Shell Pakistan announces Rs7.47 billion profit for 1HCY22

Shell Pakistan announces Rs7.47 billion profit for 1HCY22

KARACHI: Shell Pakistan Limited on Wednesday announced Rs7.47 billion as after tax profit for the half year ended June 30, 2022.

The Board of Directors of Shell Pakistan Limited (SPL) approved the company’s half year results on August 17, 2022.

The Company posted a profit after tax of Rs7.47 billion compared to the profit of Rs2.15 billion made in the same period last year.

READ MORE: Shell Pakistan stops aviation operations across country

The encouraging turnaround is mainly driven by improved business performance focusing on strategic priorities such as differentiated fuels and lubricants, the positive change in pricing formula to pricing agency S&P Global Platts’ indexes by the government, and safe and efficient fuel operations.

During this period, the Mobility business launched 13 new retail sites which will help deliver increased volume. Shell V-Power remains the market leader in the premium fuels category.

Through successful dialogue with the government, we will see expansion of our network in Punjab, which will help us grow.

Furthermore, the Company authored a book on Road Safety titled “Once upon a Road” with the aim of driving the behaviours in keeping roads safer in Pakistan.

READ MORE: Businessmen express shock over petroleum price hike in Pakistan

The book will be part of the Care Foundation school curriculum of sixth grade across Pakistan. The Company also announced its decision to discontinue its aviation operations across Pakistan.

Presently, SPL carries out its aviation related operations at four locations. They are Jinnah Airport in Karachi, Quetta International Airport, Begum Nusrat Bhutto Airport in Sukkur and Nawabshah Airport.

After due consideration, SPL has decided that it is no longer commercially viable to continue with its aviation business in Pakistan.

READ MORE: Attock Petroleum declares massive 277% growth in annual profit

Shell Pakistan remains committed to continuing all its other businesses and operations in Pakistan, which remain unaffected.

The Company will actively work to minimize impact of current challenges and endeavour to capture opportunities to ensure the company plays a key role in developing Pakistan’s energy future.