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MarketScreener Homepage  >  Equities  >  The Pakistan Stock Exchange  >  Shell Pakistan    SHEL   PK0016701010

SHELL PAKISTAN

(SHEL)
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Shell PakistanXD : reports Rs877.5m loss due to oil price volatility

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10/23/2019 | 02:29am EST

Shell Pakistan reported a net loss of Rs877.51 million for nine months ended September 30, 2019 as rupee depreciation and volatility in oil import prices increased the cost of doing business.

'Overall financials for the nine months…still present a challenging situation for the company, driven primarily by the unprecedented devaluation of the rupee, the volatility in international oil prices and increase in minimum tax rates applicable to the company,' Shell Pakistan said in a statement on Tuesday.

The company had reported a net profit of Rs1.94 billion in the same period of last year, according to a notification the company sent to the Pakistan Stock Exchange (PSX). The oil marketing firm posted loss per share of Rs8.2 in Jan-Sept 2019 compared to earnings per share of Rs18.11 in the corresponding period of preceding year.

Net sales surged 8% to Rs146.64 billion in the nine-month period compared to Rs136.07 billion last year.

However, other expenses increased 26% to Rs2.78 billion compared to Rs2.21 billion last year. The surge in expenses came mainly due to rupee depreciation.

Besides, the finance cost surged almost six times to Rs1.12 billion compared to Rs196.97 million in the previous year. The surge was partially due to a notable hike in the benchmark interest rate during the nine-month period.

Moreover, the company paid a massive tax of over Rs1 billion on profit of Rs126.88 million. In the same period of last year, it had paid a tax of Rs692.73 million on profit of Rs2.63 billion.

Distribution, marketing and administrative expenses increased notably during the period under review. Share of profit of associates (net of tax) dropped to Rs656.14 million compared to Rs732.07 million in the same period of previous year.

On the flip side, the other income improved to Rs462.19 million compared to Rs332.93 million last year.

Quarterly earnings

In the quarter ended September 30, 2019, the company reported a profit of Rs569.94 million (earnings per share of Rs5.32) compared to Rs334.19 million (earnings per share of Rs3.12) in the same quarter of last year.

'Shell Pakistan Limited continued its focus on its strategic priorities and operational excellence in the quarter through macro-economic challenges in the country, and successfully delivered a profit after tax,' the company statement added.

© Pakistan Press International, source Asianet-Pakistan

Stocks mentioned in the article
ChangeLast1st jan.
PAKISTAN STOCK EXCHANGE LTD -1.43% 11.05 End-of-day quote.-3.07%
SHELL PAKISTAN 1.22% 189.62 End-of-day quote.1.40%
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Financials (PKR)
Sales 2019 -
EBIT 2019 -
Net income 2019 -
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -
Capi. / Sales2019 -
Capi. / Sales2020 -
Capitalization 20 292 M
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus SELL
Number of Analysts 3
Average target price 197,50  PKR
Last Close Price 189,62  PKR
Spread / Highest target 13,4%
Spread / Average Target 4,16%
Spread / Lowest Target -5,07%
EPS Revisions
Managers
NameTitle
Haroon Rashid Chief Executive Officer, Director & MD
Rafi Haroon Basheer Chairman
Faisal Waheed CFO, Finance Director & Executive Director
Farrokh K. Captain Non-Executive Director
Badaruddin F. Vellani Non-Executive Director
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