AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Shell Pakistan Limited has reported a mixed financial performance for the first half of the year ending June 30, 2024. According to the details released by the company, the sales have shown a robust increase from the same period last year, with significant improvements in net revenue and operating profit.
For the quarter ending June 30, 2024, Shell Pakistan generated sales totaling Rs 223.60 billion, an increase from Rs 215.47 billion reported in the corresponding period in 2023. Other revenue also saw an uptick, amounting to Rs 464.69 million, compared to Rs 241.13 million a year ago. After accounting for sales tax and other deductions, the net revenue for the half-year stood at Rs 219.84 billion, up from Rs 212.63 billion in 2023.
The cost of products sold was recorded at Rs 207.41 billion, a notable increase from Rs 193.20 billion during the same period last year. Despite the rise in costs, the gross profit for the half-year improved to Rs 12.43 billion from Rs 10.19 billion in 2023.
Operating expenses, including distribution and marketing and administrative expenses, were reported at Rs 6.12 billion and Rs 5.78 billion, respectively. The total operating profit for the company significantly increased to Rs 3.48 billion, a rise from Rs 2.13 billion reported during the first half of 2023.
Finance costs for the period were Rs 1.05 billion, up from Rs 1.17 billion the previous year. After considering the share of profit of associates and other comprehensive income, the net profit for Shell Pakistan for the period amounted to Rs 1.32 billion, showing a rebound from Rs 1.00 billion in the first half of 2023.
According to information available from the Pakistan Stock Exchange (PSX), the earnings per share (EPS) for Shell Pakistan stood at Rs 6.16, an improvement from the Rs 4.69 EPS recorded during the same period last year.
Shell Pakistan’s financial results indicate a recovery trajectory, with increases in sales and profits, but also highlighted by rising costs that have pressured the company’s overall financial health.
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