Wafi Energy posts Rs3.3bn earnings in 2024

KARACHI: The Board of Directors of Wafi Energy Pakistan Limited (WEPL) (formerly Shell Pakistan Limited) has announced the company’s financial results for the year ending December 31, 2024. The company reported a profit after tax of Rs3.3 billion for 2024 compared to a profit of Rs5.8 billion in 2023. It is important to note that the 2023 results included a one-time income of Rs10.7 billion related to the waiver of Shell Group liabilities.

Recently, Shell Pakistan Limited officially changed its name to Wafi Energy Pakistan Limited, with Wafi Energy Holding Limited, an established Saudi company and affiliate of the Asyad Group, becoming the majority shareholder, holding approximately 87.78 per cent of the company’s total issued share capital. The Shell brand will remain in Pakistan through retail and brand licensing agreements, with Wafi Energy as the exclusive brand licensee.

The lubricants business expanded its market share with Helix and Advance, while the company achieved a premium win in the mining sector with the Saindak Gold and Copper mining project and established an exclusive partnership in the Thar Coal Project. The mobility business also made significant strides, expanding its network by introducing 16 new sites and rebuilding nine existing ones. The convenience retail business demonstrated strong growth, with a 28 per cent year-on-year increase.