CONTENTS
Corporate Information 02
Directors' Review 03
11
Condensed Interim Financial Statements
Statement of Financial Position 12
Statement of Profit or Loss 14
Statement of Profit or Loss and Other
Comprehensive Income 15
Statement of Changes in Equity 16
Statement of Cash Flows 17
Notes to the Financial Statements 18
ATTOCK PETROLEUM LIMITED 1
Mr. Laith G. Pharaon
Directors
Chairman
(Alternate Director - Mr. Rehmat Ullah Bardaie)
Mr. Wael G. Pharaon
(Alternate Director - Mr. M. Adil Khattak)
Mr. Shuaib A. Malik Mr. Abdus Sattar
Mr. Babar Bashir Nawaz
Chief Executive | Mr. Shuaib A. Malik |
Audit Committee |
Lt Gen (Retd.) Javed Alam Khan Ms. Zehra Naqvi
Ms. Zehra Naqvi
Chairperson
Mr. Abdus Sattar
Mr. Babar Bashir Nawaz
Lt Gen (Retd.) Javed Alam Khan
Human Resource & Remuneration Committee
Ms. Zehra Naqvi
Chairperson
Mr. Shuaib A. Malik
Mr. Babar Bashir Nawaz
Chief Financial Officer
Mr. Rehmat Ullah Bardaie
FCA, FCMA, FCCA (UK)
Company Secretary | Mr. Sabih Ul Haq Qureshi |
Auditors | A. F. Ferguson & Co. Chartered Accountants |
Bankers | Allied Bank Limited |
Bank Alfalah Limited Habib Bank Limited MCB Bank Limited Meezan Bank Limited United Bank Limited
Share Registrar
CDC Share Registrar Services Limited
CDC House, 99-B, Block 'B' S.M.C.H.S, Main Shahra-e-Faisal, Karachi.
UAN: +92-21-111-111-500
Fax: +92-21-34326034
Legal Advisor | Ali Sibtain Fazli & Associates | |
Registered Office | ||
Email: info@cdcsrsl.com Website: https://www.cdcsrsl.com
Attock House, Morgah, Rawalpindi
Tel: +92-51-5127250-4
Email: contact@apl.com.pk Website: https://www.apl.com.pk
IN THE NAME OF ALLAH, THE MOST BENEVOLENT, THE MOST GRACIOUS
The Board of Directors of Attock Petroleum Limited is pleased to present the Directors' Review together with the auditor-reviewed condensed interim financial statements of the Company for the six-month period ended December 31, 2025.
Financial Performance
During the period under review, the Company recorded net sales revenue of Rs. 240,645 million, registering an increase of 4% over Rs. 231,817 million reported in the corresponding period last year. This growth was primarily attributable to higher average selling prices of petroleum products, as compared to the same period last year. In volumetric terms, overall sales declined by 7%. A major contributor was lower offtake in Furnace Fuel Oil, reflecting an ongoing shift in the national energy mix, while Bitumen volumes also declined on account of weaker demand from the construction sector. In addition, intensified market competition across key product lines exerted further pressure on volumes. However, the combined effect of higher average prices and effective inventory management translated into increased gross profit. As the macroeconomic environment showed signs of stabilization, easing inflation contributed to an improved operating environment, while a decline in benchmark interest rates resulted in lower finance income; nevertheless, the strong outturn in core operations supported higher profitability for the period.
Resultantly, the Company reported a profit after tax of Rs. 6,420 million (December 2024: Rs. 5,123 million), representing a 25% increase over the corresponding period last year. Earnings per share for the period stood at Rs.
51.60 (December 2024: Rs. 41.18).
Operational Performance
During the period under review, the domestic economy continued a gradual recovery phase, supported by moderating inflation, an improved current account position, and a relatively more stable PKR/USD exchange rate. Nonetheless, underlying structural challenges including persistently high energy and logistics costs, a subdued investment climate, and ongoing external financing pressures continued to weigh on industrial activity and overall demand.
Despite repeated representations, and notwithstanding regulated OMC margins continuing to lag rising operating and compliance costs, they have remained frozen for the last two years; margin adequacy therefore remains a key concern for the industry. At the same time, although recent enforcement efforts have contributed to some improvement, the downstream oil sector continues to be affected, to some extent, by residual illicit fuel trade and gaps in market discipline, which distort competition and weigh on volumes in the formal channel. Amidst these headwinds, the Company ensured uninterrupted availability and supply of products across its nationwide retail and institutional network. Operational continuity was maintained at terminals, depots and retail outlets, with particular focus on safe, efficient and reliable service. A significant highlight during the period was the continued execution of the annual supply arrangements for High-Speed Diesel (HSD), Premier Motor Gasoline (PMG) and Jet Petroleum to Pakistan Army for the current financial year, underscoring the Company's role as a trusted strategic partner to key national institutions.
Expansion of Retail Network
APL continued to strengthen its nationwide retail footprint during the six-month period ended December 31, 2025. Twenty (20) new retail outlets were commissioned across Pakistan, increasing the total number of multi-fuel retail outlets to 798 as of the period end. Expansion remained focused on high-potential urban centres, emerging population hubs and key highway and motorway corridors, thereby supporting both brand visibility and customer accessibility.
In the North, the Company further strengthened its position in the Rawalpindi-Islamabad metropolitan region by securing a strategic fuel station project with a national transport entity near the Islamabad Dry Port and entering long-term, multi-phase retail development arrangements with a renowned housing society, including an initial five-year fuel supply agreement extendable to twenty-nine years, while a flagship Company-Owned Company-Operated (COCO) outlet in the federal capital is under development and expected to serve as a key brand landmark upon commissioning.
In Punjab, particularly Lahore and other major cities, the Company advanced several projects through timely NOC acquisition and active construction, aimed at enhancing coverage along important urban and inter-city corridors. In the South, new outlets were commissioned in Karachi and adjoining areas, with further COCO and dealer-financed sites under development in key residential and industrial zones to deepen APL's presence in this strategically important market.
In Balochistan, despite security and logistical challenges, a new retail outlet developed in collaboration with a strategic partner in the provincial capital is ready for commissioning, marking a significant milestone in extending services to historically underserved regions. Parallel expansion continued in Khyber Pakhtunkhwa and AJK/GB through a mix of newly developed sites and selective brand conversions, reinforcing the Company's long-term commitment to broad-based, geographically diversified growth in its retail network.
Diversification of Revenue Streams
During the period under review, the Company continued to broaden its revenue base beyond conventional fuel sales. A key milestone was the completion and licensing of the LPG storage and bottling facility in Rawalpindi, marking APL's formal entry into the LPG business. Cleared by the OGRA-nominated third party and the Department of Explosives, the plant is becoming operational soon and is intended to serve major urban and rural locations across Pakistan, including the northern areas, adding a resilient new income stream to the portfolio.
The Company also strengthened its Non-Fuel Retail (NFR) segment. APL is engaging with leading restaurant brands for full-scale outlets at selected COCO locations and is in the process of launching its own branded car care kit initially across the COCO network in the near future. Together with ongoing progress in EV charging infrastructure and other value-added offerings, these initiatives are designed to diversify earnings, enhance customer experience, and support long-term sustainable growth.
Future Outlook
Infrastructure
Expansion of bulk oil infrastructure is progressing in parallel. At the Rawalpindi Bulk Oil Terminal, a 10,000 M. Ton Premier Motor Gasoline (PMG) storage tank is at an advanced pre-award stage, while at Port Qasim Terminal, an additional 18,700 M. Ton PMG tank is being advanced to strengthen import handling and inland supply capability. In the north-western region, enabling preparatory works for a bulk oil terminal at Pashtoon Garhi (Taru Jabba), including completion of the boundary wall, form part of a broader logistics strategy for Khyber Pakhtunkhwa.
Integrated service areas on the Hazara Motorway (E-35), combining fueling facilities with customer amenities, are being developed to enhance presence on high-traffic routes and support APL's competitive positioning.
APL's medium-term focus remains on strengthening its supply chain, storage capacity, and retail reach to support sustainable growth and service reliability. The modern LPG storage and filling facility in Rawalpindi has been completed and commercial operations are planned to commence shortly.
Sustainability
In line with the Government's Clean & Green Pakistan vision and the Alternative and Renewable Energy Policy, APL's sustainability agenda is anchored in clean energy, environmental stewardship, and responsible operations. Building on the deployment of Electric Vehicle (EV) charging stations and On-Grid Solar Systems with net metering at selected retail outlets and bulk oil terminals, the DC fast-charging network is being expanded through collaborations with HUBCO Green and Huawei at motorway service areas and high-potential urban sites. Additional solar projects at priority retail outlets and terminals are under development to gradually increase the share of renewable energy in operations and reduce the Company's carbon footprint. APL is also working with NEECA to support the development of a national EV charging policy and broader sustainable transport infrastructure framework.
Aligned with the national digital transformation agenda, APL is adapting its systems and processes to emerging regulatory requirements. Sector-wide digitization initiatives such as OGRA's digital tracking of product movement across the petroleum supply chain and FBR's e-invoicing integration framework are being complemented by APL's phased rollout of Auto Tank Gauging (ATG) systems, as per the requirements of OGRA, and expansion of digital payment solutions under SBP's regulations. These measures are expected to enhance traceability, strengthen internal controls, and support efficient compliance.
On the broader ESG front, APL remains committed to environmental stewardship and community development through structured engagement with public sector authorities and targeted social welfare partnerships. During the period under review, initiatives were primarily focused on sustaining existing environmental and community engagement efforts. Human capital development remains an integral component of this agenda: during the period, employees received focused training in health, safety and workplace well-being, while internship programs provided students with structured, hands-on exposure across departments. Collectively, these initiatives reflect APL's commitment to embedding sustainability into business planning and risk management, supporting Pakistan's energy transition, and creating long-term value for all stakeholders.
Acknowledgement
The Board of Directors extends its sincere appreciation to the Company's employees, customers, and strategic partners for their dedication, commitment, and valuable contributions. The Board also acknowledges with gratitude the continued support of Government authorities, shareholders, and suppliers, whose collaboration has been instrumental in enabling the Company to pursue its strategic objectives and deliver sustainable growth.
On behalf of the Board
SHUAIB A. MALIK ABDUS SATTAR
CHIEF EXECUTIVE DIRECTOR
Rawalpindi. February 23, 2026
2025 •/v› 23
ATTOCK PETROLEUM LIMITED
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ATTOCK PETROLEUM LIMITED
A. F. FERGUSON & CO.
INDEPENDENT AUDITOR'S REVIEW REPORT
To the members of Attock Petroleum Limited Report on review of Interim Financial Statements
IntroductionWe have reviewed the accompanying condensed interim statement of financial position of Attock Petroleum Limited (the Company) as at December 31, 2025 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the condensed interim financial statements for the six-month period then ended (here-in-after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these interim financial statements based on our review.
Scope of ReviewWe conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
ConclusionBased on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.
Other MattersPursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the half year, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the Company. Accordingly, the figures of the condensed interim statement of profit or loss, condensed interim statement of comprehensive income and notes thereto for the three months period ended December 31, 2025 and 2024 have not been reviewed by us.
The engagement partner on the audit resulting in this independent auditor's report is Aftab Ahmad.
Chartered Accountants Islamabad
Date: February 27, 2026
UDIN: RR202510610AC8vY0WI1
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2025
(Un-audited) December 31, 2025 | (Audited) June 30, 2025 | ||
SHARE CAPITAL AND RESERVES | Note | Rupees ('000) | |
Authorised capital | 4 | 3,000,000 | 3,000,000 |
Issued, subscribed and paid up capital | 4 | 1,244,160 | 1,244,160 |
Special reserves | 748,354 | 749,592 | |
Unappropriated profit | 65,438,033 | 60,635,118 | |
67,430,547 | 62,628,870 | ||
NON CURRENT LIABILITIES | |||
Long term deposits | 1,510,402 | 1,461,853 | |
Long term lease liabilities | 5 | 9,560,996 | 9,983,972 |
11,071,398 | 11,445,825 | ||
CURRENT LIABILITIES | |||
Current portion of lease liabilities | 5 | 905,627 | 858,989 |
Trade and other payables | 6 | 43,003,837 | 44,546,243 |
Unclaimed dividend | 80,111 | 76,514 | |
Provision for income tax | 2,960,628 | 2,746,268 | |
46,950,203 | 48,228,014 | ||
CONTINGENCIES AND COMMITMENTS | 7 | ||
125,452,148 | 122,302,709 | ||
23,305,086 1,639,318 -1,352,536 279,974 |
26,576,914 |
265,485 36,994,446 6,057,521 5,015,532 45,242,854 5,299,396 |
98,875,234 |
125,452,148 |
NON CURRENT ASSETS
(Un-audited) (Audited)
December 31, June 30,
2025 2025
Note Rupees ('000)
Property, plant and equipment | 8 | 23,954,051 | ||
Long term investments in associates | 9 | 1,627,288 | ||
Long term investments - at amortised cost | 10 | 760,722 | ||
Long term advances, deposits and other receivable | 11 | 466,619 | ||
Deferred tax asset | 316,251 | |||
CURRENT ASSETS | 27,124,931 | |||
Stores and spares | 271,143 | |||
Stock in trade | 12 | 42,258,454 | ||
Trade debts | 13 | 6,484,102 | ||
Advances, prepayments and | other receivables | 14 | 4,347,624 | |
Other financial assets | 15 | 38,460,205 | ||
Cash and bank balances | 16 | 3,356,250 | ||
95,177,778 | ||||
122,302,709 | ||||
The annexed notes 1 to 35 form an integral part of these condensed interim financial statements.
Rehmat Ullah Bardaie
Chief Financial Officer
Shuaib A. Malik
Chief Executive
Abdus Sattar
Director
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED)
FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2025
Three month period ended Six month period ended December 31, December 31, December 31, December 31,
2025 2024 2025 2024
Note | Rupees ('000) | ||
Sales | 124,014,653 | 120,819,742 | |
Sales tax and other government levies | (1,153,630) | (1,720,420) | |
NET SALES | 17 | 122,861,023 | 119,099,322 |
Cost of products sold | 18 | (118,083,696) | (115,085,615) |
GROSS PROFIT | 4,777,327 | 4,013,707 | |
Operating expenses | 19 | (2,110,626) | (1,848,243) |
Net impairment reversal on financial assets | 26,063 | 14,184 | |
Other income - net | 20 | 939,062 | 504,717 |
OPERATING PROFIT | 3,631,826 | 2,684,365 | |
Finance income | 21 | 1,491,249 | 1,743,270 |
Finance cost | 21 | (516,225) | (510,605) |
Net finance income | 975,024 | 1,232,665 | |
Share of profit of associates accounted for under equity method | 20,887 | 548,180 | |
Other charges | 22 | (316,156) | (268,815) |
PROFIT BEFORE INCOME TAX AND FINAL TAXES | 4,311,581 | 4,196,395 | |
Final taxes - levies 23 | - | (1,049) | |
PROFIT BEFORE TAXATION | 4,311,581 | 4,195,346 | |
Provision for taxation 24 | (1,702,526) | (1,456,477) | |
PROFIT FOR THE PERIOD | 2,609,055 | 2,738,869 | |
Earnings per share - Basic and diluted (Rupees) | 20.97 | 22.01 | |
Rupees ('000)
243,083,720 (2,439,061) | 235,520,586 (3,703,185) |
240,644,659 (228,312,841) | 231,817,401 (223,752,656) |
12,331,818 | 8,064,745 |
(4,497,497) | (4,147,417) |
42,039 | 17,490 |
1,506,064 | 1,107,289 |
9,382,424 | 5,042,107 |
2,903,986 | 4,058,119 |
(1,007,123) | (996,546) |
1,896,863 | 3,061,573 |
22,077 | 543,919 |
(774,068) | (556,135) |
10,527,296 | 8,091,464 |
- | (1,049) |
10,527,296 | 8,090,415 |
(4,107,114) | (2,966,922) |
6,420,182 | 5,123,493 |
51.60 | 41.18 |
The annexed notes 1 to 35 form an integral part of these condensed interim financial statements.
Rehmat Ullah Bardaie
Chief Financial Officer
Shuaib A. Malik
Chief Executive
Abdus Sattar
Director
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2025
PROFIT FOR THE PERIOD
OTHER COMPREHENSIVE INCOME FOR THE PERIOD
Items that will not be subsequently reclassified to profit or loss:
Share of other comprehensive (loss)/ income of associates- net of tax
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
Three month period ended Six month period ended December 31, December 31, December 31, December 31,
2025 2024 2025 2024
Rupees ('000) Rupees ('000)
2,609,055 (186) | 2,738,869 - |
2,608,869 | 2,738,869 |
6,420,182 (1,097) | 5,123,493 7,462 |
6,419,085 | 5,130,955 |
The annexed notes 1 to 35 form an integral part of these condensed interim financial statements.
Rehmat Ullah Bardaie
Chief Financial Officer
Shuaib A. Malik
Chief Executive
Abdus Sattar
Director
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2025
Share capital | Special reserves | Unappropriated profit | Total | ||||
Rupees ('000) | |||||||
BALANCE AS AT JUNE 30, 2024 | 1,244,160 | 727,948 | 53,965,888 | 55,937,996 | |||
Total comprehensive income for the six month period ended December 31, 2024 | |||||||
Profit for the period | - | - | 5,123,493 | 5,123,493 | |||
Other comprehensive income | - | - | 7,462 | 7,462 | |||
- | - | 5,130,955 | 5,130,955 | ||||
Transferred to special reserves by associates - | 53 | (53) | - | ||||
Transactions with owners: Final cash dividend @ 175% relating to year ended June 30, 2024 | - | - | (2,177,280) | (2,177,280) | |||
BALANCE AS AT DECEMBER 31, 2024 | 1,244,160 | 728,001 | 56,919,510 | 58,891,671 | |||
Total comprehensive income for the six month period ended June 30, 2025 | |||||||
Profit for the period | - | - | 5,269,095 | 5,269,095 | |||
Other comprehensive income | - | - | 23,304 | 23,304 | |||
- | - | 5,292,399 | 5,292,399 | ||||
Transferred to special reserves by associates - | 21,591 | (21,591) | - | ||||
Transactions with owners: Interim cash dividend @ 125% relating to year ended June 30, 2025 | - | - | (1,555,200) | (1,555,200) | |||
BALANCE AS AT JUNE 30, 2025 | 1,244,160 | 749,592 | 60,635,118 | 62,628,870 | |||
Total comprehensive income for the six month period ended December 31, 2025 | |||||||
Profit for the period | - | - | 6,420,182 | 6,420,182 | |||
Other comprehensive (loss) | - | - | (1,097) | (1,097) | |||
- | - | 6,419,085 | 6,419,085 | ||||
Transferred from special reserves by associates - | (1,238) | 1,238 | - | ||||
Transactions with owners:
Final cash dividend @ 130% relating
to year ended June 30, 2025 - - (1,617,408) (1,617,408)
BALANCE AS AT DECEMBER 31, 2025 1,244,160 748,354 65,438,033 67,430,547
The annexed notes 1 to 35 form an integral part of these condensed interim financial statements.
Rehmat Ullah Bardaie
Chief Financial Officer
Shuaib A. Malik
Chief Executive
Abdus Sattar
Director
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2025
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers
Payments for purchase of products and operating expenses Other charges received
Long term deposits received Taxes and levies paid Gratuity paid
Cash inflow from operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Payment for acquisition of property, plant and equipment Proceeds from sale of operating fixed assets
Short term investments - net Interest and profit received
Six month period ended December 31, December 31,
2025 2024
245,306,059 (232,894,867) 113,762 48,549 (3,856,477) (16,562) |
8,700,464 |
(717,672) 5,678 (3,379,565) 1,744,103 8,950 |
(2,338,506) |
(1,208,164) (1,613,811) |
(2,821,975) |
3,539,983 25,445,248 (603) |
28,984,628 |
Note Rupees ('000)
234,597,022
(218,841,984)
123,940
55,583
(4,126,474)
(14,186)
11,793,901
(1,142,301)
4,018
4,258,998
1,669,827
22,375
Dividend income received 9
Cash (outflow)/inflow from investing activities
CASH FLOW FROM FINANCING ACTIVITIES
(757,828)
(2,176,633)
Lease liabilities paid 5
Dividends paid
Cash outflow from financing activities
INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD
Effect of exchange rate changes
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 32
The annexed notes 1 to 35 form an integral part of these condensed interim financial statements.
4,812,917
(2,934,461)
13,672,357
6,735,230
19
20,407,606
Rehmat Ullah Bardaie
Chief Financial Officer
Shuaib A. Malik
Chief Executive
Abdus Sattar
Director
LEGAL STATUS AND OPERATIONS
Attock Petroleum Limited (the Company) was incorporated in Pakistan as a public limited company on December 3, 1995 and it commenced its operations in 1998. The Company is listed on Pakistan Stock Exchange Limited. The registered office of the Company is situated at Attock House, Morgah, Rawalpindi, Pakistan. The Company is domiciled in Rawalpindi. The principal activity of the Company is procurement, storage and marketing of petroleum and related products. Pharaon Investment Group Limited Holding s.a.l and Attock Refinery Limited hold 34.38% (June 30, 2025: 34.38%) and 21.88% (June 30, 2025: 21.88%) shares respectively of the Company.
STATEMENT OF COMPLIANCE
These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
Provisions of, directives and notifications issued under the Companies Act, 2017.
Where provisions of ,directives and notifications issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.
The Securities and Exchange Commission of Pakistan (SECP) through S.R.O 25 (I) / 2024 dated January 6, 2026, in partial modification of its previous S.R.O. 1784 (I) / 2024 dated November 4, 2024, has notified that in respect of companies holding financial assets due or ultimately due from the Government of Pakistan (GoP) in respect of circular debt, the requirements contained in IFRS 9 (Financial Instruments) with respect to application of Expected Credit Loss (ECL) model shall not be applicable on such financial assets for the financial years ending on or before December 31, 2026, provided that such companies shall follow relevant requirements of IAS 39 'Financial Instruments: Recognition and Measurement' in respect of above referred financial assets during the exemption period.
The Company has voluntarily not availed this exemption and has continued to apply the requirements contained in IFRS 9 with respect to application of Expected Credit Loss (ECL) model.
These condensed interim financial statements are unaudited and are being submitted to the members as required under Section 237 of the Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited.
These condensed interim financial statements do not include all the information required for full financial statements and should be read in conjunction with the annual financial statements for the year ended June 30, 2025.
MATERIAL ACCOUNTING POLICY INFORMATION
The accounting policies adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of audited financial statements for the year ended June 30, 2025.
The accounting policies, estimates, assumptions and significant judgements made in the application of accounting policies, key sources of estimates, the methods of computation adopted in the preparation of these condensed interim financial statements are substantially the same as those applied in the preparation of annual audited financial statements of the Company for the year ended June 30, 2025.
December 31, 2025 | June 30, 2025 |
4. SHARE CAPITAL | Rupees ('000) |
AUTHORISED CAPITAL | |
300,000,000 ordinary shares of Rs 10 each | |
(June 30, 2025: 300,000,000 ordinary shares of Rs 10 each) | 3,000,000 |
ISSUED, SUBSCRIBED AND PAID UP CAPITAL | |
Shares issued for cash | |
5,000,000 ordinary shares of Rs 10 each | |
(June 30, 2025: 5,000,000 ordinary shares of Rs 10 each) | 50,000 |
Shares issued as fully paid bonus shares | |
119,416,000 (June 30, 2025: 119,416,000) | |
ordinary shares of Rs 10 each | 1,194,160 |
124,416,000 (June 30, 2025: 124,416,000) | |
ordinary shares of Rs 10 each | 1,244,160 |
5. LONG TERM LEASE LIABILITIES | |
Balance at the beginning of the period / year | 9,340,124 |
Additions during the period / year | 1,434,657 |
Unwinding of lease liabilities | 1,523,431 |
Payments made during the period / year | (1,772,519) |
Derecognition of lease liability | - |
Remeasurement of lease liabilities | 317,268 |
Balance at end of the period / year - note 5.1, 5.2, 5.3 | 10,842,961 |
Less: current portion of long term lease liabilities | |
shown under current liabilities | (858,989) |
9,983,972 |
3,000,000 |
50,000 1,194,160 |
1,244,160 |
10,842,961 85,407 792,643 (1,208,164) (197,661) 151,437 |
10,466,623 (905,627) |
9,560,996 |
This includes amount due to Chief Executive of Rs 643,883 thousand (June 30, 2025: Rs 621,584 thousand) in respect of a retail outlet.
This includes amount due to The Attock Oil Company Limited, a related party, of Rs 349,851 thousand (June 30, 2025: Rs 465,422 thousand) in respect of marketing and sales office.
This includes amount due to Attock Petroleum Limited Employees Welfare Trust, of Rs 513,942 thousand (June 30, 2025: Rs 399,952 thousand) in respect of a retail outlet.
December 31, 2025 | June 30, 2025 | |||
Rupees ('000) | ||||
6. | TRADE AND OTHER PAYABLES | |||
Creditors - note 6.1 | 13,376,289 | 12,682,730 | ||
Accrued expenses and other liabilities - note 6.1 | 11,264,023 | 11,466,244 | ||
Due to related parties (unsecured) - note 6.2 | 9,493,037 | 14,241,500 | ||
Advances from customers | 6,187,467 | 3,661,805 | ||
Retention money | 502,505 | 523,552 | ||
Workers' welfare fund | 2,180,516 | 1,970,412 | ||
43,003,837 | 44,546,243 | |||
These include Rs 1,962,255 thousand (June 30, 2025: Rs 1,181,656 thousand) being Company's share in current liabilities of joint operation (as disclosed in note 29 to these condensed interim financial statements).
December 31,
June 30,
2025
2025
Rupees ('000)
6.2 Due to related parties
National Refinery Limited
6,815,735
6,228,637
Attock Refinery Limited
2,088,694
7,944,957
Pakistan Oilfields Limited
17,902
58,680
The Attock Oil Company Limited
3,832
9,042
Attock Sahara Foundation
184
184
Attock Leisure Management Associates
2,726
-
Workers' Profit Participation Fund
563,964
-
9,493,037
14,241,500
7. CONTINGENCIES AND COMMITMENTS
7.1 CONTINGENCIES
(i) Corporate guarantees and indemnity bonds issued by
the Company to the Collector of Customs.
23,342,809
14,596,666
(ii) Guarantees issued by bank on behalf of the Company.
7,896,617
7,303,404
Oil & Gas Regulatory Authority (OGRA) issued an order dated October 30, 2017, for recovery of freight charges and petroleum levy on supplies during the years 2009 to 2011 to special freight area (Azad Jammu & Kashmir and Jaglot) amounting to Rs 434,902 thousand (June 30, 2025: Rs 434,902 thousand). Being aggrieved, the Company filed an application for review of the order of OGRA which was dismissed by OGRA vide its order dated April 22, 2018. Afterward, the Company challenged this impugned order passed by the OGRA in the Honorable Islamabad High Court, Islamabad on June 6, 2018, for seeking direction against OGRA's order and also restraining the Authority concerned for recovering the impugned amount of freight and dealers margin, wherein, the interim stay has been granted in favour of the Company. At present, the case is pending adjudication before the Honorable Islamabad High Court, Islamabad. The case was fixed at various dates and was adjourned. The Company and its Legal Adviser are confident that we have a good case before the Honorable Islamabad High Court, Islamabad on merits and there are good chances of success in the same.
On February 28, 2018, Deputy Commissioner, Large Tax payers Unit (LTU), Islamabad issued an order in respect of non-payment of sales tax on Price Differential Claims / subsidies for the period of July 2004 to September 2009 by the Company involving principal amount of Rs 319,970 thousand (June 30, 2025: Rs 319,970 thousand), penalty of Rs
319,970 thousand (June 30, 2025: Rs 319,970 thousand) and default surcharge of Rs 755,608 thousand (June 30, 2025: Rs 755,608 thousand). The Company's appeal against the aforesaid order with Commissioner Inland Revenue (Appeals) was partially allowed reducing the principal amount to Rs 235,160 thousand alongwith default surcharge and penalty. The matter is now subjudice before the Appellate Tribunal, which is yet to be decided. Further the Company has obtained stay order from Islamabad High Court, Islamabad against recovery of sales tax demand. The management of the Company is confident that the matter will ultimately be decided in the Company's favour. Accordingly, no provision has been made in these condensed interim financial statements.
Cabinet Division, the Government of Pakistan constituted an Inquiry Commission (the "Commission") under the Pakistan Commissions of Inquiry Act, 2017 vide Notification No.01/05/2020 Lit-III dated July 28, 2020, to probe into the shortage of Petroleum Products in the Country. The Commission in its report dated December 1, 2020, held the Petroleum Division, Oil and Gas Development Authority (the "OGRA"), and Oil Marketing Companies (the "OMCs"), responsible for the Petroleum Products shortage crisis in Pakistan in the month of June, 2020. The Commission in its report also observed that during the months of May and June 2020, it witnessed the apathy of certain OMCs, which imported oil but hoarded or slowed down the supply to their retail outlets till the government increased the prices on June 26, 2020. Besides recommending various actions in the report, the Commission also recommended that all such alleged gains be recovered from OMCs by the Federal Government as these profits rightfully belonged to the general consumers at large.
Writ Petitions were also filed as Public Interest Litigation before the Lahore High Court, Lahore, wherein, the Honourable High Court in its order dated June 25, 2021 while disposing of these Petitions gave directions to the Federal Government for making necessary arrangements for the implementation of the recommendations proposed by the Commission and also form a committee for recovery of alleged gains from OMCs only after taking a point of view of all concerned and establishing on the facts after proper evaluation.
Since the decision of the Honourable Lahore High Court, Lahore did not take into account the contentions of the respondent OMCs including our company, being aggrieved, the management of the Company has filed Intra Court Appeals (the "ICAs"), before the Divisional Bench of the Honourable Lahore High Court, Lahore. At present, these ICAs are pending adjudication before the Honourable Lahore High Court, Lahore. The management of the Company is confident that it will be able to defend its stance effectively.
The Company's share of contingencies of associates based on financial information of associates for the period
ended September 30, 2025 (June 30, 2025: March 31, 2025)
7.2 COMMITMENTS
December 31, June 30,
2025 2025
117,402
Rupees ('000)
75,419
(i) Capital expenditure commitments | 2,524,052 | 2,673,379 |
(ii) Commitments for import of petroleum products against letter of | ||
credit facility | 19,027,621 | 20,097,963 |
(iii) The Company's share of commitments of associates based | ||
on financial information of associates for the period ended | ||
September 30, 2025 (June 30, 2025: March 31, 2025) | ||
- Capital expenditure commitments | 31,869 | 28,672 |
- Outstanding letters of credit | 172,834 | 1,581,654 |
December 31, June 30,
2025 2025
Rupees ('000)
8. | PROPERTY, PLANT AND EQUIPMENT | ||
Operating fixed assets | |||
Owned assets - note 8.1 & 8.4 | 10,521,827 | 10,683,878 | |
Right of Use assets (ROU) - note 8.2 | 9,796,176 | 10,396,303 | |
Capital work in progress- note 8.3 | 2,987,083 | 2,873,870 | |
23,305,086 | 23,954,051 | ||
Six month period ended Year ended
December 31, June 30,
2025 2025
Rupees ('000)
8.1 Owned assets | ||
Opening net book value | 10,683,878 | 11,071,776 |
Additions | 586,110 | 1,076,029 |
Disposals - net book value | (1,218) | (2,282) |
Depreciation charge | (746,943) | (1,461,645) |
Closing net book value | 10,521,827 | 10,683,878 |
8.2 Right of Use assets (ROU) | ||
Opening net book value | 10,396,303 | 10,137,106 |
Additions | 85,407 | 1,434,657 |
Depreciation charge Derecognition of ROU Remeasurement in lease liabilities | (750,801) (86,170) 151,437 | (1,492,728) -317,268 |
Closing net book value | 9,796,176 | 10,396,303 |
8.3 Capital work in progress | ||
Balance at the beginning of the period / year | 2,873,870 | 2,018,054 |
Additions | 699,323 | 1,931,845 |
Transfer to owned assets | (586,110) | (1,076,029) |
Balance at the end of the period / year | 2,987,083 | 2,873,870 |
Included in owned assets are assets having cost of Rs 630,588 thousand (June 30, 2025: Rs 624,731 thousand) and accumulated depreciation of Rs 479,546 thousand (June 30, 2025: Rs 462,273 thousand) in respect of Company's share in joint operation at New Islamabad International Airport (NIIAP) as disclosed in note 29 to these condensed interim financial statements.
LONG TERM INVESTMENTS IN ASSOCIATES
The Company's interest in associates are as follows:
Quoted
December 31, 2025 June 30, 2025 Holding Amount Holding Amount
% Rs ('000) % Rs ('000)
National Refinery Limited (NRL) 1
Attock Refinery Limited (ARL) 1.68
Unquoted
Attock Information Technology Services (Private)
Limited (AITSL) 10
Carrying value - equity method Less: Impairment loss - ARL
Movement during the period / year in investment in associates is as follows:
Balance at beginning of the period/year
Share of profit / (loss) of associates
Impairment (loss) / reversal related to investment in
National Refinery Limited
Attock Refinery Limited
Share of other comprehensive (loss) / income of associates
Dividend from associates
Balance at end of the period / year
1 301,916
306,723
1,445,585
90,603
1,842,911
(203,593)
1,639,318
1.68 1,398,355
10 83,380
1,783,651
(156,363)
1,627,288
Six month period ended Year ended
December 31, June 30,
2025 2025
Rupees ('000)
1,627,288
69,307
-(47,230)
22,077
(1,097)
(8,950)
1,639,318
1,180,622
(107,566)
163,963
414,132
470,529
7,462
(31,325)
1,627,288
The Company has assessed the recoverable amount of the investment in Attock Refinery Limited (ARL) based on higher of value-in-use (VIU) and fair value (level 1 in the fair value hierarchy - quoted market price as at December 31, 2025). VIU is based on a valuation analysis carried out by an external investment advisor engaged by the Company on annual basis which has been updated by the management at period end. As at December 31, 2025 impairment has been recognised based on VIU.
LONG TERM INVESTMENTS - AT AMORTISED COST
Pakistan Investment Bonds (PIBs)
Less: Current portion shown under current assets - note 15
December 31, June 30,
2025 2025
777,169
(777,169)
-
Rupees ('000)
760,722
-760,722
Investment in Pakistan Investment Bonds carries weighted average effective interest rate of 16.78% (June 30, 2025: 16.78%) per annum having maturity period of 3 years and are due to mature in July 2026. The fair value of the PIBs as at period end is Rs 799,465 thousand (June 30, 2025: Rs 803,127 thousand).
LONG TERM ADVANCES, DEPOSITS AND OTHER RECEIVABLE
Advances
December 31, June 30,
2025 2025
838,400
14,226
493,957
1,346,583
5,953
1,352,536
Rupees ('000)
-
Deposits
With related party - The Attock Oil Company Limited Others
Other receivable
STOCK IN TRADE
14,226
442,143
456,369
10,250
466,619
Stock in trade includes the Company's share of pipeline stock amounting to Rs 12,800,570 thousand (June 30, 2025: Rs 14,973,799 thousand) and Rs 3,439,627 thousand (June 30, 2025: Rs 5,355,534 thousand) held by Pak-Arab Pipeline Company Limited (PAPCO) and Pak-Arab Refinery Limited (PARCO) respectively.
Stock in trade includes items costing Rs 13,833,433 thousand (June 30, 2025: Rs Nil) which have been valued at net realisable value amounting to Rs 13,313,539 thousand (June 30, 2025: Rs Nil) as a result of decline in the selling prices of certain petroleum products at period end.
Stock in trade includes Rs 1,264,167 thousand (June 30, 2025: Rs 1,299,046 thousand) being Company's share in joint operation at NIIAP (as disclosed in note 29 to these condensed interim financial statements).
December 31, June 30,
2025 2025
Rupees ('000)
TRADE DEBTS
775,684 |
279,572 5,002,265 |
5,281,837 182,225 |
5,464,062 (182,225) |
6,057,521 |
139,730 128,505 5,746 5,379 212 279,572 |
Considered good
Secured Unsecured | 800,584 | ||
Due from related parties - note 13.1 | 1,659,527 | ||
Others - note 13.2 | 4,023,991 | ||
Considered doubtful | 5,683,518 | ||
Others | 209,259 | ||
5,892,777 | |||
Less: loss allowance | (209,259) | ||
6,484,102 | |||
13.1 Due from related parties | |||
Attock Gen Limited | 1,561,444 | ||
Pakistan Oilfields Limited | 77,975 | ||
Attock Cement Pakistan Limited | 13,708 | ||
National Refinery Limited Attock Refinery Limited | 6,400 - 1,659,527 |
13.2 It includes Rs 999,025 thousand (June 30, 2025: Rs 537,962 thousand) being Company's share in joint operation at NIIAP (as disclosed in note 29 to these condensed interim financial statements).
December 31, 2025 | June 30, 2025 | |||
Rupees ('000) | ||||
14. | ADVANCES, PREPAYMENTS AND OTHER RECEIVABLES | |||
Advances to suppliers and employees | 165,416 | 192,532 | ||
Short term prepayments | 120,001 | 38,859 | ||
Current account balances with statutory authorities | 2,555,179 | 3,016,610 | ||
Accrued income on bank deposits - conventional | 317 | 122 | ||
Price differential claim receivable from the Government | 28,537 | 28,537 | ||
Receivable from oil marketing companies under freight pool Receivable from pipeline operators Due from related parties - unsecured Attock Gen Limited | 714,181 28,240 60,123 | 588,188 - 228,786 | ||
The Attock Oil Company Limited | 3,142 | 1,595 | ||
Attock Information Technology Services (Private) Limited | 2,723 | 1,316 | ||
Attock Cement Pakistan Limited | 133 | 123 | ||
APL Gratuity fund | 20,050 | 18,917 | ||
Workers' profit participation fund | - | 113,762 | ||
Receivable from Joint Operator - note 29 | 1,340,401 | 155,251 | ||
Others | 10,964 | 11,906 | ||
Less: loss allowance | (33,875) | (48,880) | ||
5,015,532 | 4,347,624 | |||
OTHER FINANCIAL ASSETS
Short term investments
10,257,115
219,172
10,476,287
23,685,232
10,102,932
201,234
10,304,166
777,169
45,242,854
At amortised cost
December 31, June 30,
2025 2025
Rupees ('000)
Treasury bills - note 15.1
Later than three month but not later than six months Later than six months but not later than one year
-11,370,524
11,370,524
Pakistan Investment Bonds - note 15.2
22,088,998
At fair value through profit or loss Mutual funds - note 15.3
Conventional
4,600,683
Shariah compliant
400,000
Current portion of long term investments
5,000,683
At amortised cost
Pakistan Investment Bonds (PIBs)
-
38,460,205
Short term investments in treasury bills earned interest at effective rate of 11.72% (June 30, 2025: 15.87%) per annum.
Short term investments in Pakistan Investment Bonds earned interest at effective rate of 11.16% (June 30, 2025: 15.02%) per annum.
Fair value has been determined using quoted repurchase prices, being net asset value of units as at period/year end.
December 31, June 30,
2025 2025
Rupees ('000)
15,972
5,068,695
91,059
123,670
5,283,424
5,299,396
CASH AND BANK BALANCES
Cash in hand
Bank balances
On saving accounts
Conventional banks (includes US $ 25 thousand; June 30, 2025: US $ 24 thousand)
Islamic banks
On current accounts - conventional banks
(includes US $ 153 thousand; June 30, 2025: US $ 153 thousand)
15,494
3,165,487
53,952
121,317
3,340,756
3,356,250
Balances in saving accounts earned interest / mark-up at weighted average rate of 9.44% (June 30, 2025: 13.30%) per annum.
NET SALES
This includes Rs 12,044,007 thousand (2024: Rs 10,863,807 thousand) being Company's share in joint operation at NIIAP relating to aviation (as disclosed in note 29 to these condensed interim financial statements).
COST OF PRODUCTS SOLD
This includes Rs 10,911,973 thousand (2024: Rs 10,484,562 thousand) being Company's share in joint operation at NIIAP relating to aviation (as disclosed in note 29 to these condensed interim financial statements).
OPERATING EXPENSES
Three month period ended Six month period ended December 31, December 31, December 31, December 31,
2025 2024 2025 2024
Rupees ('000) Rupees ('000)
Salaries, wages and other benefits Rent, taxes, repairs and maintenance Travelling and staff transport Electricity, gas and water
Insurance Exchange loss Depreciation Contract services Security services
Other operating expenses
367,092
463,323
168,079
43,073
45,531
42,722
65,960
743,429
385,352
73,503
79,654 2,110,626
68,425
28,981
61,384
37,050
41,691
741,851
372,907
46,618
82,244 1,848,243
884,853
922,034
464,305
89,921
123,193
86,250
119,218
1,497,744
886,201
136,079
172,552 4,497,497
286,107
53,886
136,040
76,707
115,313
1,469,091
865,910
94,394
165,116 4,147,417
Operating expenses includes Rs 66,334 thousand (2024: Rs 56,640 thousand) being Company's share in joint operation at NIIAP relating to aviation (as disclosed in note 29 to these condensed interim financial statements).
Three month period ended Six month period ended December 31, December 31, December 31, December 31,
2025 2024 2025 2024
Rupees ('000) Rupees ('000)
OTHER INCOME - NET
Remeasurement gain on open ended mutual funds measured at fair value through profit or loss
Dividend income from mutual funds Commission and handling income - net Rental income
Gain on derecognition of lease Others
159,248
273,905
-278,671
188,102
111,492
86,892
3,762
125,877
155,528
-60,302
939,062
504,717
391,518
413,063
-456,846
362,552
111,492
162,111
4,194
273,571
313,022
-124,984
1,506,064
1,107,289
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