Shell Pakistan Limited (PSX: SPL) announced its financial results for the year that ended on December 31, 2017. The company announced a profit of Rs 2.83 Billion, down by 58.63% as compared to Rs 6.84 billion in the corresponding year.
Earning per share of the company decreased to Rs 29.74 as compared to previous year’s earnings of Rs 63.22.
The company also declared a final cash dividend of Rs 17 per share i.e. 170%. This is an addition to interim dividend of Rs 7 per share.
The company’s net revenue growth in 2017 remained flat compared to a continuous two-digit decline in the past two years. Gross revenues in 2017 declined by around 4 percent, year-on-year.
The company’s sales decreased to Rs 205 billion in the FY17, down by 4.21% against Rs 214 billion in the same period last year. The company’s cost of products stood at Rs 153.97 billion in this period against Rs 153.63 billion in the same period last year which is almost flat.
The company’s earnings increase has been cut short this time as Shell Pakistan’s bottom-line witnessed a squeeze of over 50 percent, year-on-year to a little over Rs 3 billion. The firm continues to be affected by the mounting receivables from the government.
Shell’s script at the bourse closed at Rs325.43 with an increase of Rs +3.49.
Shell Pakistan Limited, an integrated energy company, markets petroleum products and compressed natural gas in Pakistan. It offers various fuels, including high octane, super unleaded, and AGO fuels; and oils and lubricants for cars, motorcycles, and trucks and heavy-duty vehicles
The company operates approximately 790 retail sites.