Shell announces financial results for 2020.

• Position: Financial report

KARACHI -- The Board of Directors of Shell Pakistan Limited (SPL) has announced financial results for the year ended December 31st, 2020.The company posted a loss after tax of PKR 4,821 million for 2020 compared to the loss of PKR1,485 million in 2019.

The second half of 2020 saw significant recovery with a profit after tax in comparison to a very tough first half of the year primarily affected by the global pandemic resulting in declining fuels market and volatility in the international oil prices.

Shell Pakistan recognises the governments initiative to switch the frequency of petroleum pricing of the country from monthly to fortnightly; and basing the same on the Arab Gulf Mean oil prices published in PlattsOilgram. This ensures fair competition and alignment of fuel prices with international pricing trends, smoothing out any volatility caused by the legacy...