Shell Pakistan Limited (PSX: SHEL) announced its financial performance for 1HFY22 with a massive growth in earnings. The oil marketing multinational company saw it earning improve in 2021 as well with higher volumetric sales during the year. The OMC’s sales in the ongoing year continue to show better volumetric sales of the petroleum products. Shell Pakistan’s revenues for 1HCY22 grew by 82 percent year-on-year, while 2QCY22 revenues were double on a year-on-year basis driven by volumetric sales as well prices. Of the petroleum products, the growth is driven by the retail product Shell V Power, which is a market leader in the premium fuel category. A surge in revenues for SHEL also emanated higher lubricants sales.
Shell’s profits for 1HCY22 stood at Rs7.5 billion, higher than its annual profit of Rs4.5 billion in 2021, and a growth of over three times on a year-on-year basis. The company’s earnings were however cut short by whopping increase in other expenses, which is likely to have come from higher exchange losses, whereas finance cost remained moderate.
Additionally, the company declared that it will be terminating its aviation business across the country. In the moment, Shell Pakistan conducts its aviation-related operations at a total of four airports across Pakistan: Nawabshah Airport, Quetta International Airport, Begum Nusrat Bhutto Airport in Sukkur, and Jinnah Airport in Karachi. However it has decided to hand the aviation operations to the CAA or relevant stakeholder.
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