Shell Pakistan posts Q3 loss per share of Rs2.78

By MG News | Category Q32024 | October 29, 2024 at 02:45 PM GMT+05:00

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October 29, 2024 (MLN): Shell Pakistan Limited (PSX: SHEL) incurred a net loss of Rs727.11 million [LPS: Rs2.78] during the quarter ending September 2024 as its margins plummeted.

That compares to a profit of Rs2.91bn [EPS: Rs13.6] recorded in the same period last year (SPLY).

The company's revenue shrank 6.3% to Rs102.16bn as compared to Rs109.08bn in SPLY. Gross profit fell 52.4% to Rs5.43bn in Q3 CY24.

The gross margins worsened to 5.3% as compared to 10.5% in SPLY.

During the period under review, other income rose by 45.1% to stand at Rs757.09m in Q3 CY24 as compared to Rs521.82m in SPLY.

On the expense side, the company's administrative expenses rose 18.2% from a year ago to Rs2.27bn, selling and distribution expenses rose 12.6% to Rs3.7bn, and other operating expenses rose to Rs20.26m.

The company’s finance cost dipped by 43.2% and stood at Rs443.88m as compared to Rs782.07m in SPLY.

On the tax front, the company paid a lower tax worth Rs670.22m against an expense paid worth Rs2.64bn in the corresponding period of last year, a decrease of 74.6%.

This translates to an effective tax rate of -1178.0% as compared to 47.6% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	102,157,450	109,077,998	-6.34%
Cost of sales	(96,723,367)	(97,660,827)	-0.96%
Gross Profit/ (loss)	5,434,083	11,417,171	-52.40%
Administrative Expenses	(2,272,235)	(1,922,699)	18.18%
Selling And Distribution Expenses	(3,697,444)	(3,284,990)	12.56%
Other Gains / (Losses)	(132,727)	-	-
Share Of Profit / (Loss)	277,962	146,204	90.12%
Other Income	757,086	521,815	45.09%
Other Operating Expenses	20,264	(545,526)	-
Finance Cost	(443,881)	(782,068)	-43.24%
Profit/ (loss) before taxation	(56,892)	5,549,907	-
Taxation	(670,216)	(2,639,488)	-74.61%
Net profit/ (loss) for the period	(727,108)	2,910,419	-
Basic earnings/ (loss) per share	(2.78)	13.60	-

Amount in thousand except for EPS

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