In 2024, Wafi Energy Pakistan Limited, formerly Shell Pakistan Limited, reported a profit after tax of Rs3.3 billion, a decrease from Rs5.85 billion in 2023. However, the 2023 profit included a one-time income of Rs10.7 billion related to the waiver of Shell Group liabilities. In November 2024, Wafi Energy Holding Limited, an affiliate of Saudi Arabia’s Asyad Group, acquired approximately 87.78 percent of Shell Pakistan’s share capital. Following this acquisition, the company rebranded as Wafi Energy Pakistan Limited.
The company’s revenue in 2024 remained flat, with gross profit decreasing by 23.5 percent year-on-year. Despite reductions in administrative and other expenses, profitability was impacted by a 63 percent year-on-year decline in other income and over 15 percent year-on-year growth in distribution and marketing expenses. Operating profit fell by around 14 percent year-on-year, while finance costs decreased by 12 percent. The company declared a cash dividend of Rs5 per share for 2024.
In 2023, Shell Pakistan Limited returned to profitability, posting a profit after tax of Rs5.85 billion compared to a net loss of Rs72 million in CY22. Despite a decline in gross profits, the company’s operating profits surged 2.75 times, driven primarily by a 7.6 times increase in other income, offsetting an 84 percent rise in finance costs.
Operationally, the lubricants business expanded its market share in 2024 with Helix and Advance products. In the mining sector, the company secured a premium win in the Saindak Gold and Copper mining project and established an exclusive partnership in the Thar Coal Project. The mobility business grew by adding new sites and refurbishing existing ones, while also experiencing double-digit growth in the convenience retail sector.
The Shell brand continues in Pakistan through retail and brand licensing agreements, with Wafi Energy Pakistan serving as the exclusive brand licensee. Looking ahead, Wafi Energy Pakistan plans to further invest in the country’s energy sector. During a recent meeting with Finance Minister Senator Muhammad Aurangzeb, Asyad Holdings and Wafi Energy Pakistan expressed their intent to expand investments.
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