Shell Pakistan turns into profit

MG News | March 16, 2022 at 04:29 PM GMT+05:00

0:00

March 16, 2022 (MLN): Shell Pakistan Limited (PSX: SHEL) witnessed a significant recovery in the calendar year 2021 compared to a very tough last year as the company delivered a profit after tax of Rs4.46bn as opposed to a loss after tax of Rs4.82bn for the same period last year.

This encouraging turnaround was mainly attributed to improved business performance e.g., selling more differentiated fuels and lubricants, the government's positive change in pricing formula to Platts indexes to align with the international pricing and running safe and efficient fuel operations during the period.

The right issue which was fully subscribed by the shareholders at the beginning of the year further helped in this swing as it provided financial support to implement the company’s business plans.

Going by the company’s financial statement sent to PSX today, the net revenue of the company surged by 45% to clock in at Rs282bn, against Rs195bn in CY20.

Accordingly, the gross profits of the company reached Rs23.7bn in CY21, up by 3x YoY.

On the expense side, the company observed an almost 11% YoY rise in distribution and marketing costs while the administrative expenses of the company rose by 22% YoY during the review period.

Meanwhile, the other expenses of the company substantially by 6.9x YoY to stand at Rs3.84bn in CY21.

Amid the lower tax regime, the finance cost of the company dropped by 45% to Rs835mn in CY21, compared to the corresponding period last year.

On the tax front, the company also paid the taxes of Rs2.14bn during the period, compared to Rs5.8mn paid in CY20.

Financial Results for the year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Sales	282,353,611	194,665,379	45.05%
Other revenue	811,123	546,212	48.50%
Sales tax	(33,954,750)	(30,071,676)	12.91%
Net revenue	249,209,984	165,139,915	50.91%
Cost of products sold	(225,543,999)	(157,590,280)	43.12%
Gross profit	23,665,985	7,549,635	213.47%
Distribution and marketing expenses	(7,560,798)	(6,810,619)	11.01%
Administrative expenses	(6,259,820)	(5,139,484)	21.80%
Other expenses	(3,836,369)	(557,613)	588.00%
Other income	575,881	582,840	-1.19%
Operating profit/ (loss)	6,584,879	(4,375,241)	-
Finance costs	(834,770)	(1,514,063)	-44.87%
Share of profit of associates - net of tax	858,397	1,074,043	-20.08%
Net profit/(Loss) before taxation	6,608,506	(4,815,261)	-
Taxation	(2,141,651)	(5,766)	37042.75%
Net profit/ (loss) for the year	4,466,855	(4,821,027)	-

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	151,783.76 91.62M	-1.63% -2508.50
ALLSHR	91,386.84 221.16M	-1.37% -1271.73
KSE30	45,921.89 52.19M	-2.10% -982.98
KMI30	217,539.11 43.09M	-1.87% -4145.32
KMIALLSHR	59,294.49 91.34M	-1.48% -892.96
BKTi	41,915.59 22.57M	-2.46% -1055.43
OGTi	32,145.21 5.83M	-1.07% -346.85

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	70,590.00	71,755.00 70,580.00	-525.00 -0.74%
BRENT CRUDE	113.87	114.00 109.78	6.49 6.04%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-11.50 -10.37%
ROTTERDAM COAL MONTHLY	121.50	121.50 120.85	-0.15 -0.12%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	96.56	99.17 95.75	1.10 1.15%
SUGAR #11 WORLD	14.82	14.84 14.35	0.37 2.56%