Karachi: National Refinery Limited (NRL) has released its financial report for the fiscal year 2025-26, revealing a series of fluctuations in quarterly operating and net profits, influenced by adjustments in its crude oil mix composition. The report, dated October 19, 2026, outlines NRL's performance over the past eight quarters.

The operating profit for NRL exhibited a significant turnaround in the first three quarters of the fiscal year 2025-26. Starting with a 3.6 billion rupees profit in the first quarter, the company achieved a similar figure of 3.5 billion rupees in the second quarter. The third quarter marked a notable increase, with operating profits reaching 13.5 billion rupees. However, the fourth quarter saw a reversal, with a 0.4 billion rupees operating loss.

In contrast, the net profit figures highlight a more volatile trajectory. The first quarter of 2025-26 saw a net profit of 1.0 billion rupees, followed by a slight decrease to 0.8 billion rupees in the second quarter. The third quarter presented a substantial gain, with net profits soaring to 7.3 billion rupees. Yet, the final quarter recorded a net loss of 2.9 billion rupees.

The report also indicates changes in the crude oil mix composition that have impacted NRL's quarterly yields. During the fiscal year 2024-25, Arabian Light crude oil comprised 75% of the mix in the first quarter, dropping to 24% by the fourth quarter. In the fiscal year 2025-26, the reliance on Arabian Light crude increased slightly, ending at 44% in the fourth quarter. The remainder of the crude mix was composed of AXL/DAS/ULL/Murban, which constituted 56% by the end of the fiscal year 2025-26.

According to information available from the Pakistan Stock Exchange (PSX), NRL's gross refining margin (GRM) in US dollars per barrel saw a very large or significant move. It surged from a negative $2.46 per barrel in the first quarter of 2024-25 to $20.30 in the third quarter of 2025-26, before settling at $6.27 in the fourth quarter of 2025-26.

Additionally, throughput averaged an upward trend, with a moderate move from 48% in the first quarter of 2024-25 to 69% in the final quarter of 2025-26. This reflects the company's increased processing capabilities and adjustments in crude procurement strategies.

The designated market category for NRL, as indicated by the PSX, underscores the company's position within the oil refining sector, highlighting the broader economic impacts and strategic shifts undertaken by the company in response to market conditions.