Cnergyico PK Ltd (PSX: CNERGY) – still better known to many investors by its former name, Byco – has swung to a loss for the financial year ended 2025, even as revenues climbed and the company pressed ahead with a billion-dollar refinery upgrade and a sweeping break-up into separate businesses. Management is also pivoting its crude slate toward lighter imports from the United States and West Africa – away from Pakistan’s traditional sources in Saudi Arabia and the UAE – to limit furnace oil yields, while exporting most of the furnace oil it still produces to offset domestic levies.
On a standalone basis, net sales rose 23% year-on-year to Rs297 billion in FY25 from Rs241 billion in FY24. But the revenue uplift did not translate into earnings: gross profit fell 60% to Rs5.0 billion, squeezing the gross margin to 2%, and profit after tax swung from Rs1.0 billion in FY24 to a loss of Rs2.9 billion in FY25. EBITDA dropped 45% to Rs9.5 billion. The company’s fourth quarter illustrated that pressure starkly: sales dipped 9% year-on-year and gross profit was essentially flat, producing a quarterly loss. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
