Overall, the 9MCY19 financial position of the OMC continued to be dragged by weaker previous quarterly earnings. The company posted a loss after tax in 9MCY19 versus a profit in 9MCY18. A concern for the company is the slow economic growth, which continues to inflict adverse impact on the financials; revenues for 3QCY19 were down by 1 percent year-on-year, while 9MCY19 revenues grew by 8 percent due to some volumetric growth during the summer months. Apart from weaker macroeconomic outlook and currency depreciation in 2018 and 2019, profitability at SHEL has also been affected by the volatility in international crude oil prices and changing fuel mix in the country.
However, during these adverse times the OMC has been able to sustain its volumes (increase of around 1 percent) market share for 1QFY20 at 8 percent.