AIRLINK 164.00 Decreased By ▼ -4.51 (-2.68%)
BOP 9.68 Decreased By ▼ -0.11 (-1.12%)
CNERGY 7.84 Decreased By ▼ -0.15 (-1.88%)
CPHL 88.65 Increased By ▲ 0.68 (0.77%)
FCCL 43.50 Decreased By ▼ -0.43 (-0.98%)
FFL 15.35 Decreased By ▼ -0.17 (-1.1%)
FLYNG 28.00 Increased By ▲ 0.06 (0.21%)
HUBC 137.35 Decreased By ▼ -0.62 (-0.45%)
HUMNL 12.35 Decreased By ▼ -0.02 (-0.16%)
KEL 4.18 Decreased By ▼ -0.06 (-1.42%)
KOSM 5.49 Decreased By ▼ -0.07 (-1.26%)
MLCF 65.00 Increased By ▲ 0.21 (0.32%)
OGDC 209.24 Decreased By ▼ -2.45 (-1.16%)
PACE 5.62 Decreased By ▼ -0.11 (-1.92%)
PAEL 44.65 Decreased By ▼ -0.37 (-0.82%)
PIAHCLA 17.00 Decreased By ▼ -0.09 (-0.53%)
PIBTL 9.28 Increased By ▲ 0.05 (0.54%)
POWER 14.02 Decreased By ▼ -0.43 (-2.98%)
PPL 165.00 Decreased By ▼ -1.40 (-0.84%)
PRL 29.79 Decreased By ▼ -0.86 (-2.81%)
PTC 21.20 No Change ▼ 0.00 (0%)
SEARL 89.45 Decreased By ▼ -1.02 (-1.13%)
SSGC 40.25 Decreased By ▼ -0.80 (-1.95%)
SYM 14.50 Increased By ▲ 0.02 (0.14%)
TELE 7.22 Decreased By ▼ -0.17 (-2.3%)
TPLP 9.09 Decreased By ▼ -0.28 (-2.99%)
TRG 64.50 Decreased By ▼ -0.50 (-0.77%)
WAVESAPP 9.35 Decreased By ▼ -0.16 (-1.68%)
WTL 1.31 No Change ▼ 0.00 (0%)
YOUW 3.71 Decreased By ▼ -0.01 (-0.27%)
AIRLINK 164.00 Decreased By ▼ -4.51 (-2.68%)
BOP 9.68 Decreased By ▼ -0.11 (-1.12%)
CNERGY 7.84 Decreased By ▼ -0.15 (-1.88%)
CPHL 88.65 Increased By ▲ 0.68 (0.77%)
FCCL 43.50 Decreased By ▼ -0.43 (-0.98%)
FFL 15.35 Decreased By ▼ -0.17 (-1.1%)
FLYNG 28.00 Increased By ▲ 0.06 (0.21%)
HUBC 137.35 Decreased By ▼ -0.62 (-0.45%)
HUMNL 12.35 Decreased By ▼ -0.02 (-0.16%)
KEL 4.18 Decreased By ▼ -0.06 (-1.42%)
KOSM 5.49 Decreased By ▼ -0.07 (-1.26%)
MLCF 65.00 Increased By ▲ 0.21 (0.32%)
OGDC 209.24 Decreased By ▼ -2.45 (-1.16%)
PACE 5.62 Decreased By ▼ -0.11 (-1.92%)
PAEL 44.65 Decreased By ▼ -0.37 (-0.82%)
PIAHCLA 17.00 Decreased By ▼ -0.09 (-0.53%)
PIBTL 9.28 Increased By ▲ 0.05 (0.54%)
POWER 14.02 Decreased By ▼ -0.43 (-2.98%)
PPL 165.00 Decreased By ▼ -1.40 (-0.84%)
PRL 29.79 Decreased By ▼ -0.86 (-2.81%)
PTC 21.20 No Change ▼ 0.00 (0%)
SEARL 89.45 Decreased By ▼ -1.02 (-1.13%)
SSGC 40.25 Decreased By ▼ -0.80 (-1.95%)
SYM 14.50 Increased By ▲ 0.02 (0.14%)
TELE 7.22 Decreased By ▼ -0.17 (-2.3%)
TPLP 9.09 Decreased By ▼ -0.28 (-2.99%)
TRG 64.50 Decreased By ▼ -0.50 (-0.77%)
WAVESAPP 9.35 Decreased By ▼ -0.16 (-1.68%)
WTL 1.31 No Change ▼ 0.00 (0%)
YOUW 3.71 Decreased By ▼ -0.01 (-0.27%)
BR100 12,220 Decreased By -35.1 (-0.29%)
BR30 36,422 Decreased By -301.5 (-0.82%)
KSE100 114,796 Decreased By -223.5 (-0.19%)
KSE30 35,272 Decreased By -56.4 (-0.16%)

Shell Pakistan Limited (PSX: SHEL) announced its financial performance for the first quarter of 2023, which was severely impacted by the ongoing economic crisis in the country The earnings of the company turned crimson in 1QFY23 versus similar period last year – from a profit after tax of Rs2 billion, the company posted a loss of Rs4.6 billion.

The decline in earnings came on the back of unprecedented devaluation of the Rupee, rising inflation and macroeconomic uncertainty. The currency lost its value by 27 percent in 1QCY23 that brought massive exchange losses for the SHEL – this can be seen from the rise in other expenses by more than four times during the first quarter on a year-on-year basis.

Also affecting the profitability was the finance cost that grew by over three times in 1QCY23. The company’s director’s report highlights that the company continues to bear the burden of overdue legacy receivables of Rs5.3 billion from the Government of Pakistan.

However, the company’s topline remained robust primarily due to rising prices and also due to the company’s growth in of the lubricant segment. Even in the retail segment – renamed as the Mobility segment – continued to maintain market share despite the volumetric and macro-economic headwinds. Revenues for SHEL were seen climbing by 31 percent year-on-year in 1QCY23.

Comments

Comments are closed.