Shell Pakistan announces profit of 7.47 billion rupees for 1HCY22

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KARACHI: Shell Pakistan Limited on Wednesday announced 7.47 billion rupees as its after-tax profit for the six months 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 7.47 billion rupees compared to the profit of 2.15 billion rupees in the same period last year.

READ MORE: Shell Pakistan halts flight operations nationwide

This encouraging turnaround is primarily driven by improved business performance focused on strategic priorities such as differentiated fuels and lubricants, the positive change to the pricing formula of pricing agency S&P Global Platts indices by the government and safe and efficient fuel operations.

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

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

Additionally, the company has authored a road safety book titled “Once upon a Road” with the aim of influencing behaviors to keep roads safer in Pakistan.

READ MORE: Businessmen express shock at rising oil prices in Pakistan

The book will be part of Care Foundation’s sixth grade school curriculum across Pakistan. The company also announced its decision to end its flight operations across Pakistan.

Currently, SPL conducts its aviation-related activities at four sites. These are Jinnah Airport in Karachi, Quetta International Airport, Begum Nusrat Bhutto Airport in Sukkur and Nawabshah Airport.

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

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Shell Pakistan remains committed to continuing all of its other business and operations in Pakistan, which are unaffected.

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

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