Attock Refinery announces reduction in throughput due to low crude stock levels

Attock Refinery Limited (ARL) has disclosed a reduction in its refinery’s throughput, citing a decline in crude oil receipts. 

The company, in a statement to the Pakistan Stock Exchange (PSX) on Wednesday, revealed that this issue has persisted for some time and worsened during the Eid holidays. The refinery’s throughput has been significantly impacted due to low crude stock levels, leading to reduced production.

However, ARL has assured its stakeholders that the issue is temporary, with an expectation that the situation will improve within one week.

Following the announcement, Attock Refinery experienced a decline in its stock price, which stands at Rs 677.00 as of 11:50 am on Wednesday, reflecting a loss of Rs22.55 (-3.22%).

According to the PSX website, ARL has a market capitalisation of Rs72.18 billion, with a total of 106,616,250 shares outstanding. Notably, 40% of the shares are in free float, amounting to 42,646,500 shares, which indicates a good level of market liquidity. 

Attock Refinery was incorporated on November 8, 1978 as a private limited company and was converted into a public company on June 26, 1979. It is principally engaged in the refining of crude oil. The refinery is a subsidiary of The Attock Oil Company Limited, England and its ultimate parent is Coral Holding Limited, a private limited company incorporated in Malta.