Pakistan Refinery Limited (PRL) has announced a landmark fiscal year 2023-24, achieving record financial and operational milestones that underscore its leadership in the energy sector. The company reported a profit after taxation of Rs. 4.06 billion, a significant increase from Rs. 1.82 billion in the previous year, marking one of the most successful periods in its history.
This remarkable financial performance is attributed to PRL’s strategic initiatives, including effective crude selection and improved inventory management. Despite incurring significant expenses of Rs. 7.18 billion for the Refinery Expansion and Upgrade Project (REUP), the company has demonstrated sound operational strategies and a commitment to delivering value to its stakeholders.
Earnings per share surged to Rs. 6.45 from Rs. 2.90, with the Board of Directors recommending a final cash dividend of Rs. 2 per share for the year ending June 30, 2024.
Operationally, PRL achieved unprecedented production levels, with High-Speed Diesel (HSD) production reaching 660,180 MT and Motor Spirit (MS) production hitting an all-time high of 265,710 MT. The company also produced 16,005 MT of MS-95, including 1,940 MT of Euro V-compliant fuel, despite a 38-day planned turnaround.
A key factor in PRL’s success has been its strategic initiatives in crude oil procurement, notably the processing of Russian crude, which has opened new sourcing avenues. PRL is the only refinery to have executed the Upgrade and Escrow Account Agreements under the Refining Policy within the stipulated deadline, with Rs. 4.2 billion deposited in the Escrow Account by June 2024.
Looking ahead, PRL is poised for sustained growth with the completion of the REUP and other strategic initiatives. The company is set to enhance its production capabilities to meet evolving market demands while maintaining the highest standards of operational excellence and corporate responsibility.
