Shell Pakistan Limited (SPL) has reported a profit after tax of Rs 1.3 billion for the first half of the year, a decrease from the Rs 3.5 billion profit recorded during the same period last year.
According to a press release, Shell Petroleum Company Limited entered into a Share Purchase Agreement with Wafi Energy LLC in October 2023 to sell its entire stake in SPL. This transaction is currently underway. In April 2024, an addendum was posted on the Pakistan Stock Exchange (PSX) indicating a change in the capital ownership structure of the acquirer, with Wafi Energy Holding Limited replacing Wafi Energy LLC as the new acquirer.
On July 27, 2024, Arif Habib Limited, acting on behalf of Wafi Energy Holding Limited, announced a public offer to acquire up to 24,162,179 ordinary shares, representing 11.29% of SPL. The completion of this acquisition is pending regulatory approvals, legal requirements, and other closing formalities.
Despite the challenges, SPL successfully maintained its market share during the reporting period, benefiting from relatively stable macroeconomic conditions. Inflation eased to 12.6% in June, down from a peak of 30% in December of the previous year, and the exchange rate remained steady.
The company’s Mobility division expanded by adding 10 new stations and 60 non-fuel retail units. Additionally, the Lubricants division entered into an exclusive agreement with MG Motors to provide Shell Helix motor oils for MG vehicles.
Shell Tameer also made strides by engaging approximately 200 students in workshops on entrepreneurship and business model development at various educational institutes and incubation centers across Lahore, Karachi, Jamshoro, and Faisalabad.