494 5,948 3,762,775 55 46,999,108 50,761,938 91,927,707 |
June 30, 2025 Rs ‘000 30,196,887 10,962,934 |
|---|---|---|
| 4,800 654 494 |
||
| 5,948 | ||
| 3,762,775 55 42,512,181 |
||
| 46,275,011 | ||
| 87,440,780 |
-
6.1 Under the Policy Framework for Up-gradation and Expansion of Refineries, 2013 issued by the Ministry of Energy - Petroleum Division (the Ministry) as amended from time to time, the refineries were required to transfer the amount of profit above 50% of paid-up capital as at July 1, 2002 into a Special Reserve Account which shall be available for utilisation for upgradation of refineries or may also be utilised in off setting losses of the refinery from refinery operations. The Government of Pakistan notified the “Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023” (the 2023 Policy) on August 17, 2023. Under the new policy, the requirement to transfer the amount of profit above 50% of paid-up capital as at July 1, 2002 into Special Reserve Account is not required.
-
6.2 Represents amounts utilized out of the Special reserve for expansion/modernisation of the refinery. The total amount of capital expenditure incurred on refinery expansion/modernisation till December 31, 2025 is Rs 31,179.41 million (June 30, 2025: Rs 29,961.43 million) including Rs 20,216.48 million (June 30, 2025: Rs 18,998.50 million) spent over and above the available balance in the Special reserve which has been incurred by the Company from its own resources.
-
6.3 The Company has set aside gain on sale of investment as investment reserve to meet any future losses/ impairment on investments.
15
Selected Notes To and Forming Part of the Condensed Interim Financial Statements (Unaudited)
For The Six Months Period Ended December 31, 2025
| December 31, 2025 Rs ‘000 7. TRADE AND OTHER PAYABLES Creditors - note 7.1 30,310,856 Due to Attock Oil Company Limited - Holding Company 102,668 Due to Associated Companies Pakistan Oilfields Limited 3,027,297 Attock Petroleum Limited 374,601 Attock Energy (Private) Limited 1,682 Accrued liabilities and provisions - note 7.1 8,414,290 Due to Government under the pricing formula 5,149,027 Custom duty payable to Government 983,639 Sales tax payable - Contract liabilities - Advance payments from customers 243,084 Payable to statutory authorities in respect of petroleum development levy and excise duty 7,874,943 Workers’ Profit Participation Fund 418,212 ARL Gratuity Fund 14,501 Crude oil freight adjustable through inland freight equalisation margin 164,285 Deposits from customers adjustable against freight and Government levies payable on their behalf 376 Security deposits 3,767 57,083,228 |
June 30, 2025 Rs ‘000 26,571,925 161,152 2,696,211 - 1,676 8,703,364 4,988,908 1,802,635 332,273 314,098 7,015,620 - 14,501 204,815 376 3,767 |
|---|---|
| 52,811,321 |
7.1 These balances include amounts retained from payments to crude suppliers for purchase of local crude as per the directives of the Ministry of Energy - Petroleum Division (the Ministry). Further, as per directives of the Ministry such withheld amounts are to be retained in designated 90 days interest bearing accounts. The amounts withheld along with accumulated profits amounted to Rs 7,068.58 million (June 30, 2025: Rs 6,766.12 million).
16 Attock Refinery Limited
==> picture [486 x 43] intentionally omitted <==
| December 31, | June 30, | ||
|---|---|---|---|
| 2025 | 2025 | ||
| 8. | CONTINGENCIES AND COMMITMENTS | Rs ‘000 | Rs ‘000 |
| Contingencies: | |||
| i)Consequent to amendment through the Finance Act, 2014, SRO | 6,820 | 6,820 | |
| 575(I)/2006 was withdrawn. As a result, all imports relating to the | |||
| ARL Up-gradation Project were subjected to the higher rate of customs | |||
| duties, sales tax and income tax. Aggrieved by the withdrawal of the | |||
| said SRO, the Company filed a writ petition on August 20, 2014, in | |||
| the Lahore High Court, Rawalpindi Bench (the Court). The Court | |||
| granted interim relief by allowing the imports against submission of | |||
| bank guarantees and restraining customs authorities from charging an | |||
| increased amount of customs duty/sales tax. Bank guarantees were | |||
| issued in favour of the Collector of Customs, as per the directives of | |||
| the Court. |
On November 10, 2020, the Court referred the case to Customs authorities with the instruction not to encash the bank guarantees without giving the Company appropriate remedy under the law. The Company preferred Intra Court Appeal (ICA) against the Court decision. The Customs authorities have since issued orders granting partial relief for Company’s contention and also preferred appeals before Collector of Appeals (CA) and the Custom Appellate Tribunal (CAT) challenging said decisions and orders were passed against the Company. The Company has filed references against the order of CAT before Honourable High Court of Sindh.
In addition to above, owing to the protracted nature of the litigation, the company maintained ongoing engagement with Engineering Development Board (EDB) and Customs authorities for release of bank guarantees. Total guarantees issued amounted to Rs 1,410 million out of which upto balance sheet date guarantees amounting to Rs 1,403 million have been released as a result of decision in company’s favour/ payments under protest.
On January 27, 2025, the Court decided in the matter of ICA earlier filed by the Company whereby the order of the single bench assigning the case to custom authorities has been set aside and remanded back to single bench of the Court. The Department has since filed civil petition for leave to appeal in the Supreme Court of Pakistan against the remand back decision.
- ii) Due to circular debt in the oil industry, certain amounts due from the oil marketing companies (OMCs) and due to crude oil suppliers have not been received/paid on their due dates for payment. As a result the Company has raised claims on OMCs in respect of mark-up on delayed payments as well as received counter claims from some crude oil suppliers which have not been recognized in these financial statements as these have not been acknowledged as debt by either parties.
17
Selected Notes To and Forming Part of the Condensed Interim Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
| December 31, | June 30, | ||
|---|---|---|---|
| 2025 | 2025 | ||
| Rs ‘000 | Rs ‘000 | ||
| iii) | Claims for land compensation contested by the Company. | 5300 | 5300 |
| iv) | Guarantees issued by banks on behalf of the Company [other than (i) | 1,000,000 |
1,000,000 |
| above]. | |||
| v) | Price adjustment related to crude oil and condensate purchases | 2,484,098 |
2,484,098 |
| have been recorded based on provisional prices due to non- | |||
| finalisation of Crude Oil Sale Purchase Agreement (COSA) and may | |||
| require adjustment in subsequent periods as referred to in note | |||
| 19.1, the amount of which can not be presently quantified. | |||
| vi) | In March 2018, Mela and Nashpa Crude Oil Sale Purchase Agreement | 2,484,098 |
2,484,098 |
| (COSA) with effective date of March 27, 2007 was executed between | |||
| the President of Pakistan and the working interest owners of Petroleum | |||
| Concession Agreement (PCA) whereby various matters including the | |||
| pricing mechanism for crude oil were prescribed. The Company has | |||
| been purchasing crude oil from the respective oil fields since 2007 and | |||
| 2009. In this respect, an amount of Rs 2,484 million was demanded | |||
| from the Company as alleged arrears of crude oil price for certain | |||
| periods prior to signing of aforementioned COSA. | |||
| In view of the foregoing, the Company filed a writ petition on December | |||
| 17, 2018 before the Honourable Islamabad High Court (the Court), | |||
| whereby interim relief was granted to the Company by restraining | |||
| respondents from charging the premium or discount regarding the | |||
| supplies of crude oil made to the Company between 2012 to 2018. | |||
| Based on the Company’s assessment of related matter and based on | |||
| the legal advices obtained from its legal consultants the Company did | |||
| not acknowledge the related demand and accordingly, not provided | |||
| for the same in its books of account. The matter is pending for | |||
| adjudication. | |||
| vii) | In October 2021, the Honorable Supreme Court of Pakistan rejected | 656,580 |
656,580 |
| Company’s appeal relating to levy of sales tax on supply of Mineral | |||
| Turpentine Oil during the period July 1994 to June 1996. In this | |||
| respect, the Company has filed a review petition with the Honorable | |||
| Supreme Court of Pakistan which is currently pending for adjudication. | |||
| Further to the orders of the Honorable Supreme Court, the DCIR | |||
| raised the sales tax demand for principal along with default surcharge | |||
| and penalty and issued a refund order adjusting the cumulative prior | |||
| income tax refunds of the Company against the aforesaid demand. | |||
| Being aggrieved, in relation to the default surcharge and penalty, the | |||
| Company has preferred an appeal before CIR(A) wherein the CIR(A) | |||
| has remanded the case back to DCIR. |
Attock Refinery Limited
18
==> picture [486 x 43] intentionally omitted <==
| December 31, | June 30, | ||
|---|---|---|---|
| 2025 | 2025 | ||
| Rs ‘000 | Rs ‘000 | ||
| Whilst the Company had deposited the principal amount of sales | |||
| tax involved but is contesting before the Honorable Islamabad | |||
| High Court, the alleged levy of default surcharge and penalty | |||
| for an amount of Rs 155.05 million (June 30, 2025: Rs 155.05 | |||
| million) in this matter along the coercive adjustment thereof | |||
| against Company’s income tax refunds. | |||
| In addition, the Company is also contesting before the Commissioner | |||
| Inland Revenue (Appeals), the matter relating to short determination | |||
| of refund due to the Company by an amount of Rs 501.53 million | |||
| (June 30, 2025: Rs 501.53 million). | |||
| viii) | In November 30, 2021, the Commissioner Inland Revenue (CIR) | 1,076,579 |
1,076,579 |
| issued order in respect of sales tax for the periods July 2018 to June | |||
| 2019, alleging the Company on various issues including suppression | |||
| of sales and raised a demand of Rs 8,147 million and Rs 407 million | |||
| in respect of sales tax and penalty respectively. Being aggrieved the | |||
| Company preferred an appeal before Commissioner Inland Revenue | |||
| (Appeals) [CIR(A)] who vide the appellate order dated May 31, 2022 | |||
| upheld the demand of Rs 740 million and remanded the case back on | |||
| other issues. | |||
| Pursuant to the aforementioned demand, on June 15, 2022, the | |||
| Department recovered an amount of Rs 1,077 million (including the | |||
| related penalty and default surcharge). The Company filed writ petition | |||
| against the aforesaid recovery from the company’s bank account | |||
| before the Islamabad High Court which vide order dated September | |||
| 15, 2022 (received on October 6, 2022) ordered tax authorities to | |||
| reimburse the recovered amount to the Company within thirty days. | |||
| The Company has approached the tax authorities for reimbursement of | |||
| said amount but the payment is currently pending. Accordingly, being | |||
| entitled to a refund in respect of the recovered amount, a receivable in | |||
| this respect has been recognised as disclosed in note 14 to financial | |||
| statements. | |||
| Commitments: | |||
| i) | Capital expenditure | 1,293,408 | 1,471,927 |
| ii) | Letters of credit and other contracts | 3,643,856 | 1,105,936 |
19
Selected Notes To and Forming Part of the Condensed Interim Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
| 9. OPERATING ASSETS 9.1 Owned assets Opening written down value Additions during the period/year Written down value of disposals Depreciation for the period/year 9.2 Right of use assets (ROU) Balance at the beginning Depreciation for the period/year Balance at the end 10. CAPITAL WORK-IN-PROGRESS Balance at beginning of the period/year Additions during period/year Transfer to operating assets - Plant and machinery Balance at end of the period/year Breakup of the closing balance of capital work-in-progress The details are as under: Civil works Plant and machinery Pipeline project |
December 31, 2025 Rs ‘000 59,596,057 111,405 (134) (1,379,381) 58,327,947 338,266 (96,647) 241,619 58,569,566 2,207,739 1,466,051 (58,505) 3,615,285 75,739 3,538,546 1,000 3,615,285 |
June 30, 2025 Rs ‘000 62,120,645 328,057 (3,183) (2,849,462) |
|---|---|---|
| 59,596,057 | ||
| 531,560 (193,294) |
||
| 338,266 | ||
| 59,934,323 | ||
| 1,479,322 804,325 (75,908) |
||
| 2,207,739 | ||
| 56,170 2,150,569 1,000 |
||
| 2,207,739 |
Attock Refinery Limited
20
==> picture [486 x 43] intentionally omitted <==
| 11. | LONG TERM INVESTMENTS - AT COST Associated Companies Quoted National Refinery Limited Attock Petroleum Limited Unquoted Attock Gen Limited Attock Information Technology Services (Private) Limited Subsidiary Company Unquoted Attock Hospital (Private) Limited |
December 31, 2025 % age Rs ‘000 Holding 25 8,046,635 21.88 4,463,485 30 748,295 10 4,500 13,262,915 100 2,000 13,264,915 |
June 30, 2025 | June 30, 2025 |
|---|---|---|---|---|
| % age Holding 25 21.88 30 10 100 |
% age Holding 25 21.88 30 10 100 |
Rs ‘000 8,046,635 4,463,485 748,295 4,500 |
||
| 13,262,915 2,000 |
||||
| 13,264,915 |
- 11.1 The Board of Directors has approved initiation of the process to disinvest the Company’s shareholding in Attock Hospital (Private) Limited. Subsequent to the balance sheet date, the Company has issued an Expression of Interest (EOI) for the proposed disinvestment of its shareholding.
12. STOCK-IN-TRADE
As at December 31, 2025, stock-in-trade includes stocks carried at net realisable value of Rs 13,704.51 million (June 30, 2025: Rs 3,085.25 million). Adjustments amounting to Rs 3,123.24 million (June 30, 2025: Rs 834.31 million) have been made to closing inventory to write down stock to Net Realizable Value. The NRV write down is mainly due to decline in the selling prices of certain petroleum products.
13. TRADE DEBTS - unsecured and considered good
Trade debts include amount receivable from associated company Attock Petroleum Limited Rs 2,462.99 million (June 30, 2025: Rs 7,782.60 million).
21
Selected Notes To and Forming Part of the Condensed Interim Financial Statements (Unaudited)
For The Six Months Period Ended December 31, 2025
| 14. LOANS, ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES Due from subsidiary company Attock Hospital (Private) Limited Due from associated companies Attock Information Technology Services (Private) Limited Attock Petroleum Limited Attock Leisure and Management Associates (Private) Limited Attock Gen Limited National Cleaner Production Centre Foundation National Refinery Limited Attock Sahara Foundation Capgas (Private) limited Income accrued on bank deposits Staff Pension Fund Workers’ Profit Participation Fund Sales tax refundable Sales tax reimbursement from IFEM Sales tax forcely recovered - note 8 (viii) Loans, deposits, prepayments and other receivables Loss allowance 15. SHORT TERM INVESTMENTS At amortized cost Treasury bills (T-Bills) - note 15.1 Term Deposit Receipts (TDR’s) - note 15.2 Pakistan Investment Bonds (PIB’s) - note 15.3 At fair value through profit or loss Mutual funds |
December 31, 2025 Rs ‘000 6,023 773 - 151 25 61 2,812 71 181 273,283 225,396 - 509,396 2,133,949 1,076,579 1,044,125 (294,152) 4,978,673 - 13,121,829 14,055,305 15,138,781 42,315,915 |
June 30, 2025 Rs ‘000 2,308 486 155,571 129 19 217 6,376 122 175 367,235 225,396 123,072 - 3,435,343 1,076,579 675,923 (273,265) |
|---|---|---|
| 5,795,686 | ||
| 42,154,020 6,500,000 - - |
||
| 48,654,020 |
-
15.1 These carried profit at the rate of 10.94% to 11.14% per annum having maturities for a period upto 3 months as at June 30, 2025.
-
15.2 These carry profit at the rate of 11.40% to 11.95% (June 30, 2025: 10.92% to 11.15%) per annum having maturities for a period upto 3 months (June 30, 2025: 3 months).
-
15.3 These carry profit at the rate of 10.65% per annum having maturity for a period upto 3 months.
22 Attock Refinery Limited
==> picture [486 x 43] intentionally omitted <==
| 16. CASH AND BANK BALANCES Cash in hand (including US $ 2,112; June 30, 2025: US $ 893) - Shariah compliant With banks: Local currency Current accounts Conventional Shariah Compliant Short term deposits - note 16.1 - Conventional Saving accounts - note 16.2 Conventional Shariah Compliant Foreign currency Current accounts (US $ 15,109,734; June 30, 2025: US $ 10,812,180) - Conventional Saving accounts (US $ 472,130; June 30, 2025: US $ 470,893) Conventional Shariah Compliant |
December 31, 2025 Rs ‘000 3,798 30,421 2,866 6,907,997 31,610,473 6,420,758 4,230,725 56,797 75,399 49,339,234 |
June 30, 2025 Rs ‘000 2,612 24,701 2,879 6,597,779 19,991,095 9,722,795 3,066,875 57,304 76,265 |
|---|---|---|
| 39,542,305 |
16.1 This amount is placed in a 90-days interest-bearing account consequent to directives of the Ministry of Energy - Petroleum Division on account of amounts withheld from suppliers alongwith related interest earned thereon net of withholding tax, as referred to in note 7.1.
- 16.2 Bank deposits of Rs 1,006.82 million (June 30, 2025: Rs 1,006.82 million) were under lien with bank against bank guarantee issued on behalf of the Company.
| 16.3 Cash and cash equivalents Cash and cash equivalents included in the statement of cash flows comprise the following: Cash and bank balances Short term investment Bank balances under lien |
December 31, 2025 Rs ‘000 49,339,234 42,315,915 91,655,149 (1,006,820) 90,648,329 |
December 31, 2024 Rs ‘000 32,629,742 29,890,083 |
|---|---|---|
| 62,519,825 (1,555,250) |
||
| 60,964,575 |
23
Selected Notes To and Forming Part of the Condensed Interim Financial Statements (Unaudited)
For The Six Months Period Ended December 31, 2025
| Three months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 17. GROSS SALES Local sales 104,484,146106,566,781 Export sales 8,819,224 4,053,323 113,303,370110,620,104 18. TAXES, DUTIES, LEVIES, DISCOUNT AND PRICE DIFFERENTIAL Sales tax 1,919,690 2,153,457 Petroleum development levy 29,158,887 23,707,623 Climate support levy 935,325 - Custom duties and other levies - note 18.13,174,545 3,684,923 Discounts - 20,232 PMG RON differential - note 18.2 243,445 604,512 HSD Euro-V price differential - note 18.3 118,500 309,624 35,550,392 30,480,371 |
Three months ended | Three months ended | Six months ended | Six months ended |
|---|---|---|---|---|
| December 31, 2025 Rs ‘000 104,484,146 8,819,224 |
December 31, 2024 Rs ‘000 106,566,781 4,053,323 |
December 31, 2025 Rs ‘000 189,329,795 12,138,829 |
December 31, 2024 Rs ‘000 212,500,331 7,568,128 |
|
| 113,303,370 | 110,620,104 | 201,468,624 | 220,068,459 | |
| 2,153,457 23,707,623 - 3,684,923 20,232 604,512 309,624 |
3,244,817 52,938,265 1,706,097 5,922,004 - 419,296 174,495 |
4,789,110 45,078,645 - 7,459,855 69,827 1,113,824 797,591 |
||
| 35,550,392 | 30,480,371 | 64,404,974 |
59,308,852 |
-
18.1 This represents amount recovered from customers and payable as per Oil and Gas Regulatory Authority directives on account of custom duty on PMG and HSD.
-
18.2 This represents amount payable as per Oil and Gas Regulatory Authority directives on account of differential between price of PSO’s imported 92 RON PMG and 91 RON PMG sold by the Company during the period.
-
18.3 This represents amount payable as per Oil and Gas Regulatory Authority directives on account of HSD Euro-III and V price differential claim.
24 Attock Refinery Limited
==> picture [486 x 43] intentionally omitted <==
| 19. COST OF SALES Crude oil consumed - note 19.1 Transportation and handling charges Salaries, wages and other benefits Chemicals consumed Fuel and power Repairs and maintenance Staff transport and travelling Insurance Cost of receptacles Other operating costs Security charges Contract services Depreciation Cost of goods manufactured Changes in stocks - finished and semi-finished products |
Three months ended | Three months ended | Six months ended | Six months ended |
|---|---|---|---|---|
| December 31, 2025 Rs ‘000 66,417,850 1,287,413 497,869 2,793,258 1,644,977 452,361 13,276 172,836 6,585 13,095 16,431 124,542 675,439 |
December 31, 2024 Rs ‘000 68,297,943 664,208 474,838 2,448,111 3,212,272 449,502 9,133 288,819 4,616 18,095 13,856 107,312 770,674 |
December 31, 2025 Rs ‘000 127,144,546 2,193,909 1,017,160 4,344,433 3,572,462 884,189 27,301 335,725 10,569 26,243 32,583 252,236 1,351,146 |
December 31, 2024 Rs ‘000 139,479,118 1,204,844 981,451 4,764,941 5,617,968 834,495 21,368 472,706 14,868 51,272 25,861 216,052 1,443,608 |
|
| 74,115,932 (403,638) |
76,759,379 593,105 |
141,192,502 (9,101,034) |
155,128,552 1,061,570 |
|
| 73,712,294 | 77,352,484 | 132,091,468 | 156,190,122 |
19.1 Certain crude oil and condensate purchases have been recorded based on provisional prices due to non-finalisation of Crude Oil Sale Purchase Agreements (COSA) and may require adjustment in subsequent periods.
| Three months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 20. OTHER INCOME Income on bank deposits - Conventional 1,961,408 3,231,336 - Shariah compliant 139,496 135,420 Interest on delayed payments - Conventional 16,408 45,026 Income on mutual funds measured at fair value through profit or loss - Conventional 149,407 - Handling and service charges - Shariah compliant 5,931 3,978 Rental income - Shariah compliant 37,226 36,959 Income from crude desalter operations - Conventional 210 153 Penalties from carriage contractors - Conventional 931 196 Miscellaneous - Shariah compliant 39,530 8,522 2,350,547 3,461,590 |
Three months ended | Three months ended | Six months ended | Six months ended |
|---|---|---|---|---|
| December 31, 2024 Rs ‘000 3,231,336 135,420 45,026 - 3,978 36,959 153 196 8,522 |
December 31, 2025 Rs ‘000 3,939,367 246,319 33,653 152,166 17,712 76,456 1,201 2,586 52,951 |
December 31, 2024 Rs ‘000 6,974,620 291,757 100,498 - 13,275 85,365 287 2,118 46,427 |
||
| 2,350,547 | 3,461,590 | 4,522,411 |
7,514,347 |
25
Selected Notes To and Forming Part of the Condensed Interim Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
| 21. FINANCE COST Exchange loss - net Interest on lease liability measured at amortized cost Bank and other charges 22. TAXATION Current Deferred 23. INCOME FROM NON-REFINERY OPERATIONS LESS APPLICABLE CHARGES AND TAXATION Dividend income from associated companies Related charges Workers’ Welfare Fund Taxation |
Three months ended | Three months ended | Six months ended | Six months ended | |
|---|---|---|---|---|---|
| December 31, 2025 Rs ‘000 81,945 14,031 587 |
December 31, 2024 Rs ‘000 94,393 19,411 1,300 |
December 31, 2025 Rs ‘000 141,269 30,488 597 |
December 31, 2024 Rs ‘000 169,495 38,857 1,429 209,781 4,360,766 (371,404) 3,989,362 850,431 17,009 184,546 (201,555) 648,876 |
||
| 96,563 | 115,104 | 172,354 | |||
| 2,198,992 (209,080) |
2,290,860 (197,836) |
3,277,623 (392,899) |
|||
| 1,989,912 | 2,093,024 | 2,884,724 | |||
| 353,811 | 476,284 | 353,811 | |||
| 7,076 88,453 |
9,526 119,071 |
7,076 88,453 |
17,009 184,546 |
||
| (95,529) | (128,597) | (95,529) | |||
| 258,282 | 347,687 | 258,282 |
Attock Refinery Limited
26
==> picture [486 x 43] intentionally omitted <==
24. OPERATING SEGMENTS
These condensed interim financial statements have been prepared on the basis of a single reportable segment. Revenue from external customers for products of the Company are as follows:
| High Speed Diesel Premier Motor Gasoline Jet Petroleum Furnace Fuel Oil Export sales FFO Export sales Naphtha Others Taxes, duties, levies, discount and price differential |
Three months ended | Three months ended | Six months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 83,174,751 83,327,550 82,508,064 94,387,702 14,686,407 17,880,283 3,205,424 9,652,072 12,138,829 7,478,780 - 89,348 5,755,149 7,252,724 201,468,624220,068,459 (64,404,974)(59,308,852) 137,063,650160,759,607 |
Six months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 83,174,751 83,327,550 82,508,064 94,387,702 14,686,407 17,880,283 3,205,424 9,652,072 12,138,829 7,478,780 - 89,348 5,755,149 7,252,724 201,468,624220,068,459 (64,404,974)(59,308,852) 137,063,650160,759,607 |
|
|---|---|---|---|---|---|
| December 31, 2025 Rs ‘000 46,989,253 44,057,490 8,467,295 1,575,044 8,819,224 - 3,395,064 |
December 31, 2024 Rs ‘000 44,393,476 46,575,024 8,122,554 4,013,066 3,963,975 89,348 3,462,661 |
December 31, 2024 Rs ‘000 83,327,550 94,387,702 17,880,283 9,652,072 7,478,780 89,348 7,252,724 220,068,459 (59,308,852) 160,759,607 |
|||
| 113,303,370 (35,550,392) |
110,620,104 (30,480,371) |
201,468,624 (64,404,974) |
|||
| 77,752,978 | 80,139,733 | 137,063,650 |
Revenue from four major customers of the Company constitute 81% of total revenue during the six months period ended December 31, 2025 (December 31, 2024: 85%).
25. FAIR VALUE MEASUREMENT
The carrying values of financial assets and liabilities approximate their fair values. The different levels have been defined as follows:
-
Level 1 : Quoted prices in active markets for identical assets and liabilities;
-
Level 2 : Observable inputs ; and
-
Level 3 : Unobservable inputs
Fair value of land has been determined using level 2 by using the sales comparison approach. Sales prices of comparable land in close proximity are adjusted for differences in key attributes such as property size. The most significant input into this valuation approach is price per square foot and a slight change in the estimated price per square foot of the land would result in a significant change in the fair value of the freehold land.
Valuation of the freehold land owned by the Company was valued by independent valuer to determine the fair value of the land as at June 30, 2023. The revaluation surplus was credited to statement of profit or loss and other comprehensive income and is shown as ‘surplus on revaluation of freehold land’.
27
Selected Notes To and Forming Part of the Condensed Interim Financial Statements (Unaudited)
For The Six Months Period Ended December 31, 2025
26. RELATED PARTY TRANSACTIONS
Aggregate transactions with holding company, associated companies and subsidiary during the period were as follows:
| Sale of goods and services to: Associated companies Subsidiary company Holding company Interest income on delayed payments from an associated company Reimbursement of expenses incurred by the Company on behalf of: Associated companies Subsidiary company Holding company Purchase of goods and services from: Associated companies Subsidiary company Holding company Dividend paid to: Associated company Holding company Key management personnel Dividend income from: Associated companies Other related parties: Remuneration including benefits and perquisites of Chief Executive Officer and key management personnel Honorarium/remuneration to Non-Executive directors Contribution to Workers’ Profit Participation Fund Contribution to Employees’ Pension, Gratuity and Provident Funds |
Three months ended | Three months ended | Six months ended | |
|---|---|---|---|---|
| December 31, 2025 Rs ‘000 18,211,406 |
December 31, 2024 Rs ‘000 25,067,372 |
December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 34,776,85449,570,984 1,153 1,158 170 293 27,437 100,498 72,638 83,293 21,531 17,062 4,713 2,743 15,771,31116,388,279 74,458 63,523 516,623 490,023 8,950 22,375 325,478 813,695 29 73 353,811 850,431 126,184 132,056 8,373 8,264 418,212 550,581 68,884 62,595 |
||
| 565 | 581 | |||
| 83 | 183 | |||
| 11,297 | 45,026 | |||
| 33,219 | 43,257 | |||
| 9,867 | 8,594 | |||
| 2,306 | 1,494 | |||
| 8,112,966 | 7,847,474 | |||
| 34,176 | 31,022 | |||
| 178,855 | 295,857 | |||
| 8,950 | 22,375 | |||
| 325,478 | 813,695 | |||
| 29 | 73 | |||
| 353,811 | 850,431 | |||
43,232 |
51,221 | |||
| 2,375 | 2,361 | |||
| 290,015 | 285,813 | |||
| 34,549 | 30,255 |
28 Attock Refinery Limited
==> picture [486 x 43] intentionally omitted <==
27. DISCLOSURE REQUIREMENT FOR COMPANIES NOT ENGAGED IN SHARIAH NON-PERMISSBILE BUSINESS ACTIVITIES
Following information has been disclosed as required under amended part I clause VII of Fourth Schedule to the Companies Act ,2017 as amended via S.R.O.1278 (I) / 2024 dated August 15, 2024:
| December 31, June 30, Description Explanation Note 2025 2025 Rs’000 Rs’000 Statement of Financial Position Assets Long term investments Shariah 11 13,264,915 5,218,280 Conventional 11 - 8,046,635 13,264,915 13,264,915 Short term investments Conventional 15 42,315,915 48,654,020 Cash and bank balances Shariah 16 6,502,821 9,804,551 Conventional 16 42,836,413 29,737,754 49,339,234 39,542,305 Six months endedSix months ended December 31, December 31, 2025 2024 Statement of Profit or Loss Rs’000 Rs’000 Net sales Shariah according to the nature of the business 17,18 137,063,650 160,759,607 Sources and detailed breakup of other income Income on bank deposits Shariah 20 246,319 291,757 Conventional 20 3,939,367 6,974,620 4,185,686 7,266,377 Interest on delayed payments Conventional 20 33,653 100,498 Income on mutual funds measured at fair value through profit or loss Conventional 20 152,166 - Handling and service charges Shariah 20 17,712 13,275 Rental income Shariah 20 76,456 85,365 Income from crude desalter operations Conventional 20 1,201 287 Penalties from carriage contractors Conventional 20 2,586 2,118 Miscellaneous Shariah 20 52,951 46,427 336,725 247,970 4,522,411 7,514,347 |
December 31, 2025 Rs’000 13,264,915 - |
June 30, 2025 Rs’000 5,218,280 8,046,635 |
|---|---|---|
| 13,264,915 42,315,915 |
13,264,915 48,654,020 |
|
| 6,502,821 42,836,413 |
9,804,551 29,737,754 |
|
| 4,185,686 | 7,266,377 | |
| 33,653 152,166 17,712 76,456 1,201 2,586 52,951 |
100,498 - 13,275 85,365 287 2,118 46,427 |
|
| 336,725 | 247,970 | |
| 4,522,411 | 7,514,347 |
29
Selected Notes To and Forming Part of the Condensed Interim Financial Statements (Unaudited)
For The Six Months Period Ended December 31, 2025
| Six months endedSix | months ended | ||||
|---|---|---|---|---|---|
| December 31, | December 31, | ||||
| Description | Explanation | Note | 2025 | 2024 | |
| Rs’000 | Rs’000 | ||||
| Sources and detailed breakup of Non-refinery Income |
|||||
| Dividend income from associated companies | Shariah | 23 | 258,282 | 648,876 | |
| Relationship with Shariah-compliant | |||||
| financial institutions |
The Company has relationships with banks having Islamic window of operations, in respect of bank balances/ instruments amounting to Rs 6,499.02 million (2024: Rs 9,801.94 million). The institutions are as follows :
-
Meezan Bank Limited
-
Al Baraka Bank (Pakistan) Limited
-
Faysal Bank Limited
28. GENERAL
28.1 Short term finance facility
The Company has obtained short term financing from a bank for an amount of Rs 3,000 million (June 30, 2025: Rs 3,000 million) to finance its working capital requirements. This facility is secured by ranking hypothecation charge over all present and future current and fixed assets (excluding land and building) of the Company. The rate of mark-up on short term financing facility is 3 months KIBOR plus 0.08% p.a. which is payable on quarterly basis. No drawdowns have been made by the Company against the said facility as of reporting date (June 30, 2025: Rs Nil).
28.2 Non-adjusting event after the statement of financial position date
The Board of Directors recommended interim cash dividend at the rate of Rs 2.50 per share amounting to Rs 266,541 thousand in its meeting held on February 23, 2026. These condensed interim financial statements do not include the effect of this appropriation of profit.
28.3 Date of authorization
These condensed interim financial statements were authorised for circulation to the shareholders by the Board of Directors of the Company on February 23, 2026.
Syed Asad Abbas Chief Financial Officer
M. Adil Khattak Chief Executive Officer
Abdus Sattar Director
Attock Refinery Limited
30
Condensed Interim Consolidated Financial Statements For The Six Months Period Ended December 31, 2025
Condensed Interim Consolidated Statement of Financial Position (Unaudited) As at December 31, 2025
| Note EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Share capital Authorised capital 150,000,000 (June 30, 2025: 150,000,000) ordinary shares of Rs 10 each Issued, subscribed and paid-up capital 106,616,250 (June 30, 2025: 106,616,250) ordinary shares of Rs 10 each 5 Reserves and surplus 6 Surplus on revaluation of freehold land NON-CURRENT LIABILITIES Deferred taxation Deferred grant CURRENT LIABILITIES Trade and other payables 7 Current portion of lease liability Unclaimed dividends Provision for taxation TOTAL EQUITY AND LIABILITIES CONTINGENCIES AND COMMITMENTS 8 |
December 31, 2025 Rs ‘000 1,500,000 1,066,163 102,954,405 55,160,588 159,181,156 1,929,517 2,189 1,931,706 57,090,545 273,850 19,558 11,974,394 69,358,347 230,471,209 |
June 30, 2025 Rs ‘000 1,500,000 |
|---|---|---|
| 1,066,163 97,075,922 55,160,588 |
||
| 153,302,673 | ||
| 2,062,362 2,524 |
||
| 2,064,886 | ||
| 52,830,424 339,045 18,582 11,587,898 |
||
| 64,775,949 | ||
| 220,143,508 | ||
32 Attock Refinery Limited
==> picture [486 x 43] intentionally omitted <==
| Note ASSETS NON-CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT Operating assets 9 Capital work-in-progress 10 Major spare parts and stand-by equipments LONG TERM INVESTMENTS 11 LONG TERM LOANS AND DEPOSITS CURRENT ASSETS Stores, spares, loose tools and chemicals Stock-in-trade 12 Trade debts 13 Loans, advances, deposits, prepayments and other receivables 14 Short term investments 15 Cash and bank balances 16 TOTAL ASSETS |
December 31, 2025 Rs ‘000 58,619,011 3,615,285 152,416 62,386,712 27,205,665 47,713 89,640,090 8,279,559 22,240,577 13,373,635 5,001,863 42,315,915 49,619,570 140,831,119 230,471,209 |
June 30, 2025 Rs ‘000 59,986,269 2,207,739 149,346 |
|---|---|---|
| 62,343,354 25,596,336 49,146 |
||
| 87,988,836 | ||
| 9,220,935 13,158,639 15,505,526 5,826,861 48,857,365 39,585,346 |
||
| 132,154,672 | ||
| 220,143,508 |
The annexed notes 1 to 28 form an integral part of these condensed interim consolidated financial statements.
M. Adil Khattak Chief Executive Officer
Abdus Sattar Director
Syed Asad Abbas Chief Financial Officer
33
Condensed Interim Consolidated Statement of Profit or Loss (Unaudited) For The Six Months Period Ended December 31, 2025
| For The Six Months Period Ended December 31, 2025 | For The Six Months Period Ended December 31, 2025 | For The Six Months Period Ended December 31, 2025 | For The Six Months Period Ended December 31, 2025 | For The Six Months Period Ended December 31, 2025 |
|---|---|---|---|---|
| Note Gross sales 17 Taxes, duties, levies, discount and price differential 18 Net sales Cost of sales 19 Gross profit Administration expenses Distribution cost Other charges Other income 20 Impairment (loss)/reversal on financial assets Operating profit Finance cost - net 21 Profit before income tax and final tax from refinery operations and subsidiary Final taxes - levy Profit before income tax from refinery operations and subsidiary Taxation 22 Profit after taxation from refinery operations and subsidiary Non-refinery income: Share in profit of associated companies 23 Profit for the period Earnings per share - basic and diluted (Rupees) Refinery operations Non-refinery operations |
Three months ended | |||
| December 31, 2025 Rs ‘000 113,355,607 (35,550,392) |
December 31, 2024 Rs ‘000 110,667,448 (30,480,371) 80,187,077 (77,352,484) 2,834,593 422,889 24,361 408,554 (855,804) 3,469,843 (3,240) 5,445,392 (115,104) 5,330,288 - 5,330,288 (2,098,368) 3,231,920 655,689 3,887,609 30.31 6.15 36.46 |
|||
| 77,805,215 (73,712,294) |
137,170,417 **(132,091,468) ** |
|||
| 4,092,921 | 5,078,949 | |||
| 468,335 24,094 412,806 |
422,889 24,361 408,554 |
941,232 50,894 597,669 |
872,396 48,298 780,022 |
|
| (905,235) 2,354,980 (32,194) |
(1,589,795) 4,533,753 (20,887) |
|||
| 5,510,472 (96,590) |
8,002,020 (172,387) |
|||
| 5,413,882 (88,192) |
7,829,633 (121,388) |
|||
| 5,325,690 (1,997,792) |
7,708,245 (2,903,836) |
|||
| 3,327,898 683,274 |
4,804,409 1,607,522 |
|||
| 4,011,172 | 6,411,931 | |||
| 31.21 6.41 |
45.06 15.08 |
|||
| 37.62 | 60.14 |
==> picture [54 x 43] intentionally omitted <==
The annexed notes 1 to 28 form an integral part of these condensed interim consolidated financial statements.
Syed Asad Abbas Chief Financial Officer
M. Adil Khattak
Chief Executive Officer
Abdus Sattar
Director
Attock Refinery Limited
34
Condensed Interim Consolidated Statement of Comprehensive Income (Unaudited) For The Six Months Period Ended December 31, 2025
| Three months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 Profit after taxation 4,011,172 3,887,609 Other comprehensive income for the period: Share of other comprehensive (loss)/income of associated companies - net of tax (5) - Total comprehensive income for the period 4,011,169 3,887,609 |
Six months ended | Six months ended |
|---|---|---|
| December 31, 2025 Rs ‘000 6,411,931 (367) |
December 31, 2024 Rs ‘000 7,600,455 893 |
|
| 6,411,564 | 7,601,348 |
The annexed notes 1 to 28 form an integral part of these condensed interim consolidated financial statements.
Syed Asad Abbas Chief Financial Officer
M. Adil Khattak Chief Executive Officer
Abdus Sattar Director
35
Condensed Interim Consolidated Statement of Changes in Equity (Unaudited)
For The Six Months Period Ended December 31, 2025
| Balance as at July 01, 2024 Distribution to owners: Final cash dividend @ 125% related to the year ended June 30, 2024 Total comprehensive income - net of tax Profit for the period Other comprehensive income for the period Transferred to maintenance reserve by an associated company AGL - note 6.3 Balance as at December 31, 2024 Distribution to owners: Interim cash dividend @ 50% related to the year ended June 30, 2025 Total comprehensive income - net of tax Profit for the period Other comprehensive income/(loss) for the period Transferred to maintenance reserve by an associated company AGL - note 6.3 Transferred to overhaul reserve by an associated company AGL - note 6.4 Balance as at June 30, 2025 Distribution to owners: Final cash dividend @ 50% related to the year ended June 30, 2025 Total comprehensive income - net of tax Profit for the period Other comprehensive loss for the period Balance as at December 31, 2025 |
Share capital |
Capital reser | ve | Revenue reserve | Revenue reserve | Revenue reserve | Surplus on revaluation o freehold land f air CI |
f Total |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Special reserve for expansion/ modernisation Utilised special reserve for expansion/ modernisation |
Maintenance reserve |
Overhaul reserve |
Others General reserve Un-appropriated Profit |
Gain/(loss) on revaluation o investment at f value through O |
|||||||
| Rs ‘000 | |||||||||||
| 1,066,163 - |
30,196,887 12,908,966 - - |
257,368 - |
- - |
210,428 7,077,380 39,297,976 - - (1,332,703) |
3,706 - |
55,160,588 - |
146,179,462 (1,332,703) |
||||
| - - |
- - |
- - |
- - |
- - |
- - |
- - |
7,600,455 893 |
- - |
- - |
7,600,455 893 |
|
| - - |
- - - - |
- 2,459 |
- - |
- - 7,601,348 - - (2,459) |
- - |
- - |
7,601,348 - |
||||
| 1,066,163 - |
30,196,887 12,908,966 - - |
259,827 - |
- - |
210,428 7,077,380 45,564,162 - - (533,081) |
3,706 | 55,160,588 | 152,448,107 (533,081) |
||||
| - - |
- - |
- - |
- - |
- - |
- - |
- - |
1,348,012 39,810 |
- (175) |
- - |
1,348,012 39,635 |
|
| - - - |
- - - - - - |
- 1,229 - |
- - 1,207,805 |
- - 1,387,822 - - (1,229) - - (1,207,805) |
(175) - - |
- - - |
1,387,647 - - |
||||
| 1,066,163 - |
30,196,887 12,908,966 - - |
261,056 - |
1,207,805 - |
210,428 7,077,380 45,209,869 - - (533,081) |
3,531 - |
55,160,588 - |
153,302,673 (533,081) |
||||
| - - |
- - |
- - |
- - |
- - |
- - |
- - |
6,411,931 (367) |
- - |
- - |
6,411,931 (367) |
|
| - | - - |
- |
- |
- - 6,411,564 |
- | - |
6,411,564 |
||||
| 1,066,163 | 30,196,887 12,908,966 |
261,056 | 1,207,805 |
210,428 7,077,380 51,088,352 |
3,531 | 55,160,588 | 159,181,156 |
The annexed notes 1 to 28 form an integral part of these condensed interim consolidated financial statements.
Syed Asad Abbas Chief Financial Officer
==> picture [80 x 19] intentionally omitted <==
----- Start of picture text -----
M. Adil Khattak
Chief Executive Officer
----- End of picture text -----
==> picture [47 x 19] intentionally omitted <==
----- Start of picture text -----
Abdus Sattar
Director
----- End of picture text -----
Attock Refinery Limited
36
Condensed Interim Consolidated Statement of Cash Flows (Unaudited) For The Six Months Period Ended December 31, 2025
| Note CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from - customers - others Cash paid for operating cost Cash paid to Government for duties, taxes and other levies Income tax and final taxes paid Net cash (outflow)/inflow from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment Proceeds against disposal of operating assets Long term loans and deposits Income received on bank deposits Short term investments - net Dividends received from associated companies Net cash inflow/(outflow) from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Repayment of lease liability Dividend paid to Company’s shareholders Bank balances under lien Finance cost Net cash outflow from financing activities NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS DURING THE PERIOD CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD Effect of exchange rate changes on cash and cash equivalents CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 16.3 |
Six months ended | Six months ended |
|---|---|---|
| December 31, 2025 Rs ‘000 203,636,268 555,933 204,192,201 (137,903,779) (63,326,343) (3,120,481) (158,402) (1,545,121) 11,469 1,432 4,291,474 - 353,811 3,113,065 (91,631) (532,106) - (630) (624,367) 2,330,296 87,435,891 1,162,478 90,928,665 |
December 31, 2024 Rs ‘000 240,420,863 154,410 |
|
| 240,575,273 (163,617,919) (60,225,362) (5,675,510) |
||
| 11,056,482 | ||
| (603,098) 15,440 2,352 7,424,629 (23,605,437) 850,431 |
||
| (15,915,683) | ||
| - (1,330,289) 856 (1,429) |
||
| (1,330,862) | ||
| (6,190,063) 67,369,802 (4,452) |
||
| 61,175,287 |
The annexed notes 1 to 28 form an integral part of these condensed interim consolidated financial statements.
Syed Asad Abbas Chief Financial Officer
Abdus Sattar Director
M. Adil Khattak Chief Executive Officer
37
Selected Notes To and Forming Part of the Condensed Interim Consolidated Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
1. LEGAL STATUS AND OPERATIONS
Attock Refinery Limited (the Company) was incorporated in Pakistan on November 8, 1978 as a private limited company and was converted into a public company on June 26, 1979. The Company is principally engaged in the refining of crude oil. The registered office and refinery complex of the Company is situated at Morgah, Rawalpindi. Its shares are quoted on Pakistan Stock Exchange Limited.
The Company is a subsidiary of The Attock Oil Company Limited, England and its ultimate parent is Coral Holding Limited.
Attock Hospital (Private) Limited (AHL) was incorporated in Pakistan on August 24, 1998 as a private limited company and commenced its operations from September 1, 1998. AHL is engaged in providing medical services. AHL is a wholly owned subsidiary of Attock Refinery Limited.
For the purpose of these condensed interim consolidated financial statements, ARL and its above referred wholly owned subsidiary AHL is referred to as the Group.
2. STATEMENT OF COMPLIANCE
-
2.1 These condensed interim consolidated financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
-
International Accounting Standard (lAS) 34 “Interim Financial Reporting”, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
-
Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of lAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed interim consolidated financial statements do not include all the information required for full consolidated financial statements and should be read in conjunction with the annual audited consolidated financial statements for the year ended June 30, 2025.
- 2.2 These condensed interim consolidated financial statements include the accounts of Attock Refinery Limited and its wholly owned subsidiary Attock Hospital (Private) Limited.
3. MATERIAL ACCOUNTING POLICY INFORMATION
The Accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those followed in the preparation of the audited consolidated financial statements for the year ended June 30, 2025.
4. FINANCIAL RISK MANAGEMENT
The Company’s financial risk management objectives and policies are consistent with those disclosed in the audited consolidated financial statements for the year ended June 30, 2025.
5. SHARE CAPITAL
The parent company, The Attock Oil Company Limited held 65,095,630 (June 30, 2025: 65,095,630) ordinary shares and the associated company Attock Petroleum Limited held 1,790,000 (June 30, 2025: 1,790,000) ordinary shares as at December 31, 2025.
38 Attock Refinery Limited
==> picture [486 x 43] intentionally omitted <==
| 6. RESERVES AND SURPLUS Capital reserve Special reserve for expansion/modernisation - note 6.1 Utilised special reserve for expansion/modernisation - note 6.2 Utilised special reserve for expansion/modernisation of an associated company Maintenance reserve - note 6.3 Overhaul reserve - note 6.4 Others Liabilities taken over from The Attock Oil Company Limited no longer required Capital gain on sale of building Insurance and other claims realised relating to pre-incorporation period Donation received for purchase of hospital equipment Bonus shares issued by associated companies Revenue reserve General reserve - note 6.5 Gain on revaluation of investment at fair value through OCI Un-appropriated profit - net |
December 31, 2025 Rs ‘000 30,196,887 10,962,934 1,946,032 12,908,966 261,056 1,207,805 4,800 654 494 4,000 200,480 210,428 7,077,380 3,531 51,088,352 58,169,263 102,954,405 |
June 30, 2025 Rs ‘000 30,196,887 |
|---|---|---|
| 10,962,934 1,946,032 |
||
| 12,908,966 261,056 1,207,805 |
||
| 4,800 654 494 4,000 200,480 |
||
| 210,428 | ||
| 7,077,380 3,531 45,209,869 |
||
| 52,290,780 | ||
| 97,075,922 |
-
6.1 Under the Policy Framework for Up-gradation and Expansion of Refineries, 2013 issued by the Ministry of Energy - Petroleum Division (the Ministry) as amended from time to time, the refineries were required to transfer the amount of profit above 50% of paid-up capital as at July 1, 2002 into a Special Reserve Account which shall be available for utilisation for upgradation of refineries or may also be utilised in off setting losses of the refinery from refinery operations. The Government of Pakistan notified the “Pakistan Oil Refining Policy for Upgradation of Existing / Brownfield Refineries, 2023” (the 2023 Policy) on August 17, 2023. Under the new policy, the requirement to transfer the amount of profit above 50% of paid-up capital as at July 1, 2002 into Special Reserve Account is not required.
-
6.2 Represent amounts utilized out of the Special Reserve for expansion/modernisation of the refinery. The total amount of capital expenditure incurred on Refinery expansion/modernisation till December 31, 2025 is Rs 31,179.41 million (June 30, 2025: Rs 29,961.43 million) including Rs 20,216.48 million (June 30, 2025: Rs 18,998.50 million) spent over and above the available balance in the Special Reserve which has been incurred by the Company from its own resources.
-
6.3 Represents amount retained by Attock Gen Limited for the purposes of major maintenance expenses as per the terms of the Power Purchase Agreement.
-
6.4 Represents reserve created by Attock Gen Limited In accordance with the Master Agreement, whereby the Company is required to establish and maintain an overhaul reserve for annual O&M cost proportionally derived for the reserves/ accrual established for all overhauls.
-
6.5 This mainly represents the Company’s share of the general reserve created by NRL.
39
Selected Notes To and Forming Part of the Condensed Interim Consolidated Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
| December 31, 2025 Rs ‘000 7. TRADE AND OTHER PAYABLES Creditors - note 7.1 30,319,436 Due to The Attock Oil Company Limited - Holding Company 102,639 Due to associated companies Pakistan Oilfields Limited 3,024,429 Attock Petroleum Limited 370,816 Attock Energy (Private) Limited 1,682 Accrued liabilities and provisions - note 7.1 8,433,990 Due to the Government under the pricing formula 5,149,027 Custom duty payable to the Government 983,639 Contract liabilities - Advance payments from customers 243,084 Sales tax payable - Workers’ Profit Participation Fund 418,212 Crude oil freight adjustable through inland freight equalisation margin 164,285 Payable to statutory authorities in respect of petroleum development levy and excise duty 7,874,943 Deposits from customers adjustable against freight and Government levies payable on their behalf 376 Security deposits 3,987 57,090,545 |
June 30, 2025 Rs ‘000 26,580,225 161,087 2,689,977 - 1,676 8,734,747 4,988,908 1,802,635 314,098 332,273 - 204,815 7,015,620 376 3,987 |
|---|---|
| 52,830,424 |
7.1 These balances include amounts retained from payments to crude suppliers for purchase of local crude as per the directives of the Ministry of Energy - Petroleum Division (the Ministry). Further, as per directives of the Ministry such withheld amounts are to be retained in designated 90 days interest bearing accounts. The amounts withheld along with accumulated profits amounted to Rs 7,068.58 million (June 30, 2025: Rs 6,766.12 million).
40 Attock Refinery Limited
==> picture [486 x 43] intentionally omitted <==
December 31, June 30, 2025 2025 Rs ‘000 Rs ‘000
8. CONTINGENCIES AND COMMITMENTS
Contingencies:
- i) Consequent to amendment through the Finance Act, 2014, SRO 575(I)/2006 was withdrawn. As a result, all imports relating to the ARL Up-gradation Project were subjected to the higher rate of customs duties, sales tax and income tax. Aggrieved by the withdrawal of the said SRO, the Company filed a writ petition on August 20, 2014, in the Lahore High Court, Rawalpindi Bench (the Court). The Court granted interim relief by allowing the imports against submission of bank guarantees and restraining customs authorities from charging an increased amount of customs duty/sales tax. Bank guarantees were issued in favour of the Collector of Customs, as per the directives of the Court.
6,820 6,820
On November 10, 2020, the Court referred the case to Customs authorities with the instruction not to encash the bank guarantees without giving the Company appropriate remedy under the law. The Company preferred Intra Court Appeal (ICA) against the Court decision. The Customs authorities have since issued orders granting partial relief for Company’s contention and also preferred appeals before Collector of Appeals (CA) and the Custom Appellate Tribunal (CAT) challenging said decisions and orders were passed against the Company. The Company has filed references against the order of CAT before Honourable High Court of Sindh.
In addition to above, owing to the protracted nature of the litigation, the company maintained ongoing engagement with Engineering Development Board (EDB) and Customs authorities for release of bank guarantees. Total guarantees issued amounted to Rs 1,410 million out of which upto balance sheet date guarantees amounting to Rs 1,403 million have been released as a result of decision in company’s favour/ payments under protest.
On January 27, 2025, the Court decided in the matter of ICA earlier filed by the Company whereby the order of the single bench assigning the case to custom authorities has been set aside and remanded back to single bench of the Court. The Department has since filed civil petition for leave to appeal in the Supreme Court of Pakistan against the remand back decision.
- ii) Due to circular debt in the oil industry, certain amounts due from the oil marketing companies (OMCs) and due to crude oil suppliers have not been received/paid on their due dates for payment. As a result the Company has raised claims on OMCs in respect of mark-up on delayed payments as well as received counter claims from some crude oil suppliers which have not been recognized in these condense interim consolidated financial statements as these have not been acknowledged as debt by either parties.
41
Selected Notes To and Forming Part of the Condensed Interim Consolidated Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
| **December 31, ** | June 30, | ||
|---|---|---|---|
| **2025 ** | 2025 | ||
| **Rs ‘000 ** | Rs ‘000 | ||
| iii) | Claims for land compensation contested by the Company. | 5,300 | 5,300 |
| iv) | Guarantees issued by banks on behalf of the Company [other than (i) | 1,000,000 |
1,000,000 |
| above]. | |||
| v) | Price adjustment related to crude oil and condensate purchases have | 2,484,098 |
2,484,098 |
| been recorded based on provisional prices due to non-finalisation | |||
| of Crude Oil Sale Purchase Agreement (COSA) and may require | |||
| adjustment in subsequent periods as referred to in note 19.1, the | |||
| amount of which can not be presently quantified. | |||
| **vi) ** | In March 2018, Mela and Nashpa Crude Oil Sale Purchase Agreement | ||
| (COSA) with effective date of March 27, 2007 was executed between | |||
| the President of Pakistan and the working interest owners of Petroleum | |||
| Concession Agreement (PCA) whereby various matters including the | |||
| pricing mechanism for crude oil were prescribed. The Company has | |||
| been purchasing crude oil from the respective oil fields since 2007 and | |||
| 2009. In this respect, an amount of Rs 2,484 million was demanded | |||
| from the Company as alleged arrears of crude oil price for certain | |||
| periods prior to signing of aforementioned COSA. | |||
| In view of the foregoing, the Company filed a writ petition on December 17, | |||
| 2018 before the Honourable Islamabad High Court (the Court), whereby | |||
| interim relief was granted to the Company by restraining respondents | |||
| from charging the premium or discount regarding the supplies of crude oil | |||
| made to the Company between 2012 to 2018. Based on the Company’s | |||
| assessment of related matter and based on the legal advices obtained | |||
| from its legal consultants the Company did not acknowledge the related | |||
| demand and accordingly, not provided for the same in its books of | |||
| account. The matter is pending for adjudication. | |||
| vii) | In October 2021, the Honorable Supreme Court of Pakistan rejected | 656,580 |
656,580 |
| Company’s appeal relating to levy of sales tax on supply of Mineral | |||
| Turpentine Oil during the period July 1994 to June 1996. In this respect, | |||
| the Company has filed a review petition with the Honorable Supreme | |||
| Court of Pakistan which is currently pending for adjudication. | |||
| Further to the orders of the Honorable Supreme Court, the DCIR | |||
| raised the sales tax demand for principal along with default surcharge | |||
| and penalty and issued a refund order adjusting the cumulative prior | |||
| income tax refunds of the Company against the aforesaid demand. | |||
| Being aggrieved, in relation to the default surcharge and penalty, the | |||
| Company has preferred an appeal before CIR(A) wherein the CIR(A) | |||
| has remanded the case back to DCIR. | |||
| Whilst the Company had deposited the principal amount of sales tax | |||
| involved but is contesting before the Honorable Islamabad High Court, | |||
| the alleged levy of default surcharge and penalty for an amount of Rs | |||
| 155.05 million (June 30, 2025: Rs 155.05 million) in this matter along | |||
| the coercive adjustment thereof against Company’s income tax refunds. |
Attock Refinery Limited
42
==> picture [486 x 43] intentionally omitted <==
| **December 31, ** | June 30, | ||
|---|---|---|---|
| **2025 ** | 2025 | ||
| Rs ‘000 | Rs ‘000 | ||
| In addition, the Company is also contesting before the Commissioner | |||
| Inland Revenue (Appeals), the matter relating to short determination | |||
| of refund due to the Company by an amount of Rs 501.53 million | |||
| (June 30, 2025: Rs 501.53 million). | |||
| viii) | In November 30, 2021, the Commissioner Inland Revenue (CIR) | 1,076,579 |
1,076,579 |
| issued order in respect of sales tax for the periods July 2018 to June | |||
| 2019, alleging the Company on various issues including suppression | |||
| of sales and raised a demand of Rs 8,147 million and Rs 407 million | |||
| in respect of sales tax and penalty respectively. Being aggrieved the | |||
| Company preferred an appeal before Commissioner Inland Revenue | |||
| (Appeals) [CIR(A)] who vide the appellate order dated May 31, 2022 | |||
| upheld the demand of Rs 740 million and remanded the case back on | |||
| other issues. | |||
| Pursuant to the aforementioned demand, on June 15, 2022, the | |||
| Department recovered an amount of Rs 1,077 million (including the | |||
| related penalty and default surcharge). The Company filed writ petition | |||
| against the aforesaid recovery from the company’s bank account | |||
| before the Islamabad High Court which vide order dated September | |||
| 15, 2022 (received on October 6, 2022) ordered tax authorities to | |||
| reimburse the recovered amount to the Company within thirty days. | |||
| The Company has approached the tax authorities for reimbursement | |||
| of said amount but the payment is still pending. Accordingly, being | |||
| entitled to a refund in respect of the recovered amount, a receivable | |||
| in this respect has been recognised as disclosed in note 14 to | |||
| consolidated financial statements. | |||
| **ix) ** | The Company’s share in contingency of associated companies. | 8,620,948 | 6,577,469 |
| Commitments: | |||
| i) | Capital expenditure | 1,293,408 | 1,471,927 |
| ii) | Letters of credit and other contracts | 3,643,856 | 1,105,936 |
| iii) | The Company’s share of commitments of associated companies: | ||
| Capital expenditure commitments | 867,263 | 802,730 | |
| Outstanding letters of credit | 17,370,852 | 10,955,558 |
43
Selected Notes To and Forming Part of the Condensed Interim Consolidated Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
| 9. OPERATING ASSETS 9.1 Owned assets Opening written down value Additions during the period/year Written down value of disposals Depreciation during the period/year 9.2 Right of use assets (ROU) Balance at the beginning Depreciation for the period/year Balance at the end 10. CAPITAL WORK-IN-PROGRESS Balance at beginning of the period/year Additions during the period/year Transfer to operating assets - Plant and machinery Balance at end of the period/year Break-up of the closing balance of capital work-in-progress The details are as under: Civil works Plant and machinery Pipeline project |
December 31, 2025 Rs ‘000 59,648,003 113,356 (134) (1,383,833) 58,377,392 338,266 (96,647) 241,619 58,619,011 2,207,739 1,466,051 (58,505) 3,615,285 75,739 3,538,546 1,000 3,615,285 |
June 30, 2025 Rs ‘000 62,173,641 335,619 (3,183) (2,858,074) |
|---|---|---|
| 59,648,003 | ||
| 531,560 (193,294) |
||
| 338,266 | ||
| 59,986,269 | ||
| 1,479,322 804,325 (75,908) |
||
| 2,207,739 | ||
| 56,170 2,150,569 1,000 |
||
| 2,207,739 |
Attock Refinery Limited
44
==> picture [486 x 43] intentionally omitted <==
| 11. LONG TERM INVESTMENTS Investment in associated companies: Balance at the beginning Share of profit/(loss) after tax of associated companies Share in other comprehensive loss Dividend received from associated companies Impairment reversal on investment Effect of changes in accounting policies due to IFRS 9 Balance at the end |
December 31, 2025 Rs ‘000 25,596,336 1,963,507 (367) (353,811) - - 27,205,665 |
June 30, 2025 Rs ‘000 29,017,393 (4,340,002) (29,817) (1,190,634) 2,139,571 (175) |
|---|---|---|
| 25,596,336 |
- 11.1 The Company’s interest in associates are as follows:
| December 31, 2025 % age Rs ‘000 Holding Quoted National Refinery Limited - note 11.2 25 7,858,461 Attock Petroleum Limited 21.88 17,606,518 Unquoted Attock Gen Limited 30 1,646,289 Attock Information Technology Services (Private) Limited 10 94,397 27,205,665 |
June 30, 2025 | June 30, 2025 |
|---|---|---|
| % age Holding 25 21.88 30 10 |
Rs ‘000 7,417,145 16,572,149 1,520,100 86,942 25,596,336 |
- 11.2 Based on valuation analysis, the recoverable amount of investment in NRL exceeds its carrying amount. The recoverable amount has been estimated based on a value in use calculation. These calculations have been made on discounted cash flow based valuation methodology carried out by an external investment advisor engaged by the Company for the year ended June 30, 2025.
12. STOCK-IN-TRADE
As at December 31, 2025, stock-in-trade includes stocks carried at net realisable value of Rs 13,704.51 million (June 30, 2025: Rs 3,085.25 million). Adjustments amounting to Rs 3,123.24 million (June 30, 2025: Rs 834.31 million) have been made to closing inventory to write down stock to Net Realizable Value. The NRV write down is mainly due to decline in the selling prices of certain petroleum products.
13. TRADE DEBTS - unsecured and considered good
Trade debts include amount receivable from associated company Attock Petroleum Limited Rs 2,462.99 million (June 30, 2025: Rs 7,782.60 million).
45
Selected Notes To and Forming Part of the Condensed Interim Consolidated Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
| Selected Notes To and Forming Part of the | Selected Notes To and Forming Part of the |
|---|---|
Condensed Interim Consolidated Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025 |
|
| 14. LOANS, ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES Due from associated companies Attock Petroleum Limited Attock Information Technology Services (Private) Limited Attock Leisure and Management Associates (Private) Limited Attock Gen Limited Attock Cement Pakistan Limited National Cleaner Production Centre Foundation Capgas (Private) Limited National Refinery Limited Attock Sahara Foundation Staff Pension Fund Staff Gratuity Fund Income accrued on bank deposits Sales tax forcely recovered - note 8 (viii) Sales tax recoverable from IFEM Sales tax refundable Workers’ Profit Participation Fund Loans, deposits, prepayments and other receivables Loss allowance 15. SHORT TERM INVESTMENT At amortised cost Treasury bills (T-Bills) - note 15.1 Term Deposit Receipts (TDR’s) - note 15.2 Pakistan Investment Bonds (PIB’s) - note 15.3 At fair value through profit or loss Mutual funds |
December 31, 2025 Rs ‘000 - 773 151 167 3 271 270 2,812 403 251,952 652 273,283 1,076,579 2,133,949 509,396 - 1,045,354 (294,152) 5,001,863 - 13,121,829 14,055,305 15,138,781 42,315,915 |
==> picture [54 x 43] intentionally omitted <==
-
15.1 These carried profit at the rate of 10.92% to 11.50% per annum having maturities for a period upto 3 months as at June 30, 2025.
-
15.2 These carry profit at the rate of 11.40% to 11.95% (June 30, 2025: 10.92% to 11.15%) per annum having maturities for a period upto 3 months (June 30, 2025: 3 months).
-
15.3 These carry profit at the rate of 10.65% per annum having maturity for a period upto 3 months.
46 Attock Refinery Limited
| 16. CASH AND BANK BALANCES Cash in hand (including US $ 2,112; June 30, 2025: US $ 893) - Shariah compliant With banks: Local currency Current accounts Conventional Shariah compliant Short term deposit - note 16.1 Conventional Saving accounts - note 16.2 Conventional Shariah compliant Payorder in hand -Shariah compliant Foreign Currency Current accounts (US $ 15,109,734; June 30, 2025: US $ 10,812,180) Conventional Saving accounts (US $ 471,130; June 30, 2025: US $ 470,893) Conventional Shariah compliant |
December 31, 2025 Rs ‘000 4,216 30,893 2,866 6,907,997 31,629,319 6,420,758 260,600 4,230,725 56,797 75,399 49,619,570 |
June 30, 2025 Rs ‘000 3,269 25,173 2,879 6,597,779 20,033,007 9,722,795 - 3,066,875 57,304 76,265 39,585,346 |
-
16.1 This amount is placed in a 90-days interest-bearing account consequent to directives of the Ministry of Energy - Petroleum Division on account of amounts withheld from suppliers alongwith related interest earned thereon net of withholding tax, as referred to in note 7.1.
-
16.2 Bank deposits of Rs 1,006.82 million (June 30, 2025: Rs 1,006.82 million) were under lien with bank against a bank guarantee issued on behalf of the Company.
| 16.3 Cash and cash equivalents Cash and cash equivalents included in the consolidated statement of cash flows comprise the following: Cash and bank balances Short term investments Bank balances under lien |
December 31, 2025 Rs ‘000 49,619,570 42,315,915 91,935,485 (1,006,820) 90,928,665 |
December 31, 2024 Rs ‘000 32,840,454 29,890,083 |
|---|---|---|
| 62,730,537 (1,555,250) |
||
| 61,175,287 |
47
Selected Notes To and Forming Part of the Condensed Interim Consolidated Financial Statements (Unaudited)
For The Six Months Period Ended December 31, 2025
| Three months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 17. GROSS SALES Company Local sales 104,484,146106,566,781 Export sales 8,819,224 4,053,323 Subsidiary Local sales 52,237 47,344 113,355,607110,667,448 18. TAXES, DUTIES, LEVIES, DISCOUNT AND PRICE DIFFERENTIAL Sales tax 1,919,690 2,153,457 Petroleum development levy 29,158,887 23,707,623 Climate support levy 1,706,097 - Custom duties and other levies - note 18.12,403,773 3,684,923 Discount - 20,232 PMG RON differential - note 18.2 243,445 604,512 HSD price differential - note 18.3 118,500 309,624 35,550,392 30,480,371 |
Three months ended | Three months ended | Six months ended | Six months ended |
|---|---|---|---|---|
| December 31, 2025 Rs ‘000 104,484,146 8,819,224 52,237 |
December 31, 2024 Rs ‘000 106,566,781 4,053,323 47,344 |
December 31, 2025 Rs ‘000 189,329,795 12,138,829 106,767 |
December 31, 2024 Rs ‘000 212,500,331 7,568,128 97,716 |
|
| 113,355,607 | 110,667,448 | 201,575,391 | 220,166,175 | |
| 2,153,457 23,707,623 - 3,684,923 20,232 604,512 309,624 |
3,244,817 52,938,265 1,706,097 5,922,004 - 419,296 174,495 |
4,789,110 45,078,645 - 7,459,855 69,827 1,113,824 797,591 |
||
| 35,550,392 | 30,480,371 | 64,404,974 |
59,308,852 |
-
18.1 This represents amount recovered from customers and payable as per Oil and Gas Regulatory Authority directives on account of custom duty on PMG and HSD.
-
18.2 This represents amount payable as per Oil and Gas Regulatory Authority directives on account of differential between price of PSO’s imported 92 RON PMG and 91 RON PMG sold by the Company during the period.
-
18.3 This represents amount payable as per Oil and Gas Regulatory Authority directives on account of HSD Euro-III and V price differential claim.
48 Attock Refinery Limited
==> picture [486 x 43] intentionally omitted <==
| Three months ended Six months ended December 31, December 31,December 31, December 31, 2025 2024 2025 2024 Rs ‘000 Rs ‘000 Rs ‘000 Rs ‘000 19. COST OF SALES Crude oil consumed - note 19.1 66,417,850 68,297,943127,144,546139,479,118 Transportation and handling charges 1,287,413 664,208 2,193,909 1,204,844 Salaries, wages and other benefits 497,869 474,838 1,017,160 981,451 Chemicals consumed 2,793,258 2,448,111 4,344,433 4,764,941 Fuel and power 1,644,977 3,212,272 3,572,462 5,617,968 Repairs and maintenance 452,361 449,502 884,189 834,495 Staff transport and travelling 13,276 9,133 27,301 21,368 Insurance 172,836 288,819 335,725 472,706 Cost of receptacles 6,585 4,616 10,569 14,868 Other operating costs 13,095 18,095 26,243 51,272 Security charges 16,431 13,856 32,583 25,861 Contract services 124,542 107,312 252,236 216,052 Depreciation 675,439 770,674 1,351,146 1,443,608 Cost of goods manufactured 74,115,932 76,759,379141,192,502155,128,552 Changes in stocks - finished and semi-finished products (403,638) 593,105 (9,101,034) 1,061,570 73,712,294 77,352,484132,091,468156,190,122 19.1Certain crude oil and condensate purchases have been recorded based on provisional prices due to non-finalisation of Crude Oil Sale Purchase Agreements (COSA) and may require adjustment in subsequent periods. |
Three months ended | Three months ended | Six months ended | Six months ended |
|---|---|---|---|---|
| December 31, 2025 Rs ‘000 66,417,850 1,287,413 497,869 2,793,258 1,644,977 452,361 13,276 172,836 6,585 13,095 16,431 124,542 675,439 |
December 31, 2024 Rs ‘000 68,297,943 664,208 474,838 2,448,111 3,212,272 449,502 9,133 288,819 4,616 18,095 13,856 107,312 770,674 |
December 31, 2025 Rs ‘000 127,144,546 2,193,909 1,017,160 4,344,433 3,572,462 884,189 27,301 335,725 10,569 26,243 32,583 252,236 1,351,146 |
December 31, 2024 Rs ‘000 139,479,118 1,204,844 981,451 4,764,941 5,617,968 834,495 21,368 472,706 14,868 51,272 25,861 216,052 1,443,608 |
|
| 74,115,932 (403,638) |
76,759,379 593,105 |
141,192,502 (9,101,034) |
155,128,552 1,061,570 |
|
| 73,712,294 | 77,352,484 | 132,091,468 | 156,190,122 |
| Three months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 20. OTHER INCOME Income on bank deposits - Conventional 1,966,088 3,239,799 - Shariah compliant 139,496 135,419 Interest on delayed payments - Conventional 16,408 45,026 Income on mutual funds measured at fair value through profit or loss - Conventional 149,407 - Handling and service charges - Shariah compliant 5,931 3,978 Rental income - Shariah compliant 36,811 36,582 Income from crude decanting - Conventional 210 153 Penalties from carriage contractors - Conventional 1,708 196 Miscellaneous - Shariah compliant 38,921 8,690 2,354,980 3,469,843 |
Three months ended | Three months ended | Six months ended | Six months ended |
|---|---|---|---|---|
| December 31, 2024 Rs ‘000 3,239,799 135,419 45,026 - 3,978 36,582 153 196 8,690 |
December 31, 2025 Rs ‘000 3,951,203 246,319 33,653 152,166 17,712 75,627 1,201 2,586 53,286 |
December 31, 2024 Rs ‘000 6,990,583 291,756 100,498 - 13,275 84,611 287 2,118 46,762 |
||
| 2,354,980 | 3,469,843 | 4,533,753 |
7,529,890 |
49
Selected Notes To and Forming Part of the Condensed Interim Consolidated Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
| 21. FINANCE COST - NET Exchange loss - net Interest on lease liability measured at amortized cost Bank and other charges 22. TAXATION Current Deferred 23. NON-REFINERY INCOME Share in profit of associated companies [net of impairment reversal] Related charges: Workers’ Welfare Fund Taxation - current and deferred |
Three months ended | Three months ended | Six months ended | Six months ended | |
|---|---|---|---|---|---|
| December 31, 2025 Rs ‘000 81,945 14,031 614 |
December 31, 2024 Rs ‘000 94,393 19,411 1,300 |
December 31, 2025 Rs ‘000 141,269 30,488 630 |
December 31, 2024 Rs ‘000 169,495 38,857 1,429 |
||
| 96,590 | 115,104 | 172,387 | 209,781 | ||
| 2,206,908 (209,116) |
2,296,405 (198,037) |
3,297,137 (393,301) |
4,378,108 (371,702) |
||
| 1,997,792 | 2,098,368 | 2,903,836 | 4,006,406 | ||
833,771 |
860,474 | 1,963,507 | 1,715,286 | ||
| 7,076 143,421 |
9,526 195,259 |
7,076 348,909 |
17,009 382,738 |
||
| (150,497) | (204,785) | (355,985) | (399,747) | ||
| 683,274 | 655,689 | 1,607,522 | 1,315,539 |
Attock Refinery Limited
50
==> picture [486 x 43] intentionally omitted <==
24. OPERATING SEGMENT
These condensed interim consolidated financial statements have been prepared on the basis of a single reportable segment. Revenue from external customers for products of the Group are as follows:
| High Speed Diesel Premier Motor Gasoline Jet Petroleum Furnace Fuel Oil Export sales FFO Export sales Naphtha Others Taxes, duties, levies, discount and price differential |
Three months ended | Three months ended | Six months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 83,174,751 83,327,550 82,508,064 94,387,702 14,686,407 17,880,283 3,205,424 9,652,072 12,138,829 7,478,780 - 89,348 5,861,916 7,350,440 201,575,391220,166,175 (64,404,974)(59,308,852) 137,170,417160,857,323 |
Six months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 83,174,751 83,327,550 82,508,064 94,387,702 14,686,407 17,880,283 3,205,424 9,652,072 12,138,829 7,478,780 - 89,348 5,861,916 7,350,440 201,575,391220,166,175 (64,404,974)(59,308,852) 137,170,417160,857,323 |
|---|---|---|---|---|
| December 31, 2025 Rs ‘000 46,989,253 44,057,490 8,467,295 1,575,044 8,819,224 - 3,447,301 |
December 31, 2024 Rs ‘000 44,393,476 46,575,024 8,122,554 4,013,066 3,963,975 89,348 3,510,005 |
December 31, 2024 Rs ‘000 83,327,550 94,387,702 17,880,283 9,652,072 7,478,780 89,348 7,350,440 220,166,175 (59,308,852) 160,857,323 |
||
| 113,355,607 (35,550,392) |
110,667,448 (30,480,371) |
201,575,391 (64,404,974) |
||
| 77,805,215 | 80,187,077 | 137,170,417 |
Revenue from four major customers of the Company constitute 81% of total revenue during the six months period ended December 31, 2025 (December 31, 2024: 85%).
25. FAIR VALUE MEASUREMENTS
The carrying values of financial assets and liabilities approximate their fair values. The different levels have been defined as follows:
-
Level 1 : Quoted prices in active markets for identical assets and liabilities;
-
Level 2 : Observable inputs ; and
-
Level 3: Unobservable inputs
Fair value of land has been determined using level 2 by using the sales comparison approach. Sales prices of comparable land in close proximity are adjusted for differences in key attributes such as property size. The most significant input into this valuation approach is price per square foot and a slight change in the estimated price per square foot of the land would result in a significant change in the fair value of the freehold land.
Valuation of the freehold land owned by the Company was valued by independent valuer to determine the fair value of the land as at June 30, 2023. The revaluation surplus was credited to statement of profit or loss and other comprehensive income and is shown as ‘surplus on revaluation of freehold land’.
51
Selected Notes To and Forming Part of the Condensed Interim Consolidated Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
26. RELATED PARTY TRANSACTIONS
Aggregate transactions with holding company and associated companies during the period were as follows:
| Sale of goods and services to: Associated companies Holding company Interest income on delayed payments from an associated company Reimbursement of expenses incurred by the Company on behalf of: Associated companies Holding company Purchase of goods and services from: Associated companies Holding company Dividend paid: Associated company Holding company Key management personnel Dividend received: Associated companies Other related parties: Remuneration including benefits and perquisites of Chief Executive Officer and key management personnel Honorarium/remuneration to Non-Executive Directors Contribution to Workers’ Profit Participation Fund Contribution to Employees’ Pension, Gratuity and Provident Funds |
Three months ended December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 18,223,98425,123,070 83 1,676 11,297 45,026 33,219 43,257 2,306 1,494 8,114,214 7,847,743 178,855 295,857 8,950 22,375 325,478 813,695 29 73 353,811 850,431 41,249 53,808 2,375 2,361 290,015 285,813 35,665 31,434 |
Six months ended |
|---|---|---|
| December 31, 2025 Rs ‘000 18,223,984 |
December 31, December 31, 2025 2024 Rs ‘000 Rs ‘000 34,803,79949,679,181 170 3,035 27,437 100,498 72,638 83,293 4,713 2,743 15,773,89016,388,678 516,623 490,023 8,950 22,375 325,478 813,695 29 73 353,811 850,431 128,396 138,157 8,373 8,264 418,212 550,581 71,117 64,985 |
|
| 83 | ||
| 11,297 | ||
| 33,219 | ||
| 2,306 | ||
| 8,114,214 | ||
| 178,855 | ||
| 8,950 | ||
| 325,478 | ||
| 29 | ||
| 353,811 | ||
41,249 |
||
| 2,375 | ||
| 290,015 | ||
| 35,665 |
52 Attock Refinery Limited
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27. DISCLOSURE REQUIREMENT FOR COMPANIES NOT ENGAGED IN SHARIAH NON-PERMISSBILE BUSINESS ACTIVITIES
Following information has been disclosed as required under amended part I clause VII of Fourth Schedule to the Companies Act ,2017 as amended via S.R.O.1278 (I) / 2024 dated August 15, 2024:
| December 31, June 30, Description Explanation Note 2025 2025 Rs’000 Rs’000 STATEMENT OF FINANCIAL POSITION Assets Long term investments Shariah 11 27,205,665 18,179,191 Conventional 11 - 7,417,145 27,205,665 25,596,336 Short term investment Conventional 15 42,315,915 48,857,365 Cash and bank balances Shariah 16 6,763,839 9,805,208 Conventional 16 42,855,731 29,780,138 49,619,570 39,585,346 Six months endedSix months ended December 31, December 31, 2025 2024 STATEMENT OF PROFIT OR LOSS Rs’000 Rs’000 Net sales Shariah according to the nature of the business 17,18 137,170,417 160,857,323 Sources and detailed breakup of other income Income on bank deposits Shariah 20 246,319 291,756 Conventional 20 3,951,203 6,990,583 4,197,522 7,282,339 Interest on delayed payments Conventional 20 33,653 100,498 Income on mutual funds measured at fair value through profit or loss Conventional 20 152,166 - Income from crude desalter operations Conventional 20 1,201 287 Rental income Shariah 20 75,627 84,611 Handling and service charges Conventional 20 17,712 13,275 Penalties from carriage contractors Shariah 20 2,586 2,118 Miscellaneous Shariah 20 53,286 46,762 336,231 247,551 4,533,753 7,529,890 |
December 31, June 30, Description Explanation Note 2025 2025 Rs’000 Rs’000 STATEMENT OF FINANCIAL POSITION Assets Long term investments Shariah 11 27,205,665 18,179,191 Conventional 11 - 7,417,145 27,205,665 25,596,336 Short term investment Conventional 15 42,315,915 48,857,365 Cash and bank balances Shariah 16 6,763,839 9,805,208 Conventional 16 42,855,731 29,780,138 49,619,570 39,585,346 Six months endedSix months ended December 31, December 31, 2025 2024 STATEMENT OF PROFIT OR LOSS Rs’000 Rs’000 Net sales Shariah according to the nature of the business 17,18 137,170,417 160,857,323 Sources and detailed breakup of other income Income on bank deposits Shariah 20 246,319 291,756 Conventional 20 3,951,203 6,990,583 4,197,522 7,282,339 Interest on delayed payments Conventional 20 33,653 100,498 Income on mutual funds measured at fair value through profit or loss Conventional 20 152,166 - Income from crude desalter operations Conventional 20 1,201 287 Rental income Shariah 20 75,627 84,611 Handling and service charges Conventional 20 17,712 13,275 Penalties from carriage contractors Shariah 20 2,586 2,118 Miscellaneous Shariah 20 53,286 46,762 336,231 247,551 4,533,753 7,529,890 |
December 31, June 30, Description Explanation Note 2025 2025 Rs’000 Rs’000 STATEMENT OF FINANCIAL POSITION Assets Long term investments Shariah 11 27,205,665 18,179,191 Conventional 11 - 7,417,145 27,205,665 25,596,336 Short term investment Conventional 15 42,315,915 48,857,365 Cash and bank balances Shariah 16 6,763,839 9,805,208 Conventional 16 42,855,731 29,780,138 49,619,570 39,585,346 Six months endedSix months ended December 31, December 31, 2025 2024 STATEMENT OF PROFIT OR LOSS Rs’000 Rs’000 Net sales Shariah according to the nature of the business 17,18 137,170,417 160,857,323 Sources and detailed breakup of other income Income on bank deposits Shariah 20 246,319 291,756 Conventional 20 3,951,203 6,990,583 4,197,522 7,282,339 Interest on delayed payments Conventional 20 33,653 100,498 Income on mutual funds measured at fair value through profit or loss Conventional 20 152,166 - Income from crude desalter operations Conventional 20 1,201 287 Rental income Shariah 20 75,627 84,611 Handling and service charges Conventional 20 17,712 13,275 Penalties from carriage contractors Shariah 20 2,586 2,118 Miscellaneous Shariah 20 53,286 46,762 336,231 247,551 4,533,753 7,529,890 |
|---|---|---|
| 4,197,522 | 7,282,339 | |
| 33,653 152,166 1,201 75,627 17,712 2,586 53,286 |
100,498 - 287 84,611 13,275 2,118 46,762 |
|
| 336,231 | 247,551 | |
| 4,533,753 | 7,529,890 |
53
Selected Notes To and Forming Part of the Condensed Interim Consolidated Financial Statements (Unaudited) For The Six Months Period Ended December 31, 2025
| Six months endedSix months ended | Six months endedSix months ended | |||
|---|---|---|---|---|
| December 31, | December 31, | |||
| Description | Explanation | Note | 2025 |
2024 |
| Rs’000 | Rs’000 | |||
| Sources and detailed breakup of non-refinery income |
||||
| Share in profit of associated companies | Shariah | |||
| compliant | 23 | 1,607,522 | 1,315,539 |
Relationship with Shariah-compliant financial institutions
The Company has relationships with banks having Islamic window of operations, in respect of bank balances/instruments amounting to Rs 6,499.02 million (2024 : Rs 9,801.94 million). The institutions are as follows
-
Meezan Bank Limited
-
Al Baraka Bank (Pakistan) Limited
-
Faysal Bank Limited
28. GENERAL
28.1 Short term finance facility
The Company has obtained short term financing from a bank for an amount of Rs 3,000 million (June 30, 2025: Rs 3,000 million) to finance its working capital requirements. This facility is secured by ranking hypothecation charge over all present and future current and fixed assets (excluding land and building) of the Company. The rate of mark-up on short term financing facility is 3 months KIBOR plus 0.08% p.a. which is payable on quarterly basis. No drawdowns have been made by the Company against the said facility as of reporting date (June 30, 2025: Rs nil).
- 28.2 Non-adjusting event after the consolidated statement of financial position date
The Board of Directors recommended interim cash dividend at the rate of Rs 2.50 per share amounting to Rs 266,541 thousand in its meeting held on February 23, 2026. These condensed interim consolidated financial statements do not include the effect of this appropriation of profit.
28.3 Date of Authorisation
These condensed interim consolidated financial statements were authorised for circulation to the shareholders by the Board of Directors of the Company on February 23, 2026.
Syed Asad Abbas Chief Financial Officer
M. Adil Khattak Abdus Sattar Chief Executive Officer Director
Attock Refinery Limited
54
Notes
55
Notes
Attock Refinery Limited
56
58 Attock Refinery Limited
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