Shell Pakistan announces financial results for H1 2024.

Karachi, August 26th, 2024 – The Board of Directors of Shell Pakistan Limited (SPL) announced half year
results for the company. The company posted a profit after tax of PKR 1.3 billion compared to the profit
after tax of PKR 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% 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% in June, down from a peak of 30% 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 centers 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.