Shell Pakistan posts profit of Rs1.3bn

KARACHI: Shell Pakistan has posted a profit after tax of Rs1.3 billion compared to the profit after tax of Rs3.5 billion made in the same period last year.The board of directors of Shell Pakistan Limited (SPL) announced half-year results for the company, a statement of the company said on Monday.

In October 2023, Shell Petroleum Company Limited entered a share purchase agreement with Wafi Energy LLC (the acquirer) for the sale of its entire shareholding in SPL, which is currently under progress.

In April 2024, an addendum to the above was posted on the PSX to reflect a change in the capital ownership structure of the acquirer, where Wafi Energy Holding Limited replaced Wafi Energy LLC as ‘acquirer’.

On July 27, 2024, the public announcement of offer to further acquire up to 24,162,179 ordinary shares representing 11.29 per cent was made by Arif Habib Limited on behalf of Wafi Energy Holding Limited. The completion of the transaction is subject to receipt of regulatory approvals, completion of legal requirements and satisfaction of other closing formalities.

During the period, SPL maintained its market share through relatively stable macroeconomics conditions. The inflation rate eased to 12.6 per cent in June, down from a peak of 30 per cent in December last year. The period also witnessed a relatively stable exchange rate.

The mobility business grew its network with 10 new stations and 60 non-fuel retail units. The lubricants business signed an exclusive agreement with MG Motors, securing the use of Shell Helix motor oil for MG vehicles.

Shell Tameer also engaged around 200 students in workshops focused on entrepreneurship and the business model canvas at various educational institutions and incubation centres across Lahore, Karachi, Jamshoro and Faisalabad.