Shell oil company Posts a profit of Rs 2.1 billion
Shell Pakistan, an oil marketing company has posted a profit of Rs 2.1 billion after-tax, turning it into profit-making.
It had recorded a loss of Rs 7.8 billion during the same period last year. Shell Pakistan is in oil business and has announced financial results for half-year financial results.
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 PKR 2,150 million compared to the loss of PKR 7,873 million made in the same period last year.
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The first half of 2021 saw a significant recovery compared to a very tough last year. The encouraging turnaround is mainly due to improved business performance focusing on strategic priorities such as differentiated fuels and lubricants, cost efficiencies, and safety for employees and customers.
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 1, 2021. Waqar Siddiqui will succeed Haroon Rashid who will resign effective November 1, 2021, having served as Chief Executive Officer for 3 years and as a Board Director since 2011.
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Shell Pakistan will continue to actively work to minimize the impact of current challenges and endeavor to capture opportunities to ensure the company plays a key role in developing Pakistan’s energy future.
After Pakistan State Oil (PSO), Shell Pakistan is the largest oil marketing company in Pakistan. It had recorded a profit due to higher sales of petroleum products. During the same period last year, it had faced a loss due to low sale volume in wake of corona lockdowns across the country.
