Earnings Report /
Pakistan

Shell Pakistan: 3QCY21 review – Worse than expected due to greater exchange losses

  • SHEL posted a dismal result for 3QCY21, worse than expected

  • Despite significant inventory gains, its high Opex and lack of FO sales exposed it to exchange losses

  • 9MCY21 bottom-line is however a significant improvement over a loss last year

Saad Ali
Saad Ali

Head of Research

Intermarket Securities
21 October 2021