Shell announces its results for the first half of 2022 – Business & Finance

KARACHI: The Board of Directors of Shell Pakistan Limited (SPL) announced the company’s half-year results on August 17, 2022. The company recorded an after-tax profit of Rs 7.469 billion compared to the profit of Rs 2.153 billion earned in the same period of last year.

This encouraging turnaround is primarily driven by improved business performance focused on strategic priorities such as differentiated fuels and lubricants, the positive change to the pricing formula of pricing agency S&P Global Platts indices by the government and safe and efficient fuel operations.

During this period, the Mobility business launched 13 new retail sites which will help increase volume. Shell V-Power remains the market leader in the premium fuel category. Through fruitful dialogue with the government, we will see the expansion of our network in Punjab which will help us grow.

Additionally, the company has authored a road safety book titled “Once upon a Road” with the aim of influencing behaviors to keep roads safer in Pakistan. The book will be part of Care Foundation’s sixth grade school curriculum across Pakistan.

The company also announced its decision to halt flight operations across Pakistan. Currently, SPL conducts its aviation-related activities at four sites. These are Jinnah Airport in Karachi, Quetta International Airport, Begum Nusrat Bhutto Airport in Sukkur and Nawabshah Airport. After careful consideration, SPL has decided that it is no longer commercially viable to continue its aviation business in Pakistan.

Shell Pakistan remains committed to continuing all of its other business and operations in Pakistan, which are unaffected. The company will actively work to minimize the impact of current challenges and strive to seize opportunities to ensure that the company plays a key role in developing Pakistan’s energy future.

Copyright Business Recorder, 2022