Earnings Report /
Pakistan

Shell Pakistan: 2QCY21 review – Better than expected on inventory gains and lower opex

  • SHEL posted 2Q21 NPAT of PKR0.20bn (EPS PKR0.95), down 90% qoq and up from a loss of PKR3.5bn (EPS: PKR16.54/sh).

  • Net Sales of PKR55.9bn is up 9% qoq (up 90% yoy but distorted by Covid-19 lockdown last year).

  • The result is better than expected due to inventory gains, which are not likely to recur in the coming quarter.

Saad Ali
Saad Ali

Head of Research

Intermarket Securities
26 August 2021