Shell profits plunge by 52.85% YoY to Rs3.54bn in 1HCY23

MG News | August 16, 2023 at 01:53 PM GMT+05:00

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August 16, 2023 (MLN): Shell Pakistan Limited (PSX: SHEL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the company posted a profit worth Rs3.54 billion [EPS: Rs16.54], depicting a drop of 52.85% YoY, compared to Rs7.51bn [EPS: Rs35.08] in the same period last year (SPLY), SHEL's filing on PSX showed today.

Going by the results, the company's top line rose by 8.53% YoY to Rs215.42bn in 1HCY23 as compared to Rs198.48bn in SPLY.

The cost of sales rose by 16% YoY, higher than proportionate to the sales increase, which resulted in the gross profit dropping by 34.87% YoY to Rs18.19bn in 1HCY23 compared to Rs27.93bn in 1HCY22.

However, during the review period, other income expanded massively to stand at Rs12.22bn in 1HCY23 as compared to Rs1.08bn in SPLY.

On the expense side, the company observed a rise in Distribution Costs by 28.30% YoY and other expenses by 46.43% YoY to clock in at Rs5.51bn and Rs12.95bn respectively during the review period.

While administrative expenses also witnessed a significant rise of 41.20% to Rs4.99bn as compared to Rs3.54bn in SPLY.

The company’s finance costs inflated by 2.42x YoY and stood at Rs1.17bn as compared to Rs484.75 million in 1HCY22, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs2.5bn against the Rs7.51bn paid in the corresponding period of last year, depicting a fall of 49.55% YoY.

Consolidated (un-audited) Financial Results for half year ended 30 June, 2023 (Rupees in '000)
	June 23	June 22	% Change
Sales	215,417,531	198,484,216	8.53%
Other revenue	641,137	324,916	97.32%
	216,058,668	198,809,132	8.68%
Sales Tax	(3,964,881)	(3,716,171)	6.69%
Net revenue	212,093,787	195,092,961
Cost of sales	(193,902,561)	(167,161,488)	16.00%
Gross Profit	18,191,226	27,931,473	-34.87%
Distribution Costs	(5,513,142)	(4,297,076)	28.30%
Administrative expenses	(4,993,346)	(3,536,344)	41.20%
Other Income	12,218,609	1,083,387	1027.82%
Other expenses	(12,946,685)	(8,841,569)	46.43%
Finance cost	(1,172,434)	(484,746)	141.87%
Profit/(Loss) from Associate	253,366	604,022	-58.05%
Profit before taxation	6,037,594	12,459,147	-51.54%
Taxation	(2,497,643)	(4,951,117)	-49.55%
Net profit for the period	3,539,951	7,508,030	-52.85%
Basic and diluted earnings/ (loss) per share	16.54	35.08	-

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