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Pakistan Refinery Posts Highest Ever Half-Year Profit

Pakistan Refinery Limited (PRL) has announced its financial results for the half-year ended December 31, 2023, showcasing the highest-ever profit and production milestones in the first half of the fiscal year in the company’s history.

During the first half of the financial year 2023, PRL achieved an exceptional profit after tax of Rs. 6.51 billion, a substantial increase from Rs. 0.76 billion in the corresponding period of the previous year (July to December 2022). This extraordinary financial achievement underscores the company’s robust operational efficiency and strategic initiatives.

The Refinery attained a significant production milestone by recording its highest-ever half-yearly production for High-Speed Diesel (HSD) and MS 92, reaching 376,653 Metric Tons and 152,974 Metric Tons, respectively. This remarkable production performance demonstrates PRL’s commitment to meeting market demands and setting industry benchmarks.

PRL’s Refinery Expansion and Upgrade Project (REUP) remains a top priority, with significant progress in technical licensing, engineering agreements, and Front-End Engineering Design (FEED) work. The company is committed to expanding its crude processing capacity from 50,000 to 100,000 barrels per day.

Furthermore, PRL has engaged in due diligence with United Energy Group (UEG) in China for potential strategic investment, following the signing of a Memorandum of Understanding (MoU) in October 2023 in the presence of the Pakistani Prime Minister.

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