Shell Pakistan announces financial results for H1 2021
Aug 26, 2021
The Board of Directors of Shell Pakistan Limited (SPL) announced the half year 2021 financial results on August 26th. The company posted a profit after tax of PKR 2,150 million compared to the loss of PKR 7,873 million made in the same period last year.
The first half of 2021 saw a significant recovery compared to a very tough last year. The encouraging turnaround is mainly driven by improved business performance focusing on strategic priorities such as differentiated fuels and lubricants, cost efficiencies and safety for employees and customers.
During this period, the Mobility business signed a Memorandum of Understanding (MoU) with K-Electric Limited, to jointly pilot Electric-Vehicle Charging Stations across Karachi and its connecting highways. The Lubricants business have been powering Pakistan's progress in construction, textile and mining through uninterrupted supply of high-quality lubricants. In addition, an affordable premium product in the motorcycle engine oil category was launched namely Advance Fuel Save 10W-30.
During the meeting on August 26th, the Board of Directors of Shell Pakistan Limited appointed Waqar Siddiqui as the Chief Executive Officer of the company effective November 1, 2021. Waqar Siddiqui will succeed Haroon Rashid who will resign effective November 1, 2021 having served as Chief Executive Officer for 3 years and as a Board Director since 2011.
Shell Pakistan will continue to actively work to minimize impact of current challenges and endeavor to capture opportunities to ensure the company plays a key role in developing Pakistan’s energy future.