ISLAMABAD: Cnergyico Pk Limited (CPL) has reported a sharp rise in profits in its latest financial results, signalling what industry observers describe as the early stages of a potential business turnaround.
The country’s largest oil refining company — which also operates a nationwide network of fuel stations and a deep-sea oil terminal known as Single Point Mooring (SPM) — posted gross sales of Rs188.8 billion for the first six months of fiscal year 2025-26.
Gross profit increased by 30 per cent to Rs7.3 billion, while operating profit surged 39 percent to Rs6.1 billion. Profit after tax climbed 80 per cent to Rs2.97 billion, reflecting significant margin expansion and improved operational efficiency.During the first half of the current fiscal year, CPL exported petroleum products worth $95 million. In comparison, exports during the full financial year 2024-25 stood at $116 million.
The improved performance has been attributed to strategic initiatives and enhanced refining margins. During the period, Cnergyico became the first refinery in Pakistan to process crude oil sourced from the United States, improving product yields and strengthening operational flexibility.
The company’s oil marketing segment posted a profit of Rs1.3 billion despite intense competition in the domestic oil marketing sector and challenges from smuggled petroleum products.The period, however, was not without challenges. The imposition of the super tax increased the company’s tax burden by more than Rs1.1 billion. Additionally, discrepancies between open market import payment rates and pricing formulas based on the State Bank of Pakistan’s weighted average rates weighed on margins. The much-anticipated oil refining policy also remains pending.
