Attock Refinery LtdPSX: ATRL

Transmission of Quarterly Financial Statements for the period ended September 30, 2025

Oct 31, 2025 at 3:30 AM UTC · Issued by Attock Refinery Ltd

Condensed interim Financiul Statenaents

02 COMPANY INFORMATION 03 DIRECTORS' REVIEW REPORT

CONDENSED INTERIM FINANCIAL STATEMENTS

Statement of Financial Position

Statement of Profit or Loss

Statement of Profit or Loss and Other Comprehensive Income

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Statement of Financial Position

Statement of Profit or Loss

Statement of Profit or Loss and Other Comprehensive Income

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

CONTENTS

BOARD 0F DIRECTORS

Mr. Laith G. Pharaoh Mr. Wael 9. Pharaoh IYIr. Shusib A. IYlaIik

Mr. Abdus Sattar

Mr. Shamim Ahmad Khan

Mr. Tariq lqbal Khan

Independent I'on Fleck.ice Diiecloi

Mr. Mohammad Haroon

( IIemale D›"‹eclor M‹. Shnai"b A. /6/"#j

( IIemale D›"‹eclor M‹. BaburBesh"ir fiiau'ez)

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER C081PAhY SECRETARY AUD|TC0MOlTTEE

AUDITORS LEGALADVISOR SHARE REGISTRAR

REOISTE RE D OFFICE

Attack Refinery LiinileJ

Mr. M. Adil Kha\ak Syed Asad Abbas

Mr. Saif ur Rehman Mina

Mr. Tariq lqbal Khan r'ta/ m

Mr. Shusib A. Malik /.«»a

Mr. AMdus Sattar i»e»m Mr. Shamim Ahmad Khan i»r»a Mr. Babsr Bashir Mswaz i»r»a

A.F. F9fgM8Oh & fi0. Charfe r's Arrnimfarr

cii Sibtain Fazli & Associates / ;a/ é r/.‹n , A rva/e.‹ ‹ .en' r//m CDC Share Registrar Services Limited

The Refinery, P.O. Morgah, Rawalpingi.

COMPANY INFORMATION

IN THE NAME OF ALLAH, THE MOST GRACIOUS, THE MOST MERCIFUL

On behalf of the Board of Directors of Attock Refinery Limited, we are pleased to present review of the financial results and operations of the Company for the first quarter ended September 30, 2025.

FINANCIAL RESULTS

During the quarter under review the Company earned profit after tax of Rs 1,452 million from refinery operations (September 30, 2024: Rs 3,029 million). Non-refinery income, comprising dividend income of Rs 258 million was not accounted for during this quarter as AGM of the concerned company was yet to be held for approval of the declared dividend. In the corresponding quarter of the preceding year, non-refinery income was Rs 301 million. Accordingly, overall profit after taxation was Rs 1,452 million with earning per share of Rs 13.62 (September 30, 2024: Rs 3,330 million with earning per share of Rs 31.22).

During the period under review, refinery margins experienced a downward trend, reflecting global dynamics of refining industry coupled with reduced crude receipts and HSD uplifting issues in the local market. This decline in margins adversely impacted the Company's profitability. Despite these challenges, the Company remained committed to capitalizing on every opportunity to optimize business processes, strengthen operational efficiency and enhance overall profitability.

The Consolidated Financial Statements of the Company are annexed. During the period the Company made a Consolidated profit after tax of Rs 2,401 million (September 30, 2024: Rs 3,713 million) which translates into consolidated earnings per share of Rs 22.52 (September 30, 2024: Rs 34.83).

REFINERY OPERATIONS

During this quarter, the Company supplied 310 thousand Metric Tons of various petroleum products while operating at 65% of the capacity (September 30, 2024: 400 thousand Metric Tons, 71% capacity). The reduction in capacity utilization was due to multiple factors including lower crude receipts, as certain oilfields were forced to curtail gas production to manage high system pressure in gas pipelines caused by LNG imports along with reduction in demand of HSD due to devastating floods in the country.

FUTURE OUTLOOK

Macroeconomic indicators are showing positive trends. However, management anticipates that the overall economic environment would remain challenging in the near term although commencement of rehabilitation work after the flood is expected to bring some positive economic activities. Accordingly, the Company would continue to focus on implementing proactive measures to enhance operational efficiency, with the objective of increasing revenue and optimizing costs.

We are continuously following up relevant forums to address issues created by the classification of major petroleum products as "Exempt Supplies" for sales tax purposes and imposition of Petroleum Levy (PL) and a Climate Support Levy on Furnace Oil (FO). We urge the Government to address these issues on a sustainable basis to facilitate the effective implementation of the Refining Policy and attract potential investment in refinery upgradation projects.

ACKNOWLEDGEMENT

The Board would like to acknowledge support received from the Ministry of Energy - Petroleum Division and all other stakeholders. We highly appreciate our employees for their dedication. We also thank our valued customers and suppliers for their continued trust and support.

On behalf of the Board

M. ADIL KHATTAK ABDUS SATTAR

Chief Executive Officer DIRECTOR

Date: October 28, 2025 Place: Rawalpindi

DIRECTORS' REVIEW REPORT

Attack Refinery Limited

September 30, June 30, 2025 2025

Note Rs '000 Rs '000

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Share capital Authorised capital

150,000,000 (June 30, 2025: 150,000,000)

ordinary shares of Rs 10 each 1,500,000 1,500,000

Issued, subscribed and paid-up capital

106,616,250 (June 30, 2025: 106,616,250)

ordinary shares of Rs 10 each	5	1,066,163	1,066,163
Reserves and surplus	6	88,892,658	87,440,780
Surplus on revaluation of freehold land		55,160,588	55,160,588
		145,119,409	143,667,531
CURRENT LIABILITIES
Trade and other payables	7	63,174,531	52,811,321
Current portion of lease liability		260,958	339,045
Unclaimed dividends		18,582	18,582
Provision for taxation		11,789,552	11,583,789
		75,243,623	64,752,737

TOTAL EQUITY AND LIABILITIES 220,363,032 208,420,268

CONTINGENCIES AND COMMITMENTS 8

Condensed Interim Statement of Financial Position (Unaudited)

As at September 30, 2025

ASSETS	Note	September 30, 2025 Rs '000	June 30, 2025 Rs '000
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT
Operating assets	9	59,234,211	59,934,323
Capital work-in-progress	10	2,690,052	2,207,739
Major spare parts and stand-by equipments		148,830	149,346
		62,073,093	62,291,408
LONG TERM INVESTMENTS	11	13,264,915	13,264,915
LONG TERM LOANS AND DEPOSITS		49,536	48,973
DEFERRED TAXATION		1,130,130	946,311
		76,517,674	76,551,607
CURRENT ASSETS
Stores, spares and loose tools		8,938,562	9,220,935
Stock-in-trade	12	25,068,597	13,150,429
Trade debts Loans, advances, deposits, prepayments and other receivables	13 14	17,577,170 5,733,192	15,505,286 5,795,686
Short term investments	15	48,712,038	48,654,020
Cash and bank balances	16	37,815,799	39,542,305
		143,845,358	131,868,661
TOTAL ASSETS		220,363,032	208,420,268

The annexed notes 1 to 27 form an integral part of these condensed interim financial statements.

Syed Asad Abbas

Chief Financial Officer

M. Adil Khattak

Chief Executive Officer

Abdus Sattar

Director

Three months ended

	Note	September 30, 2025 Rs '000	September 30, 2024 Rs '000
Gross sales	17	88,165,254	109,448,355
Taxes, duties, levies, discount and price differential	18	(28,854,582)	(28,828,481)
Net sales		59,310,672	80,619,874
Cost of sales	19	(58,379,174)	(78,837,638)
Gross profit		931,498	1,782,236
Administration expenses		448,145	428,980
Distribution cost		26,800	23,937
Other charges		184,047	370,610
		(658,992)	(823,527)
Other income	20	2,171,864	4,052,757
Net impairment reversal on financial assets		11,307	7,968
Operating profit		2,455,677	5,019,434
Finance cost - net	21	(75,791)	(94,677)
Profit before income tax and final tax from refinery operations		2,379,886	4,924,757
Final taxes - levy		(33,196)	(35,148)
Profit before taxation from refinery operations		2,346,690	4,889,609
Taxation	22	(894,812)	(1,861,190)
Profit for the period from refinery operations		1,451,878	3,028,419
Income from non-refinery operations less applicable charges and taxation	23	-	301,189
Profit for the period		1,451,878	3,329,608
Earnings per share - basic and diluted (Rupees)
Refinery operations		13.62	28.40
Non-refinery operations		-	2.82
		13.62	31.22

The annexed notes 1 to 27 form an integral part of these condensed interim financial statements..

Syed Asad Abbas

Chief Financial Officer

M. Adil Khattak

Chief Executive Officer

Abdus Sattar

Director

Condensed Interim Statement of Profit or Loss (Unaudited)

For The First Quarter Ended September 30, 2025

Three months ended

	September 30,	September 30,
	2025	2024
Profit after taxation	Rs '000 1,451,878	Rs '000 3,329,608
Other comprehensive income - net of tax:	-	-
Total comprehensive income for the period	1,451,878	3,329,608

The annexed notes 1 to 27 form an integral part of these condensed interim financial statements.

Syed Asad Abbas

Chief Financial Officer

M. Adil Khattak

Chief Executive Officer

Abdus Sattar

Director

Condensed Interim Statement of Profit or Loss and Other Comprehensive Income (Unaudited)

For The First Quarter Ended September 30, 2025

Share capital

Special reserve for expansion/ modernisation

Capital reserve Utilised

special reserve for expansion/ modernisation

Others

Investment reserve

Revenue reserve

General Un-appropriated reserve Profit

Surplus on revaluation of

freehold land Total

				Rs '000
1,066,163	30,196,887	10,962,934	5,948	3,762,775	55	32,344,637	55,160,588	133,499,987
-	-	-	-	-	-	3,329,608	-	3,329,608
-	-	-	-	-	-	-	-	-
-	-	-	-	-	-	3,329,608	-	3,329,608
1,066,163	30,196,887	10,962,934	5,948	3,762,775	55	35,674,245	55,160,588	136,829,595
-	-	-	-	-	-	8,642,457	-	8,642,457
-	-	-	-	-	-	61,263	-	61,263
-	-	-	-	-	-	8,703,720	-	8,703,720
-	-	-	-	-	-	(1,332,703)	-	(1,332,703)
-	-	-	-	-	-	(533,081)	-	(533,081)
1,066,163	30,196,887	10,962,934	5,948	3,762,775	55	42,512,181	55,160,588	143,667,531
-	-	-	-	-	-	1,451,878	-	1,451,878
-	-	-	-	-	-	-	-	-
-	-	-	-	-	-	1,451,878	-	1,451,878
1,066,163	30,196,887	10,962,934	5,948	3,762,775	55	43,964,059	55,160,588	145,119,409

Balance as at July 01, 2024

Total comprehensive income - net of tax Profit for the period

Other comprehensive income for the period

Balance as at September 30, 2024

Total comprehensive income - net of tax Profit for the period

Other comprehensive income for the period

Distribution to owners:

Final cash dividend @ 125% related to the year ended June 30, 2024 Interim cash dividend @ 50% related to the year ended June 30, 2025

Balance as at June 30, 2025

Total comprehensive income - net of tax Profit for the period Other comprehensive income for the period Balance as at September 30, 2025

The annexed notes 1 to 27 form an integral part of these condensed interim financial statements.

Syed Asad Abbas

Chief Financial Officer

M. Adil Khattak

Chief Executive Officer

Abdus Sattar

Director

Condensed Interim Statement of Changes in Equity (Unaudited)

For The First Quarter Ended September 30, 2025

Three months ended

CASH FLOWS FROM OPERATING ACTIVITIES	Note	September 30, 2025 Rs '000	September 30, 2024 Rs '000
Cash receipts from - Customers		85,933,989	124,097,818
- Others		209,124	169,256
		86,143,113	124,267,074
Cash paid for operating cost		(62,118,983)	(83,909,481)
Cash paid to Government for duties, taxes and other levies		(26,584,493)	(29,987,910)
Income tax and final taxes paid		(906,064)	(2,630,634)
Net cash (outflow)/inflow from operating activities		(3,466,427)	7,739,049
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment		(519,438)	(217,904)
Proceeds against disposal of operating assets		6,317	12,752
Long term loans and deposits		(562)	(1,840)
Income received on bank deposits		2,099,462	4,066,695
Net cash inflow from investing activities		1,585,779	3,859,703
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of lease liability		(91,631)	-
Dividend paid to Company's shareholders		-	(404)
Bank balances under lien		-	856
Finance costs paid		(10)	(129)
Net cash (outflow)/inflow from financing activities		(91,641)	323
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS DURING THE PERIOD		(1,972,289)	11,599,075
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD		87,189,505	67,190,300
Effect of exchange rate changes on cash and cash equivalents		303,801	3,763
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	16.3	85,521,017	78,793,138

The annexed notes 1 to 27 form an integral part of these condensed interim financial statements.

Syed Asad Abbas

Chief Financial Officer

M. Adil Khattak

Chief Executive Officer

Abdus Sattar

Director

Condensed Interim Statement of Cash Flows (Unaudited)

For The First Quarter Ended September 30, 2025

LEGAL STATUS AND OPERATIONS
Attock Refinery Limited (the Company) was incorporated in Pakistan on November 8, 1978 as a private limited company and was converted into a public limited company on June 26, 1979. The Company is principally engaged in the refining of crude oil. The registered office and refinery complex of the Company is situated at Morgah, Rawalpindi. Its shares are quoted on Pakistan Stock Exchange Limited.
The Company is a subsidiary of The Attock Oil Company Limited, England and its ultimate parent is Coral Holding Limited.
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 (lAS) 34 "Interim Financial Reporting", issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of lAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
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 audited 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 consistent with those followed in the preparation of the audited financial statements for the year ended June 30, 2025.
FINANCIAL RISK MANAGEMENT
The Company's financial risk management objectives and policies are consistent with those disclosed in the audited financial statements for the year ended June 30, 2025.
SHARE CAPITAL

The parent company, The Attock Oil Company Limited held 65,095,630 (June 30, 2025: 65,095,630) ordinary shares and the associated company Attock Petroleum Limited held 1,790,000 (June 30, 2025: 1,790,000) ordinary shares as at September 30, 2025.

6. RESERVES AND SURPLUS	September 30, 2025 Rs '000	June 30, 2025 Rs '000
Capital reserve Special reserve for expansion/modernisation - note 6.1	30,196,887	30,196,887
Utilised special reserve for expansion/modernisation - note 6.2	10,962,934	10,962,934
Others
Liabilities taken over from The Attock Oil Company Limited
no longer required	4,800	4,800
Capital gain on sale of building	654	654
Insurance and other claims realised relating to pre-incorporation period 494		494

5,948 5,948 Revenue reserve

Investment reserve - note 6.3	3,762,775	3,762,775
General reserve	55	55
Un-appropriated profit - net	43,964,059	42,512,181
	47,726,889	46,275,011
	88,892,658	87,440,780

Under the Policy Framework for Up-gradation and Expansion of Refineries, 2013 issued by the Ministry of Energy - Petroleum Division (the Ministry) as amended from time to time, the refineries were required to transfer the amount of profit above 50% of paid-up capital as at July 1, 2002 into a Special Reserve Account which shall be available for utilisation for upgradation of refineries or may also be utilised in off setting losses of the refinery from refinery operations. The Government of Pakistan notified the "Pakistan Oil Refining Policy for Upgradation of Existing / Brownfield Refineries, 2023" (the 2023 Policy) on August 17, 2023. Under the new policy, the requirement to transfer the amount of profit above 50% of paid-up capital as at July 1, 2002 into Special Reserve Account is not required.
Represent amounts utilized out of the Special Reserve for expansion/modernisation of the refinery. The total amount of capital expenditure incurred on Refinery expansion/modernisation till September 30, 2025 is Rs 30,347.82 million (June 30, 2025: Rs 29,961.43 million) including Rs 19,384.89 million (June 30, 2025: Rs 18,998.50 million) spent over and above the available balance in the Special Reserve which has been incurred by the Company from its own resources.
The Company has set aside gain on sale of investment as investment reserve to meet any future losses/ impairment on investments.

7.	September 30, 2025 Rs '000 TRADE AND OTHER PAYABLES	June 30, 2025 Rs '000
	Creditors - note 7.1 32,897,679	26,571,925
	Due to The Attock Oil Company Limited - Holding Company 177,818 Due to associated companies Pakistan Oilfields Limited 3,162,096	161,152 2,696,211
	Attock Petroleum Limited 247,459	-
	Attock Energy (Private) Limited 1,627	1,676
	Accrued liabilities and provisions - note 7.1 8,561,064	8,703,364
	Due to the Government under the pricing formula 6,126,728	4,988,908
	Custom duty payable to the Government 2,061,094	1,802,635
	Contract liabilities - Advance payments from customers 154,717	314,098
	Sales tax payable - Workers' Profit Participation Fund 128,197 ARL Gratuity Fund 14,501	332,273 -14,501
	Crude oil freight adjustable through inland freight equalisation margin 173,708 Payable to statutory authorities in respect of petroleum development levy and excise duty 9,463,700	204,815 7,015,620
	Deposits from customers adjustable against freight and Government levies payable on their behalf 376	376
	Security deposits 3,767	3,767
	63,174,531	52,811,321

7.1 These balances include amounts retained from payments to crude suppliers for purchase of local crude as per the directives of the Ministry of Energy - Petroleum Division (the Ministry). Further, as per directives of the Ministry such withheld amounts are to be retained in designated 90 days interest bearing accounts. The amounts withheld along with accumulated profits amounted to Rs 6,913.54 million (June 30, 2025: Rs 6,766.12 million).

CONTINGENCIES AND COMMITMENTS Contingencies: September 30, June 30, 2025 2025 Rs '000 Rs '000
1. Consequent to amendment through the Finance Act, 2014, SRO 575(I)/2006 was withdrawn. As a result, all imports relating to the ARL Up-gradation Project were subjected to the higher rate of customs duties, sales tax and income tax. Aggrieved by the withdrawal of the said SRO, the Company filed a writ petition on August 20, 2014, in the Lahore High Court, Rawalpindi Bench (the Court). The Court granted interim relief by allowing the imports against submission of bank guarantees and restraining customs authorities from charging an increased amount of customs duty/sales tax. Bank guarantees were issued in favour of the Collector of Customs, as per the directives of the Court.
  On November 10, 2020, the Court referred the case to Customs authorities with the instruction not to encash the bank guarantees without giving the Company appropriate remedy under the law. The Company preferred Intra Court Appeal (ICA) against the Court decision. The Customs authorities have since issued orders granting partial relief for Company's contention and also preferred appeals before Collector of Appeals (CA) and the Custom Appellate Tribunal (CAT) challenging said decisions and orders were passed against the Company. The Company has filed references against the order of CAT before Honourable High Court of Sindh.
  In addition to above, owing to the protracted nature of the litigation, the company maintained ongoing engagement with Engineering Development Board (EDB) and Customs authorities for release of bank guarantees. Total guarantees issued amounted to Rs 1,410 million out of which upto balance sheet date guarantees amounting to Rs 1,403 million have been released as a result of decision in company's favour/ payments under protest.
  On January 27, 2025, the Court decided in the matter of ICA earlier filed by the Company whereby the order of the single bench assigning the case to custom authorities has been set aside and remanded back to single bench of the Court. The Department has since filed civil petition for leave to appeal in the Supreme Court of Pakistan against the remand back decision.
2. Due to circular debt in the oil industry, certain amounts due from the oil marketing companies (OMCs) and due to crude oil suppliers have not been received/paid on their due dates for payment. As a result the Company has raised claims on OMCs in respect of mark-up on delayed payments as well as received counter claims from some crude oil suppliers which have not been recognized in these condense interim financial statements as these have not been acknowledged as debt by either parties.

6,820 6,820

	September 30, 2025 Rs '000	June 30, 2025 Rs '000
iii) Claims for land compensation contested by the Company.	5,300	5,300
iv) Guarantees issued by banks on behalf of the Company [other than (i) above].	1,000,000	1,000,000
v) Price adjustment related to crude oil and condensate purchases have been recorded based on provisional prices due to non-finalisation of Crude Oil Sale Purchase Agreement (COSA) and may require adjustment in subsequent periods as referred to in note 19.1, the amount of which can not be presently quantified.
vi) In March 2018, Mela and Nashpa Crude Oil Sale Purchase Agreement (COSA) with effective date of March 27, 2007 was executed between the President of Pakistan and the working interest owners of Petroleum Concession Agreement (PCA) whereby various matters including the pricing mechanism for crude oil were prescribed. The Company has been purchasing crude oil from the respective oil fields since 2007 and 2009. In this respect, an amount of Rs 2,484 million was demanded from the Company as alleged arrears of crude oil price for certain periods prior to signing of aforementioned COSA.	2,484,098	2,484,098
In view of the foregoing, the Company filed a writ petition on December 17, 2018 before the Honourable Islamabad High Court (the Court), whereby interim relief was granted to the Company by restraining respondents from charging the premium or discount regarding the supplies of crude oil made to the Company between 2012 to 2018. Based on the Company's assessment of related matter and based on the legal advices obtained from its legal consultants the Company did not acknowledge the related demand and accordingly, not provided for the same in its books of account. The matter is pending for adjudication.
vii) In October 2021, the Honorable Supreme Court of Pakistan rejected Company's appeal relating to levy of sales tax on supply of Mineral Turpentine Oil during the period July 1994 to June 1996. In this respect, the Company has filed a review petition with the Honorable Supreme Court of Pakistan which is currently pending for adjudication.	656,580	656,580
Further to the orders of the Honorable Supreme Court, the DCIR raised the sales tax demand for principal along with default surcharge and penalty and issued a refund order adjusting the cumulative prior income tax refunds of the Company against the aforesaid demand. Being aggrieved, in relation to the default surcharge and penalty, the Company has preferred an appeal before CIR(A) wherein the CIR(A) has remanded the case back to DCIR.

September 30, June 30, 2025 2025 Rs '000 Rs '000

Whilst the Company had deposited the principal amount of sales tax involved but is contesting before the Honorable Islamabad High Court, the alleged levy of default surcharge and penalty for an amount of Rs 155.05 million (2024: Rs 155.05 million) in this matter along the coercive adjustment thereof against Company's income tax refunds.

In addition, the Company is also contesting before the Commissioner Inland Revenue (Appeals), the matter relating to short determination of refund due to the Company by an amount of Rs 501.53 million (June 30, 2025: Rs 501.53 million).

viii) In November 30, 2021, the Commissioner Inland Revenue (CIR) issued order in respect of sales tax for the periods July 2018 to June 2019, alleging the Company on various issues including suppression of sales and raised a demand of Rs 8,147 million and Rs 407 million in respect of sales tax and penalty respectively. Being aggrieved the Company preferred an appeal before Commissioner Inland Revenue (Appeals) [CIR(A)] who vide the appellate order dated May 31, 2022 upheld the demand of Rs 740 million and remanded the case back on other issues.

Pursuant to the aforementioned demand, on June 15, 2022, the Department recovered an amount of Rs 1,077 million (including the related penalty and default surcharge). The Company filed writ petition against the aforesaid recovery from the company's bank account before the Islamabad High Court which vide order dated September 15, 2022 (received on October 6, 2022) ordered tax authorities to reimburse the recovered amount to the Company within thirty days.

The Company has approached the tax authorities for reimbursement of said amount but the payment is still pending. Accordingly, being entitled to a refund in respect of the recovered amount, a receivable in this respect has been recognised as disclosed in note 14 to financial statements.

Commitments: 1,076,579 1,076,579

i) Capital expenditure	1,001,035	1,471,927
ii) Letters of credit and other contracts for purchase of store items	3,727,333	1,105,936

9. OPERATING ASSETS	September 30, 2025 Rs '000	June 30, 2025 Rs '000
9.1 Owned assets Opening written down value	59,596,057	62,120,645
Additions during the period/year	37,641	328,057
Written down value of disposals	-	(3,183)
Depreciation during the period/year	(689,429)	(2,849,462)
	58,944,269	59,596,057
9.2 Right of use assets (ROU)
Balance at the beginning	338,266	531,560
Depreciation for the period/year	(48,324)	(193,294)
	289,942	338,266
Balance at the end	59,234,211	59,934,323
10. CAPITAL WORK-IN-PROGRESS
Balance at the beginning	2,207,739	1,479,322
Additions during the period/year Transfer to operating assets	483,324	804,325
- Building on freehold land	-	-
Plant and machinery Furniture, fixtures and equipment	(1,011) -	(75,908) -
	(1,011)	(75,908)
Balance at the end	2,690,052	2,207,739
Break-up of the closing balance of capital work-in-progress
The details are as under:
Civil works	59,308	56,170
Plant and machinery	2,629,744	2,150,569
Pipeline project	1,000	1,000
	2,690,052	2,207,739

September 30, 2025 June 30, 2025 % age Rs '000 % age Rs '000 Holding Holding

LONG TERM INVESTMENTS - AT COST Associated Companies Quoted

National Refinery Limited - note 11.1 25 8,046,635 25 8,046,635

Attock Petroleum Limited 21.88 4,463,485 21.88 4,463,485

Unquoted

30	748,295	30	748,295
10	4,500	10	4,500
	13,262,915		13,262,915
100	2,000	100	2,000
	13,264,915		13,264,915

Attock Gen Limited

Attock Information Technology Services (Private) Limited

Subsidiary Company Unquoted

Attock Hospital (Private) Limited

Based on valuation analysis, the recoverable amount of investment in NRL exceeds its carrying amount. The recoverable amount has been estimated based on a value in use calculation. These calculations have been made on discounted cash flow based valuation methodology carried out by an external investment advisor engaged by the company for the year ended June 30, 2025.

STOCK-IN-TRADE
As at September 30, 2025, stock-in-trade includes stocks carried at net realisable value of Rs 13,990.86 million (June 30, 2025: Rs 3,085.25 million). Adjustments amounting to Rs 3,855.45 million (June 30, 2025: Rs 834.31 million) have been made to closing inventory to write down stock to Net Realizable Value. The NRV write down is mainly due to decline in the selling prices of certain petroleum products.
TRADE DEBTS - unsecured and considered good

Trade debts include amount receivable from associated company Attock Petroleum Limited Rs 5,345.22 million (June 30, 2025: Rs 7,782.60 million).

	September 30,	June 30,
14. LOANS, ADVANCES, DEPOSITS, PREPAYMENTS	2025 Rs '000	2025 Rs '000
AND OTHER RECEIVABLES
Due from Subsidiary Company Attock Hospital (Private) Limited	2,683	2,308
Due from associated companies Attock Petroleum Limited	-	155,571
Attock Information Technology Services (Private) Limited	1,755	486
Attock Leisure and Management Associates (Private) Limited	454	129
Attock Gen Limited	901	19
National Refinery Limited	2,812	6,376
National Cleaner Production Centre Foundation	5,120	217
Attock Sahara Foundation	98	122
Capgas (Private) Limited	481	175
Income accrued on bank deposits	352,555	367,235
Workers' Profit Participation Fund	-	123,072
Staff Pension Fund	225,396	225,396
Sales tax refundable	376,731	-
Sales tax reimbursement from IFEM	3,412,973	3,435,343
Sales tax forcely recovered - note 8 (viii)	1,076,579	1,076,579
Loans, deposits, prepayments and other receivables	536,612	675,923
Loss allowance	(261,958)	(273,265)
15. SHORT TERM INVESTMENTS	5,733,192	5,795,686
At amortised cost Treasury bills (T-Bills) - note 15.1	42,209,279	42,154,020
Term Deposit Receipts (TDR's) - note 15.2 At fair value through profit or loss	6,000,000	6,500,000
Mutual funds - note 15.3 502,759		-
48,712,038		48,654,020

These carry profit at the rate of 10.83% to 10.85% (June 30, 2025: 10.94% to 11.14%) per annum
having maturity for a period upto 3 months (June 30, 2025: 3 months).
These carry profit at the rate of 11.50% (June 30, 2025: 10.92% to 11.15%) per annum having
maturity for a period upto 1 months (June 30, 2025: 3 months).
Fair value has been determined using quoted repurchase price, being net asset value of unit as at September 30, 2025.

September 30, 2025 Rs '000 16. CASH AND BANK BALANCES		June 30, 2025 Rs '000
Cash in hand (including US $ 2,001;
June 30, 2025: US $ 893) - Shariah compliant With banks: Local currency	4,439	2,612
Current accounts
Conventional	33,859	24,701
Shariah compliant	2,879	2,879
Short term deposits - note 16.1 - Conventional	6,756,097	6,597,779
Saving accounts - note 16.2
Conventional	22,289,302	19,991,095
Shariah compliant	5,224,977	9,722,795
Foreign Currency
Current accounts (US $ 11,990,448;
June 30, 2025: US $ 10,812,180) - Conventional	3,371,714	3,066,875
Saving accounts (US $ 471,307; June 30, 2025: US $ 470,893)
Conventional	56,809		57,304
Shariah compliant	75,723		76,265
	37,815,799		39,542,305

This amount is placed in a 90-days interest-bearing account consequent to directives of the Ministry of Energy - Petroleum Division on account of amounts withheld from suppliers alongwith related interest earned thereon net of withholding tax, as referred to in note 7.1.
Bank deposits of Rs 1,006.82 million (June 30, 2025: Rs 1,006.82 million) were under lien with bank against a bank guarantee issued on behalf of the Company.
Cash and cash equivalents

Cash and cash equivalents included in the statement of cash flows comprise the following:

September 30, September 30, 2025 2024 Rs '000 Rs '000

Cash and bank balances	37,815,799	43,749,956
Short term investments	48,712,038	36,598,432
	86,527,837	80,348,388
Bank balances under lien	(1,006,820)	(1,555,250)
	85,521,017	78,793,138
Three months ended

17. GROSS SALES	September 30, 2025 Rs '000	September 30, 2024 Rs '000
Local sales	84,845,649	105,933,550
Export sales	3,319,605	3,514,805
	88,165,254	109,448,355

Three months ended

18.	TAXES, DUTIES, LEVIES, DISCOUNT AND PRICE DIFFERENTIAL	September 30, 2025 Rs '000	September 30, 2024 Rs '000
	Sales tax	1,325,127	2,635,653
	Petroleum development levy	23,779,378	21,371,022
	Custom duties and other levies - note 18.1	3,518,231	3,774,932
	Discount	-	49,595
	PMG RON differential - note 18.2	175,851	509,312
	HSD price differential - note 18.3	55,995	487,967
		28,854,582	28,828,481

This represents amount recovered from customers and payable as per Oil and Gas Regulatory Authority directives on account of custom duty on PMG and HSD.
This represents amount payable as per Oil and Gas Regulatory Authority directives on account of differential between price of PSO's imported 92 RON PMG and 91 RON PMG sold by the Company during the period.
This represents amount payable as per Oil and Gas Regulatory Authority directives on account of HSD Euro-III and V price differential claim.

Three months ended

19.	COST OF SALES	September 30, 2025 Rs '000	September 30, 2024 Rs '000
	Crude oil consumed - note 19.1	60,726,696	71,181,175
	Transportation and handling charges	906,496	540,636
	Salaries, wages and other benefits	519,291	506,613
	Chemicals consumed	1,551,175	2,316,830
	Fuel and power	1,927,485	2,405,696
	Repairs and maintenance	431,828	384,993
	Staff transport and travelling	14,025	12,235
	Insurance	162,889	183,887
	Cost of receptacles	3,984	10,252
	Other operating costs	13,148	33,177
	Security charges	16,152	12,005
	Contract services	127,694	108,740
	Depreciation	675,707	672,934
	Cost of goods manufactured	67,076,570	78,369,173
	Changes in stocks	(8,697,396)	468,465
		58,379,174	78,837,638

Certain crude oil and condensate purchases have been recorded based on provisional prices due to non-finalisation of Crude Oil Sale Purchase Agreements (COSA) and may require adjustment in subsequent periods.

Three months ended

	September 30,	September 30,
20. OTHER INCOME	2025 Rs '000	2024 Rs '000
Income on bank deposits Conventional	1,977,959	3,743,284
Shariah compliant	106,823	156,337
Interest on delayed payments - Conventional Remeasurement gain on open ended mutual funds measured at fair value through profit or loss - Conventional	17,245 2,759	55,472 -
Handling and service charges - Shariah compliant	11,781	9,297
Rental income - Shariah compliant	39,230	48,406
Income from crude decanting - Conventional	991	134
Penalties from carriage contractors - Conventional	1,655	1,922
Miscellaneous - Shariah compliant	13,421	37,905
	2,171,864	4,052,757
21. FINANCE COST - NET
Exchange loss - net	59,324	75,102
Interest on lease liability measured at amortized cost	16,457	19,446
Bank and other charges	10	129
	75,791	94,677
22. TAXATION
Current	1,078,631	2,034,758
Deferred	(183,819)	(173,568)
	894,812	1,861,190
23. INCOME FROM NON-REFINERY OPERATIONS LESS APPLICABLE CHARGES AND TAXATION
Dividend income from associated company	-	374,148
Related charges:
Workers' Welfare Fund	-	7,483
Taxation	-	65,476
	-	(72,959)
	-	301,189

OPERATING SEGMENT

These condensed interim financial statements have been prepared on the basis of a single reportable segment. Revenue from external customers for products of the Company are as follows:

Three months ended

	September 30,	September 30,
	2025 Rs '000	2024 Rs '000
High Speed Diesel	36,185,498	38,934,074
Premier Motor Gasoline	38,450,574	47,812,678
Jet Petroleum	6,219,112	9,757,729
Furnace Fuel Oil	1,630,380	5,639,006
Export sales FFO	3,319,605	3,514,805
Others	2,360,085	3,790,063
	88,165,254	109,448,355
Taxes, duties, levies, discount and price differential	(28,854,582)	(28,828,481)
	59,310,672	80,619,874

Revenue from four major customers of the Company constitute 85% of total revenue during the three months period ended September 30, 2025 (September 30, 2024: 86%).

FAIR VALUE MEASUREMENT
The carrying values of financial assets and liabilities approximate their fair values. The different levels have been defined as follows:
- Level 1 : Quoted prices in active markets for identical assets and liabilities;
- Level 2 : Observable inputs ; and
- Level 3 : Unobservable inputs
Fair value of land has been determined using level 2 by using the sales comparison approach. Sales prices of comparable land in close proximity are adjusted for differences in key attributes such as property size. The most significant input into this valuation approach is price per square foot and a slight change in the estimated price per square foot of the land would result in a significant change in the fair value of the freehold land.
Valuation of the freehold land owned by the Company was valued by independent valuer to determine the fair value of the land as at June 30, 2023. The revaluation surplus was credited to statement of profit or loss and other comprehensive income and is shown as 'surplus on revaluation of freehold land'.

RELATED PARTY TRANSACTIONS

Aggregate transactions with holding company, associated companies and subsidiary company during the period were as follows:

Three months ended September 30, September 30, 2025 2024 Rs '000 Rs '000 Sale of goods and services to:

Associated companies	16,604,867	24,543,648
Subsidiary company	12,252	9,045
Holding company	2,494	1,359
Interest income on delayed payments from an associated company	16,140	55,472
Purchase of goods and services from:
Associated companies	7,658,345	8,540,805
Subsidiary company	40,282	32,501
Holding company	337,768	194,166
Other related parties:
Remuneration including benefits and perquisites of
Chief Executive Officer and key management personnel	82,952	80,835
Honorarium/remuneration to Non-Executive Directors	5,998	5,903
Contribution to Workers' Profit Participation Fund	128,197	264,768
Contribution to Employees' Pension, Gratuity and Provident Funds	34,335	32,340

GENERAL
1. Short term finance facility
  The Company has obtained short term financing from a bank for an amount of Rs 3,000 million (June 30, 2025: Rs 3,000 million) to finance its working capital requirements. This facility is secured by ranking hypothecation charge over all present and future current and fixed assets (excluding land and building) of the Company. The rate of mark-up on short term financing facility is 3 months KIBOR plus 0.08% p.a. which is payable on quarterly basis. No drawdowns have been made by the Company against the said facility as of reporting date (June 30, 2025: Rs nil).
2. Date of Authorisation

These condensed interim financial statements were authorised for circulation to the shareholders by the Board of Directors of the Company on October 28, 2025.

Syed Asad Abbas

Chief Financial Officer

M. Adil Khattak

Chief Executive Officer

Abdus Sattar

Director

Condensed Interim Consolidated Financial Statements

For The First Quarter Ended September 30, 2025

September 30, June 30,

2025 2025

Note Rs '000 Rs '000

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Share capital Authorised capital

150,000,000 (June 30, 2025: 150,000,000)

ordinary shares of Rs 10 each 1,500,000 1,500,000

Issued, subscribed and paid-up capital

106,616,250 (June 30, 2025: 106,616,250)

ordinary shares of Rs 10 each	5	1,066,163	1,066,163
Reserves and surplus	6	99,476,317	97,075,922
Surplus on revaluation of freehold land		55,160,588	55,160,588
		155,703,068	153,302,673
NON-CURRENT LIABILITIES
Deferred taxation		2,083,665	2,062,362
Deferred grant		2,358	2,524
		2,086,023	2,064,886
CURRENT LIABILITIES
Trade and other payables	7	63,173,587	52,830,424
Current portion of lease liability		260,958	339,045
Unclaimed dividends		18,582	18,582
Provision for taxation		11,795,908	11,587,898
		75,249,035	64,775,949
TOTAL EQUITY AND LIABILITIES		233,038,126	220,143,508
CONTINGENCIES AND COMMITMENTS	8

Attock Refinery Limited

Condensed Interim Consolidated Statement of Financial Position (Unaudited)

As at September 30, 2025

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