Shell Pakistan Limited (SPL) posted an after-tax loss of Rs4.6 billion in the third quarter of 2022, which translated into the cumulative profit-after-tax of Rs2.8 billion for the nine months compared to last year’s profit of Rs297 million and Rs2.4 billion for the two periods, respectively.

The SPL Board of Directors announced the quarterly results, according to a press statement received by WealthPK.

It said the dip in profits was because the oil sector felt the impact of macroeconomic challenges such as the unprecedented devaluation of the rupee, continued volatility in the international oil prices as well as the impact of devastating floods, which resulted in a reduction in industry volumes. 

However, the company was able to maintain its market share and remained focused on its strategic priorities, operational excellence, and fiscal prudence.

During the period, the Mobility business, with a strong supply and distribution network, delivered the product in a safe and compliant manner at a time when most of the supply routes were severely challenged. The company is also on track with its network expansion. 

The Lubricants business was successful in increasing market share in the consumer channel, through consumer and influencer interventions; and the B2B channel demonstrated agility to win new businesses. 

The statement said the company has also built a solar-powered milk refrigeration plant in Basti Katimar, south Punjab, in collaboration with the National Rural Support Programme, giving 240 dairy farmers access to it and helping them increase milk shelf life and profitability.

The statement said Shell Tameer Awards 2022, a nationwide competition, was launched to reward and recognise young Pakistani innovators working towards fuelling their entrepreneurial passion in the areas of clean energy solutions, technology innovations, empowering women, circular economy, transportation and mobility and bright ideas.

Under the competition, campus drives and partner engagements were conducted to create awareness about the programme. A total of 253 innovative start-ups and prototype stage ideas were received from across Pakistan.  The winning entrepreneurs will get a chance to win seed capital, business mentoring, high-value networking and local as well as global recognition through Shell.

The statement said SPL remains focused and committed to ensuring that its financial position remains robust, and its goal-zero approach to safety performance is maintained. 

SPL is also thankful to the government for the timely settlement of the recent price differential claims, and looks forward to a positive settlement of the remaining receivables.

Going forward, SPL will actively work to minimise the impact of current challenges and endeavour to capture opportunities to ensure that it plays a key role in developing Pakistan’s energy future.

Credit : Independent News Pakistan-WealthPk