Shell's half year profits fall by 31.43%

Shell Pakistan Limited’s profits for the half year ended 30 June 2018 have dropped by 31.43 % as the company reported after tax profits amounting to Rs 1,603.376 million compared to 2,338.364 million in profits reported last year on 30 June 2017.

The results were announced following the company’s Board of Directors meeting held on August 16, 2018 at 10:00 am.

For the six months period ended on June 30, 2018, the company reported a 9.32% decrease in sales while other revenue also declined by 16.82%. As a result, sales tax fell by 22.36%, causing the net revenue to fall by 6.38%.

Cost of products too witnessed a decline of 7.25%, resulting in an increase in gross profits of 7.15%.

Other expenses rose significantly, by 413.93%, leading to a fall in operating profit of 40.89%.

As a result, the company declared an earnings per share of Rs 14.98 for the six months ended in June 2018, compared to Rs 21.85 a year ago, a decline of 31.44%.

The company also declared an interim cash dividend for the quarter and six months ended June 30, 2018 at the rate of Rs 7.0 per share (i.e. 70%).