April 25, 2024 (MLN): Shell Pakistan Limited (PSX: SHEL) observed a turnaround in its profit and loss statement for the quarter that ended on March 31, 2024, as the profit stood at Rs313.9 million compared to the losses of Rs4.76 billion in the same period last year.
Going by the results made available by the company on the local bourse, the company’s top line decreased by 1.25% YoY to Rs109bn as compared to Rs110.4bn in SPLY.
However, the cost of sales rose 4.64% YoY, worsening the gross profit by 47% YoY to Rs6.48bn in 1QCY24.
During the review year, other income surged by 45.57% YoY to stand at Rs693.4m as compared to Rs476.37m a year earlier.
On the expense side, the company observed an increase in distribution and marketing expenses by 10.8% YoY while reducing its other expenses by 99% YoY to clock in at Rs2.96bn and Rs93.44m respectively during the review period.
The company’s finance cost decreased by 28% YoY and stood at Rs531m as compared to Rs737.7m in SPLY.
On the tax front, the company paid a tax worth Rs626.89m against the Rs688m paid in the corresponding period of last year.
| Financial Results for the quarter ended March 31, 2024 (‘000 Rupees) | |||
|---|---|---|---|
| March 2024 | March 2023 | % Change | |
| Sales | 109,034,165 | 110,419,663 | -1.25% |
| Other revenue | 240,443 | 382,419 | -37.13% |
| Sales tax | (1,884,057) | (2,168,910) | -13.13% |
| Net revenue | 107,390,551 | 108,633,172 | -1.14% |
| Cost of products sold | (100,908,462) | (96,434,927) | 4.64% |
| Gross profit | 6,482,089 | 12,198,245 | -46.86% |
| Distribution and marketing expenses | (2,969,979) | (2,679,154) | 10.86% |
| Administrative expenses | (3,167,650) | (2,308,034) | 37.24% |
| Other expenses | (93,445) | (11,136,410) | -99.16% |
| Other income | 693,479 | 476,378 | 45.57% |
| Operating profit/(loss) | 944,494 | (3,448,975) | – |
| Finance costs | (531,038) | (737,767) | -28.02% |
| Share of profit of associates – net of tax | 527,372 | 112,874 | 367.22% |
| Profit /(loss) before taxation | 940,828 | (4,073,868) | – |
| Taxation | (626,890) | (688,008) | -8.88% |
| Profit/ (loss) for the period | 313,938 | (4,761,876) | – |
| Earnings/(loss) per share – basic and diluted (Rupees) | 1.47 | (22.25) | – |
Copyright Mettis Link News
Posted on: 2024-04-25T16:08:31+05:00
