Karachi: Shell Pakistan Limited (SPL) has reported a profit after tax of PKR 1.3 billion for the first half of 2024, a decrease from PKR 3.5 billion recorded in the same period last year. This financial performance comes during a significant transition period, as the company is in the process of changing ownership under a share purchase agreement initiated last year with Wafi Energy LLC.

According to Shell Pakistan Limited, the ownership transition involves Wafi Energy Holding Limited replacing Wafi Energy LLC as the acquirer, a change that was noted in an addendum posted on the Pakistan Stock Exchange in April 2024. A public announcement made on July 27, 2024, by Arif Habib Limited on behalf of Wafi Energy Holding Limited, proposed the further acquisition of up to 24,162,179 ordinary shares, representing 11.29% of SPL. This transaction is pending regulatory approvals and the completion of other legal and formal requirements.

During this period, SPL managed to maintain its market share amidst relatively stable macroeconomic conditions. The company noted a significant easing in the inflation rate and stability in the exchange rate. In addition to financial maneuvers, SPL’s Mobility business expanded with 10 new stations and 60 non-fuel retail units. The Lubricants business also secured an exclusive agreement with MG Motors for the use of Shell Helix motor oils in MG vehicles.

Furthermore, Shell Tameer, part of SPL’s outreach initiatives, engaged around 200 students in entrepreneurship workshops across various cities including Lahore, Karachi, Jamshoro, and Faisalabad. These workshops focused on business model canvas and entrepreneurial skills development.

SPL emphasized its ongoing commitment to operational excellence, safety performance, strengthening its financial position, and playing a responsible role in society amid these transitions.