Challenging quarter impacts Shell Pakistan’s results
KARACHI – The Board of Directors of Shell Pakistan Limited (‘SPL’) announced the second quarter results for the company on 21stAugust. The company posted an aftertaxloss of PKR 3,540 millioncompared to theloss of PKR 1,704 millionmade in the same period last year.
Q2 was a challenging quarter for the industry, COVID-19 lockdowns severely impacted volume. Although the lockdown measures have been recently eased by the Government, Oil Marketing Companies in Pakistan still experienced a reduction in oil consumption. Pakistan’s Motor Gasoline volumes fell by 7% while High Speed Diesel volumes fell by 9% compared to same period last year. This declining trend in volumes also impacted SPL and had a significant effect on its financial performance.
During this quarter, the crude oil also reached a new low of $19/barrel in April 2020. The oil industry felt the impact of this volatility in the oil prices. This sharp decrease in the oil prices resulted in exceptionally high inventory losses at SPL which has significantly impacted its financial performance.
SPL is focused on playing a key role in developing Pakistan’s energy future and remains committed to improving its financial performance, while ensuring safety and compliance.
2020 Shell Eco-marathon Asia Off-Track Awards
Technical innovation Award, presented by Southwest Research Institute
Winner: Team #201, TP Eco-Flash, Temasek Polytechnic – Singapore
Communications Award:
Winner: Team #17,Eco Titans, VIT University – India
Honourable mention: Team #504,Semar Urban UGM, UniversitasGadjahMada – Indonesia
Circular Economy Award:
Winner: Team #316,Pravega, Government Engineering College, Barton Hill University – India
Vehicle Design Award (Prototype), presented by Altair:
Winner: Team #315,DTU E-Supermileage, Delhi Technical University – India
Honourable mention: Team #308,Politeknik Brunei SSE, Politeknik Brunei – Brunei Darussalam
Vehicle Design Award (Urban Concept), presented by Altair:
Winner: Team #709,NV11 Nanyang Autonomous Venture, Nanyang Technological University – Singapore
Honourable mention: Team #615,Averera, Indian Institute of Technology, Banaras Hindu University – India
Safety Award:
Winner: Team#320 Inferno, Sir M Visvesvaraya Institute of Technology University – India
