Shell Pakistan Reports Rs 1.3 Billion Profits

Muhammad Irfan Published August 26, 2024 | 07:07 PM

Shell Pakistan Limited (SPL) has posted a profit after tax of Rs 1.3 billion for half year results for the company, compared to the profit after tax of Rs. 3.5 billion made in the same period last year

ISLAMABAD, (UrduPoint / Pakistan Point News - 26th Aug, 2024) Shell Pakistan Limited (SPL) has posted a profit after tax of Rs 1.3 billion for half year results for the company, compared to the profit after tax of Rs. 3.5 billion made in the same period last year.

According to a press release, in October 2023, Shell Petroleum Company Limited entered into a Share Purchase Agreement with Wafi Energy LLC for the sale of its entire shareholding in SPL. This transaction is currently in progress. In April 2024, an Addendum to the agreement was posted on the Pakistan Stock Exchange (PSX), reflecting a change in the capital ownership structure of the Acquirer, where Wafi Energy Holding Limited replaced Wafi Energy LLC as the 'Acquirer.'

On July 27, 2024, a Public Announcement of Offer was made by Arif Habib Limited on behalf of Wafi Energy Holding Limited to further acquire up to 24,162,179 ordinary shares, representing 11.

29% of SPL. The completion of this transaction is subject to regulatory approvals, legal requirements, and the fulfillment of other closing formalities.

During the reporting period, SPL successfully maintained its market share amidst relatively stable macroeconomic conditions. The inflation rate eased to 12.6% in June, down from a peak of 30% in December last year, and the exchange rate remained relatively stable.

The company's Mobility business expanded its network by adding 10 new stations and 60 non-fuel retail units. Additionally, the Lubricants business signed an exclusive agreement with MG Motors, ensuring the use of Shell Helix motor oils for MG vehicles.

Furthermore, Shell Tameer engaged approximately 200 students in workshops focused on entrepreneurship and the business model canvas at various educational institutes and incubation centers across Lahore, Karachi, Jamshoro, and Faisalabad.