Shell records four-fold profit rise, declares 95 percent dividend

KARACHI (January 28 2003) : The profit of Shell Pakistan Limited's recorded a four-fold increase and declared a handsome dividend of 95 percent for the first six months ended December 31, 2002 where its share price on Monday's trading bloomed by 6.3 percent.

Shell released its financial statements for the half year and quarter ended December 31st, 2002, in the Board of Directors' meeting on Monday.

The Directors of Shell Pakistan Limited presented their review of the affairs of the company for the quarter also.

The Board of Directors recommended an interim dividend of Rs 9.50 per share, for the year ending June 30, 2003.

The company in the same period last year declared a dividend of Rs 4 percent share.

The results reflect the robustness and growth of the company with after tax profit for the cumulative six months increased 3.5 times to Rs 848 million.

Profit for the quarter was Rs 251 million compared to a loss of Rs 128 million during the same period last year, which was unusually affected by the aftermath of the September 11th attack.

The growth in the quarter mainly results from the increase in distributors margins coupled with the shift in sales mix to higher margin products, and, of course, the continued support from our customers and our staff who make it all happen.

Growth was achieved in Lubricants, Jet fuel as well as better than industry results for HSD. Mogas remained under pressure from CNG and smuggled products.

During the quarter, the company disbursed the final tranche of its investment in the White Oil Pipeline Project (WOPP) amounting to Rs 1,188 million, thereby raising cumulative investment of the company in the project to Rs 1,871 million.

An Urban mass transit bus fleet was signed up for supply of Lubricants and HSD in Lahore and Multan.

Furnace oil and aviation fuel has also recorded higher sales. Shell has made market entry into Afghanistan with shipment of first consignment of lubricants in early January 2003.

Shell in Pakistan directly or indirectly supports livelihood of 25,000 people. It is one of the largest revenue collectors on behalf of the government – 35 percent of the company's total revenue comprises government taxes and levies, contributing over Rs 27 billion annually to the national exchequer.

By consistently anticipating and responding to the needs of our stakeholders be it our customers or our employees and to the expectations of society, Shell Pakistan has established its reputation as the “top performer of first choice” and our continued record performance is proof of that statement.

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