PRL makes a historical profit of Rs. 5.5b

ARL earns Rs 2.8 billion profit during the quarter ending on March 31, 2022

PRL makes a profit of Rs5.5 billion, a new high for the firm during the quarter ending March 3, 2022.

Due to higher gross refinery margins, Pakistan Refinery Limited (PRL) made a record profit of Rs 5.5 billion on March 31, 2022.

In a notice issued to the Pakistan Stock Exchange, PRL management said that the Board of Directors of PRL, in a meeting held on April 21, 2022, had recommended a nil dividend.

Oil refineries made a record sale of diesel, petrol in March 2022

According to the statement, the company made a profit of Rs 5.5 billion during the period under review.
Appointment of FEED Contractor and Financial Advisor

In addition, following up on their announcement on December 27, 2021, the Board of Directors of Pakistan Refinery Limited decided, following a competitive bidding process, to appoint an international company as the Front End Engineering Design (FEED) Contractor for the Refinery Expansion and Upgrade Project (REUP).

In addition, the Board of Directors of Pakistan Refinery Limited has also decided to appoint a consortium of local banks as Financial Advisor to render Advisory and Equity & Local Debt Arrangement services for PRL’S Refinery Expansion & Upgrade Project (REUP).

The Refinery Expansion and Upgrade Project (REUP), which will cost US$ 1.2 billion, will increase crude processing capacity from 50,000 to 100,000 barrels per day, significantly reducing High Sulphur Furnace Oil (HSFO) and maximizing premium products like High-Speed Diesel (HSD) and Motor Spirit (MS/Petro!) that meet EURO V specifications.

Attock Refinery Limited (ARL)

ARL had also made a profit of Rs 2.8 billion on March 31. However, according to a notice sent to the Pakistan Stock Exchange, the Board of Directors of Attock Refinery Limited recommended nil cash dividends at their meeting on April 21, 2022.

However, it informed that the company made a profit of Rs 2.8 billion.ARL had faced a loss of Rs 1.12 billion on March 31, 2021.