National Refinery Limited · PSX:NRL
National Refinery — Presentation on Corporate Briefing Session - 2025 - 29/10/2025
20 slides from National Refinery's investor presentation, Oct 29, 2025
Slide 1: Corporate Briefing Session 2025
NATIONAL REFINERY LIMITED CORPORATE BRIEFING SESSION 2025 October 30, 2025
Slide 2: Company Overview
COMPANY OVERVIEW Established in 1963 as Public Limited Company. Refinery Complex consists of: Lube Refinery 1966 Fuel Refienry 1977 Lube II refinery 1985 HSD Desulphuraization and Isomerization units 2017 Crude oil refining capacity is 70,000 Bbl per day / 23.1 million Bbls per annum (
Slide 3: What Sets Us Apart
WHAT SETS US APART • The only lube refinery in the country. • The only refinery producing EURO-V compliant HSD • The only BTX (Petro chemicals) plant in the country amongst the refineries. • Ability to capitalize on Bitumen strength to cater seasonal demand • Significant value (Plant: US$ 1.5 Bln ~R
Slide 4: Arab Light Crude Price Trend
ARAB LIGHT CRUDE PRICE TREND Crude Oil Price trend (Arabian Light) - Monthly Average 120.00 Jul 23 - Jun 24 Jul 24 - Jun 25 Average Average 110.00 US$/Bbl US$/Bbl 100.00 96.5 87.04 75.91 90.9 US $ / Bbl 89.7 93.4 90.00 86.2 83.5 87.4 82.3 82.4 85.6 86.0 85.5 81.2 79.3 80.00 76.4 81.3 74.9 79.4 76.2
Slide 5: Company's Financial Highlights
COMPANY’S FINANCIAL HIGHLIGHTS 18,384 16,196 12,150 10,331 9,310 Rs. in million 8,428 (6,234) (7,768) (14,867)(15,790) Gross Refinery Manufacturing Gross loss Finance Cost Loss Margins Expenses after tax 3
Slide 6: Production Mix
PRODUCTON MIX 2024-25 2023-24 Furnace Oil Furnace Oil 16.04% Lube Base Oils Lube Base Oils 13.82% 7.24% Jet Fuels 6.49% Jet Fuels 2.33% 3.02% Bitumen Bitumen 5.18% 8.23% Mogas Mogas 11.66% 11.83% Others Others 8.75% 7.04% Own use / Own use / Gas Losses Gas Losses 9.11% 10.01% H.S.D. H.S.D. 40.44% 38
Slide 7: Quarterly Yields FY 2024-25
QUARTERLY YIELDS FY 2024-25 Focus on increasing +ve margin product yields 4
Slide 8: Product Price Trend
PRODUCT PRICE TREND July 24 to December 24 1-Jul-24 16-Jul-24 1-Aug-24 16-Aug-24 1-Sep-24 16-Sep-24 1-Oct-24 16-Oct-24 1-Nov-24 16-Nov-24 1-Dec-24 16-Dec-24 Mogas Rs. / Litre 167 175 168 160 159 149 148 152 149 150 153 155 HSD Rs. / Litre 194 198 188 181 177 165 162 170 170 173 174 170 JP-1 Rs. / Li
Slide 9: Sales Mix
SALES MIX Naphtha JetFuels 6% 5% 2% Furnace Oil 4% Furnace Oil a7 14% MS - 92/95 Ron ae Ron 13% Lube Base Oils Lube Base Oils 8% 8% Others 4% Bitumen Bitumen YY 7% 8%
Slide 10: Quarterly Sales Volume
QUARTERLY SALES VOLUME – M.T SALES VOLUME - 2024-25 500,000 442,359 441,018 388,523 400,000 340,514 300,000 Metric Tons 200,000 100,000 - QTR-1 QTR-2 QTR-3 QTR-4 3
Slide 11: Monthly Throughput FY 2024-25
MONTHLY THROUGHPUT (M.TONS) FY 2024-25 Throughput % 43% 53% 47% 53% 66% 63% 60% 49% 55% 57% 64% 5
Slide 12: Sales Volumes (M.Tons)
SALES VOLUMES (M.TONS) High Speed 698,000 Diesel (HSD) 610,716 209,473 MS 92 / MS 95 RON 193,162 LBO's 125,557 97,906 LBO - export 3,883 11,663 Furnace Oil 93,792 local sale (FO) 173,790 Furnace Oil 180,726 (FO) Export - export 22,882 Jet Fuels 39,114 51,459 LPG 3,041 976 Solvent 23,552 Total Sales
Slide 13: Key Challenges – 2024-25
KEY CHALLENGES – 2024-25 Global refining margins have experienced significant volatility during the year. Decline in product prices resulted in significant month-on-month inventory losses. Due to price decline, product upliftment pattern by OMCs was affected. Smuggling of product affected th
Slide 14: Quarterly Profitability / (Loss) FY 2024-25 - Operating
QUARTERLY PROFITABILITY / (LOSS) FY 2024-25 Operating (loss) / profit (Rs. million) 2,000 1,320 1,000 - (1,000) (714) (2,000) (1,611) (3,000) (4,000) (5,000) (6,000) (7,000) (6,691) (8,000) 1st QTR 2nd QTR 3rd QTR 4th QTR 7
Slide 15: Quarterly Profitability / (Loss) FY 2024-25 - Net
QUARTERLY PROFITABILITY / (LOSS) FY 2024-25 Net (loss) / profit (Rs. million) - (1,000) (375) (2,000) (3,000) (2,762) (4,000) (5,000) (4,493) (6,000) (7,000) (8,000) (7,236) 1st QTR 2nd QTR 3rd QTR 4th QTR 8
Slide 16: Business Risk & Uncertainties
BUSINESS RISK & UNCERTAINITIES • The Volatile crude oil and product prices and margins. • Volatile Sale Pattern. • Availability of smuggled products through porous borders. • Unavailability of reliable utilities and increasing utilities’ cost. • Change in regulatory environment by imposing duties /
Slide 17: Measures Taken / Future Outlook
MEASURES TAKEN / FUTURE OUTLOOK • Focus on HSE, plant reliability, and availability. • Higher throughput. • Higher HSD Production and sales. • Higher LBO’s production and sales. • Optimize crude mix by using lighter crudes to boost HSD yield and cut Furnace Oil losses. • Increase Premium Motor Gasol
Slide 18: Future Projects
FUTURE PROJECTS We have engaged M/S WOOD as our technical consultant for the upgrade projects. Currently, the options include: • Hydrocracker / Bottom of Barrel upgrade (including lube upgrades). • CCR (Continuous Catalyst Regeneration) Platforming Unit. These projects are dependent on the ‘Brownfie
Slide 19: Q & A Session
19 Q & A SESSION
Slide 20: Exchange Rate Movement
EXCHANGE RATE MOVEMENT EXCHANGE RATE - MONTHLY AVERAGE 305.0 300.0 298.5 295.0 290.0 285.6 285.0 282.9 280.1 281.5, 2 280.6 Rupees / US$ 281.6 278.9 279. 280.0 280.8 278.5 977.6 277.8 278.0, 278.0 977, 2783 2783 © 278.2 279.3 275.0 270.0 265.0
National Refinery — Presentation on Corporate Briefing Session - 2025 - 29/10/2025 on 6ix