Refineries are undergoing a period of significant change, driven by evolving product standards, technological advancements, and government policies related to investment, upgrades, and pricing. The current operating environment for refineries is marked by earnings volatility.
Previously, ATRL refinery operations had their earnings buffered by its Lube business, but this is no longer the case. However, the nomenclature persists, and ATRL now refers to its dividend income as non-refinery income.In this group mainly comprising of POL, NRL and APL their is a substantial inter-corporate lending and borrowing that at times turns their financial charges into financial income.
ATRL has exposure in all three major PSX indices namely KSE100 Index, KSE30 and Shariah-compliant KMI30. The weighting of ATRL in KMI30 is double than its weight in KSE100 Index. 
Click the link below to see quarterly financials of ATRL with key valuation parameters.