The Board of Directors of Shell Pakistan Limited (SPL) announced the first quarter financial results on April 22nd. The company posted a profit after tax of PKR 1,948 million compared to the loss of PKR 4,332 million made in the same period last year.
Q1 saw a significant recovery compared to a very tough last year. The encouraging turnaround is mainly driven by continued focus on strategic priorities and operational excellence. The success was supported by increasing international oil prices coupled with the appreciation of the Pakistan Rupee against the US dollar by 5% during the quarter.
During the quarter, the company continued to grow its network by adding seven new sites.
SPL decided to issue right shares to ensure a healthy financial and cash position, to meet working capital requirements and to enhance shareholders’ value. The rights process was completed in Q1 2021. The right issue was fully subscribed by shareholders and the allotment of shares was made on March 2, 2021.