Shell Pakistan Reports Rs1.3 Billion Profit
Shell Pakistan reports Rs 1.3 Billion profit for this period, down from Rs3.5 billion during the same time last year. The company’s board of directors shared these half-year results on Monday.
In October 2023, Shell Petroleum Company Limited agreed to sell its entire shareholding in Shell Pakistan Limited (SPL) to Wafi Energy LLC. This sale is still in progress.
In April 2024, a change was announced regarding the acquirer: Wafi Energy Holding Limited took over from Wafi Energy LLC.
On July 27, 2024, Arif Habib Limited, acting on behalf of Wafi Energy Holding Limited, made a public offer to buy up to 24,162,179 additional shares, which is 11.29 percent of SPL. The finalization of this transaction depends on getting regulatory approvals, completing legal requirements, and other formalities.
During this period, SPL kept its market share steady due to stable economic conditions. Inflation decreased to 12.6 percent in June, down from a high of 30 percent in December last year. The exchange rate also remained relatively stable.
The company’s mobility business expanded by opening 10 new fuel stations and 60 new non-fuel retail units. In the lubricants sector, Shell Pakistan signed an exclusive deal with MG Motors to provide Shell Helix motor oil for their vehicles.
Additionally, Shell Tameer organized workshops for around 200 students across various cities, including Lahore, Karachi, Jamshoro, and Faisalabad. These workshops focused on entrepreneurship and business models.
