KARACHI: The Board of Directors of Shell Pakistan Limited (SPL) announced half year results for the company. The company posted a profit after tax of Rs 1.3 billion compared to the profit after tax of Rs 3.5 billion made in the same period last year.

In October 2023, Shell Petroleum Company Limited entered into a Share Purchase Agreement with Wafi Energy LLC (the Acquirer) for the sale of its entire shareholding in SPL, which is currently under progress. In April 2024, an Addendum to the above was posted on PSX to reflect a change in the capital ownership structure of the Acquirer, where Wafi Energy Holding Limited replaced Wafi Energy LLC as ‘Acquirer’.

On July 27, 2024, Public Announcement of Offer to further acquire up to 24,162,179 ordinary shares representing 11.29 percent was made by Arif Habib Limited on behalf of Wafi Energy Holding Limited. The completion of the transaction is subject to receipt of regulatory approvals, completion of legal requirements and satisfaction of other closing formalities.

During the period, SPL maintained its market share through relatively stable macroeconomics conditions. The inflation rate eased to 12.6 percent in June, down from a peak of 30 percent in December last year. The period also witnessed a relatively stable exchange rate.

The Mobility business grew its network with 10 new stations and 60 non-fuel retail units. The Lubricants business signed an exclusive agreement with MG Motors, securing the use of Shell Helix motor oils for MG vehicles. Furthermore, Shell Tameer engaged around 200 students in workshops focused on entrepreneurship and the business model canvas at various educational institutes and incubation centres across Lahore, Karachi, Jamshoro and Faisalabad.

SPL remains committed to operational excellence, safety performance, strengthen its financial position, and play a responsible role in society.

Copyright Business Recorder, 2024