Karachi November 8 2021: Shell Pakistan Limited incurred exchange loss amounting to PKR 2,068 million as Pak Rupee lost its ground by 7.55 percent during the third quarter ending September 2021.
Shell Pakistan Limited continued the focus on its strategic priorities and operational excellence in the quarter and despite the continued macroeconomic challenges in the country, successfully delivered a profit after tax of PKR 297 million for the third quarter of 2021.
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Company’s overall financial performance for the nine months ended September 30, 2021 have also witnessed a significant recovery compared to a very tough last year and your Company was able to successfully deliver a profit after tax of PKR 2,447 million for the nine months of 2021, as compared to a loss after tax of PKR 6,061 million for the same period last year.
This encouraging turnaround is mainly driven by improved business performance e.g., selling more differentiated fuels and lubricants, the governments positive change in pricing formula to Platts indexes to align with the international pricing and running safe and efficient fuel operations during the period despite the continued restrictions in the country due to COVID-19.
“The right issue which was fully subscribed by the shareholders at the beginning of the year further assisted in this turnaround as it provided financial support to implement the Company’s business plans” says Haroon Rashid Chief Executive Officer
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We continue to be at the forefront of the industry in Pakistan in ensuring safe operations across the business and focus on inculcating a culture of safety, and workshops with staff, business partners, and industry, playing an industry leading role in terms of safety advocacy says Zain Khurshid Hak Company’s Chairman.
