Attock Petroleum Limited ('Attock Petroleum' or 'the Company') was incorporated as a public limited company on 03-Dec-95 under the repealed Companies Ordinance, 1984 (now called Companies Act, 2017). The Company has been listed on the Pakistan Stock Exchange Limited (PSX) since 2005, where its shares are currently traded under the symbol 'APL.'

Attock Petroleum is an integral part of the Attock Group (the Group), a UK-domiciled conglomerate that traces its origins back to the incorporation of the Attock Oil Company Limited (Attock Oil Company) in 1913. The Group's foundational history in the region began with the historic first oil discovery at Khaur in the Attock district in 1915. Control of the Attock Oil Company was later acquired by the Pharaon family, who led the Group’s evolution into Pakistan's only fully vertically integrated oil conglomerate. This vertical structure is comprised of Pakistan Oilfields Limited (POL) in the upstream segment (exploration and production), Attock Refinery Limited (ARL) and National Refinery Limited (NRL) in the midstream segment (refining), and Attock Petroleum in the downstream segment (marketing and distribution). Beyond its core oil and gas activities, the Group maintains significant diversification across key industries, including Attock Cement Pakistan Limited (ACPL) in heavy industry, Attock Gen Limited and Attock Energy (Pvt) Limited in the power sector, and Attock Information Technology Services (Private) Limited. This cohesive structure, supported by extensive philanthropic efforts through the Attock Sahara Foundation and Attock Hospital, allows the Group to manage the value chain seamlessly from extraction to end-user delivery.

Attock Petroleum commenced commercial operations in Feb-98 after securing the fourth OMC license issued by the Oil and Gas Regulatory Authority (OGRA). The Company is primarily engaged in the procurement, storage and marketing of High Speed Diesel (HSD), Premier Motor Gasoline (PMG) including XTRON (95 RON), Light Diesel Oil, Furnace Oil, Jet Petroleum, Bitumen, Kerosene, and a range of automotive and industrial-grade lubricants, etc. Currently, the Company operates a retail network of ~778 stations, including ~ 44 company-operated sites. Attock Petroleum holds owned and leased storage capacities of ~210,885 MT at its depots located Machike (~60,998), Port Qasim (~39,442), Rawalpindi (~19,420), Dera Ismail Khan (~18,908), Mehmoodkot (~17,028), Korangi (~14,087), Daulatpur (~13,887), Sahiwal (~16,128), and Shikarpur (~10,987). In addition to this, new PMG tanks are planned for the Rawalpindi & Port Qasim depots. Furthermore, the new oil depot at Pashtoon Garhi (Taru Jabba) is in progress. With access to a contracted fleet, the Company relies on the White Oil pipeline (WOP) and the Mahmoodkot-Faisalabad-Machike (MFM) pipeline to transfer PoL products across Pakistan. The registered office is located in Rawalpindi.

The shareholding structure of Attock Petroleum is dominated by the Attock Group, which holds a collective majority stake of ~72.79% in the Company. This is primarily channeled through the Group's key subsidiaries: Pharaon Investment Group Ltd. (Holding) s.a.l. (~34.38%) and Attock Refinery Ltd. (~21.88%). Other significant Group holdings include the Attock Petroleum Ltd. Employee Welfare Trust (~7.04%) and Pakistan Oilfields Ltd. (~7.02%), complemented by a smaller stake held by the Attock Oil Company (~2.20%). The remainder of the Company's shareholding resides with the Directors (and their associated family members) holding ~6.91%. The Company's free float, which includes the stake held by financial institutions of ~11.19%, stands at ~20%.

The ownership structure of the Company is expected to remain stable and resilient, supported by shareholders with a long-term strategic outlook. Operating across the oil and gas sector, Attock Group has played an instrumental and guiding role through industry cycles, enabling sustained investment in modernization, operational excellence, and adaptability to evolving market and regulatory environments.

The Group hold a vertical structure comprising its interest in PoL upstream segment (exploration and production), midstream segment (refining), and downstream segment (marketing and distribution). Moreover, the Group maintains diversification across key industries, including cement, power, and IT sector. This, along with the Groups presence across philanthropic projects, suits well for the Company. 

Attock Refinery, AA rated by PACRA and one of major stakeholder in the Company, holds an equity base of ~PKR 140bln as of 9MFY25. This, along with requisite oversight and financial support from the Group ensures the Company's financial strength. On standalone basis, the Company holds considerable financial footing, generating a turnover of ~PKR 10bln and an equity base of ~ PKR 62bln provides a comfort.

Overall control of the Company vests with a seven-member Board (BoD), comprising one Executive, four Non-Executive Directors and two Independent Directors. Out of these, two Non-Executive Directors represents the prsence of Pharaon family on the BoD. Adequate independence and desired female presence on the BoD bodes well for the decision-making process.

The BoD, with a diversified background and relative expertise of its members, is the key source of oversight and guidance for the management. Mr. Laith G. Pharaon chairs the Board with an overall professional experience of around three decades. Currently, he chairs the board of The Attock Oil Company and is a Director on the board of Pakistan Oilfields Ltd., Attock Refinery Ltd., National Refinery Ltd., Attock Cement Pakistan Ltd. and Attock Gen Ltd. Mr. Wael G. Pharaon, through a resident alternate Director - Mr. M. Adil Khattak, represents the Pharaon family's presence on the BoD. He has associated with the BoD for more the two decades, and is a Director on the BoD of other Group companies. Ms. Zehra Naqvi is an Independent Director, with an overall experience of more than three decades. She has been associated with Attock Petroleum's BoD for four years. Out of the seven Directors, four Directors meet the exemption criteria of the Directors’ Training Program (DTP), while three Directors received the DTP certification in prior years.

The BoD conducts regular meetings each quarter, with full attendance from all members, to review and approve the Company’s financial results and to discuss matters concerning the operational performance of the Company. To ensure effective governance and oversight, the BoD has constituted two Committees: Board Audit Committee (BAC), and Board HR & Remuneration Committee (HR&R). These committees play a vital role in supporting the Board’s decision-making processes, enhancing transparency, and promoting efficient and accountable management practices across the organization. BAC convenes quarterly meetings, while HR&R convenes annual meetings. The Committe meetings are held with full attendance, and comprehensive documentation of the Committee meetings are maintained.

The BoD operates in strict adherence to the SECP’s Code of Corporate Governance (CCG), focusing on transparency, accountability, and ethical conduct. As a listed Company, they ensure all stakeholders receive timely financial statements and material disclosures. Both the Board and management are firmly dedicated to maintaining these high governance standards through responsible and transparent reporting. M/s A. F. Ferguson & Co., Chartered Accountants, served as external auditors for the year 30-Jun-25. The firm has issued an unqualified opinion on the Company's financial statements, which validates the integrity of its financial reporting.

The Company has segregated different divisions headed by their respective Heads, resulting in effective control Structure and management. The operations are segregated into thirteen departments, i) Administration, ii) Finance & Accounts, iii) Consumer Sales, iv) Retail, v) Lubricants, vi) Procurement, vii) Engineering, viii) Internal Audit, ix) MIS, x) Human Resource, xi) Supply Chain, xii) Aviation, and xiii) Quality, Health, Safety & Environment (QHS & E). Clear lines of responsibility are defined for each department. All departmental Heads report to the Chief Executive Officer (CEO), who also serves as the Group CEO and reports directly to the Board. However, the Head of Internal Audit reports functionally to the respective Board Committee, and administratively to the CEO. The Board makes the key decisions and forms policies after thorough discussion.

Mr. Shuaib A. Malik heads the Company as the CEO. He has been associated with the Group for more than 4.5 decades. Mr. Shuaib is also the Group CEO since Jul-06. Currently, he is serving as the Chairman & CEO of Pakistan Oilfields Ltd., Chairman of ARL and NRL, and the CEO of the Attock Oil Company Ltd., besides being the Director on the Boards of all the companies in the Group including listed and unlisted public / private limited companies. Mr. Rehmat Ullah Bardaie is the CFO and GM Finance & Accounts of the Company with an overall experience of almost three decades. The management team comprises seasoned professionals, each bringing a range of expertise in their respective fields.

To ensure effective oversight and facilitate informed decision-making, Attock Petroleum has established various specialized committees responsible for overseeing key operational and financial matters. These include the Executive Committee, Sustainability Committee, Safety and Technical Committee, Retail Outlet and Development Committee, Budget Committee, Information Technology Committee, and Pricing Committee. These Committees are headed by the respective Committee head, and conduct regular meetings with adequate attendance to discuss pertinent operational matter. Complementing the diverse structure, these Committees support an efficient reporting and authority delegation, which contributes to streamlined operations and strategic clarity across the Company.

The MIS infrastructure supports the Company's critical financial, operational, and administrative processes through a diverse portfolio of specialized software. This toolkit, including - D-Biz Financials, E-Suite ERP, APL Raad Solution, APL Mobile App, MyeGantry, OSM, HRMS, and the Fleet Card Solution, is developed and maintained by external partners and ensure operational efficacy and digital interoperability.

The Company has set up effective mechanisms for the identification, assessment, and reporting of all types of risks arising out of the business operations by setting up an in-house Internal Audit department. The department oversees the risks, that includes strategic, operational, financial or compliance risks which may compromise the achievement of overall business objectives of the Company, and shares pertinent matter to the functional reporting line, i.e., the Board Audit Committee.

Driven by its high reliance on imports, Pakistan's petroleum consumption grew ~6% YoY in FY25, hitting 16.7mln MT. This surge was primarily due to price reductions, reduced oil smuggling, and increased vehicle sales. Motor Spirit (MS) led sales at 7.6mln MT (~6% increase), with High-Speed Diesel (HSD) seeing the largest jump at 6.89mln MT (~10% increase). Conversely, Furnace Oil (FO) use sharply declined by ~28%. The market features 35 registered Oil Marketing Companies (OMCs), including the five key players, including PSO, WEPL, HASCOL, Hi Tech Lubricants, and Attock Petroleum Ltd. The upward consumption trend is forecast to continue.

The Company is the fourth largest players in the OMC sector operating in Pakistan; while, Attock Petroleum is the only vertically integrated player in the OMC sector. This provides the Company a relatively better standing in the overall supply chain. Attock Petroleum captures ~9.3% of the market in terms overall PoL sales. 

The Company primarily generates revenue from the sales of PMG (~45%) and HSD (~38%), followed by Furnace Fuel Oil (~6%), Jet Petroleum & Bitumen (~7%) and other products (~4%). As the only vertically integrated player in the OMC sector, the Company has successfully translated its storage capacities into a sizeable revenue base. During FY25, the Company generated sales of 1.5mln MT (FY24: 1.6mln MT), posting a ~3% decline due to lower demand. Attock Petroleum generated PKR 474,097mln of net revenue in FY25 (FY24: PKR 526,317mln), with a drop of ~10%, due to decrease of ~11% and ~5% in PMG and HSD sales and a ~42% reduction in Furnace Fuel Oil sales. Going forward, the revenue stream is expected to remain sustainable while enhancing operational efficiencies.

OMCs generate regulated and guaranteed margins of ~ PKR 7.87 per litre; however, overall business margins remain a function of the Company's PoL procurment strategy. Attock Petroleum mainly procures PoL product from the local refineries, while the import quantum is low. However, the Company remain exposed to persistent OMC sector risks.The Company procures large volumes to remain afloat with the demand levels, and has managed to keep the gross margin stable (FY25: ~4%, FY24: ~4.2%). Though the Operating and Net profit  margins posted a slight dip due to decrease in sales volumes, along with high cost of sales and operating expenses; however on average basis, overall margins remain strong. Going forward, margins are expected to witness a stable trajectory.

Attock Petroleum is undertaking a significant expansion of its storage and distribution infrastructure. The Company plans to construct a new Bulk Oil Terminal at Taru Jabba with a substantial storage capacity of ~22,950MT. Simultaneously, the Company is increasing capacity at its existing facilities: the Rawalpindi Bulk Oil Terminal is set to gain 10,000MT of PMG storage, and the Port Qasim Terminal will be expanded by 18,700MT of PMG storage. In parallel with this infrastructure build-out, Attock Petroleum is actively diversifying into renewable and alternative energy along with expansion in its retail network. This strategic shift includes expanding its Electric Vehicle (EV) charging network, commencement of LPG business and advancing its solar energy initiatives, aligning the Company to a broader goal of transitioning toward cleaner and more sustainable energy solutions.

OMCs operate on the cycle of 15 days based on the OGRAs regulated pricing and manage the inventory accordingly. As of FY25, the Company’s inventory turnover days stood at ~31 days (FY24: ~24 days). Trade receivable days improved managed to remain stable at ~4 days (FY24: ~6 days) reflecting stronger receivable collection. Trade payable days posted a slight increase to ~7 days (FY24: ~3 days), indicating the Company’s strong ability to negotiate better credit terms (volume and value) with the suppliers. While, related party exposure is not included in trade payables. Consequently, net working capital days remains stable at ~27 days (FY24: ~26 days). The Company holds substantial borrowing cushion on its balance sheet. Going forward, working capital management is anticipated to remain afloat.

Coverages are a function of the Company's free cash from operations (FCFO) and financial charges. As of FY25, the Company reported an FCFO of ~PKR 9bln (FY24: ~PKR 9.9bln), posting a dip of ~10% primarily due to reduced profits before tax of ~PKR 17bln (FY24: ~PKR 23bln). Interest cover was down, owing to higher lease liability, to 11.3x from 20.5x in FY24; however, remains strong. The Company is managing its debt payback, i.e., lease liability, considerably well. Going forward, improvements in coverages are anticipated supported by lower interest rates resulting in reduced finance costs.

OMC's normally require substantial capital, as a mix of the Company's equity base and debt load, to manage high working capital requirements. As of FY25, Attock Petroleum's shareholders’ equity was reported at ~PKR 63bln (FY24: ~PKR 56bln), with an uptick of ~12% due to an increase in profit accumulation. Lease liability, classified in borrowings, (FY25: ~PKR 10.8bln, FY24: ~PKR 9.3bln), kept the leveraging ratio at ~14.8% (FY24: ~PKR 14.3%). The Company holds substantial liquidity on its balance sheet to fund its expansion plans; thus, going forward, the Company's capital structure is expected to remain strong.