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Shell Pakistan Makes A Major Turnaround Posting A Huge Profit in H1 2021

The Board of Directors of Shell Pakistan Limited (SPL) announced the half-year 2021 financial results on August 26th.

The company posted a profit after tax of Rs. 2.150 billion as compared to the loss of Rs. 7.873 billion, made in the same period last year.

According to an official statement released by the company, “The first half of 2021 saw a significant recovery compared to a very tough last year. The encouraging turnaround is mainly driven by improved business performance focusing on strategic priorities such as differentiated fuels and lubricants, cost efficiencies, and safety for employees and customers.”

During the first half, the company’s net sales saw an increase of 50 percent to Rs. 107.13 billion compared to Rs. 71.54 billion was recorded in the same period last year.

Earnings per share of the company were reported at Rs. 11.07 as compared to a loss per share of Rs. 50.93

During this period, the Mobility business signed a Memorandum of Understanding (MoU) with K-Electric Limited to jointly pilot Electric-Vehicle Charging Stations across Karachi and its connecting highways. The Lubricants business has been powering Pakistan’s progress in construction, textile, and mining through an uninterrupted supply of high-quality lubricants. In addition, an affordable premium product in the motorcycle engine oil category was launched, namely, Advance Fuel Save 10W-30.

During the meeting on August 26th, the Board of Directors of Shell Pakistan Limited appointed Waqar Siddiqui as the Chief Executive Officer of the company effective November 1st, 2021.

Waqar Siddiqui will succeed Haroon Rashid, who will resign effective November 1st, 2021, having served as Chief Executive Officer for three years and as a Board Director since 2011.

Shell’s scrip at the bourse was closed at Rs. 152.04, down by Rs. 9.37 or 5.81 percent, with a turnover of 557,600 shares on Thursday.

Source: Pro Pakistani

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