By SKM
February 25, 2026
ISLAMABAD: Cnergyico Pk Limited (CPL) posted a sharp 80 percent jump in profit after tax to Rs2.97 billion for the first half of FY 2025-26, signaling the early stages of a potential business turnaround, according to the company’s latest financial results.
The country’s largest oil refiner — also operating a nationwide fuel station network and the deep-sea Single Point Mooring (SPM) terminal — reported gross sales of Rs188.8 billion. Gross profit rose 30 percent to Rs7.3 billion, while operating profit climbed 39 percent to Rs6.1 billion, reflecting improved margins and operational efficiency.
CPL exported petroleum products worth $95 million during the period, compared with $116 million for the full FY 2024-25. Analysts attribute the performance to strategic initiatives, including the processing of U.S. crude — a first for Pakistan — which improved product yields and operational flexibility.
The company also began supplying Very Low Sulphur Fuel Oil (VLSFO) for ship refueling at Pakistani ports in collaboration with international partners, opening a new revenue stream. Enhanced crack spreads on High-Speed Diesel (HSD) and Motor Gasoline (PMG), combined with strict cost controls, further boosted profit margins.
CPL’s oil marketing segment posted a Rs1.3 billion profit despite intense domestic competition and the threat of smuggled petroleum products. Supply chain resilience was strengthened through a long-term agreement with Asia Petroleum Limited to transport HSD via a 14-inch pipeline from CPL’s Oil Refining Complex to the Zulfiqarabad Oil Terminal, with onward connectivity to Port Qasim and the White Oil Pipeline system.
Commenting on the results, Vice Chairman Usama Qureshi said, “These results reflect the early outcomes of a focused strategy centered on operational efficiency, product optimization, and disciplined financial management. They underscore our commitment to building a resilient and competitive business capable of withstanding industry cycles.”
However, challenges remain. A super tax increased CPL’s tax burden by over Rs1.1 billion, while discrepancies between open market import rates and State Bank of Pakistan pricing formulas affected margins. The long-awaited oil refining policy also remains pending.
Despite these headwinds, analysts see the results as a strong signal that Cnergyico is repositioning itself for sustained earnings growth in a rapidly evolving oil market.
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