Islamabad, Feb 21: Wafi Energy Pakistan Limited (WEPL) has released its financial results for the fiscal year ending December 31, 2024. The company posted a net profit of Rs. 3.3 billion, reflecting a decline from Rs. 5.8 billion in 2023. However, last year’s results included a one-time gain of Rs. 10.7 billion due to the waiver of Shell Group liabilities, making the comparison less direct.
Following its recent transition, Shell Pakistan Limited has officially rebranded as Wafi Energy Pakistan Limited. This transformation comes after Wafi Energy Holding Limited, a well-established Saudi firm and an affiliate of the Asyad Group, acquired a controlling stake of approximately 87.78% in the company’s total issued share capital. Despite the name change, the Shell brand will continue operating in Pakistan through retail and brand licensing agreements, with Wafi Energy serving as the exclusive licensee.
WEPL’s lubricants segment reported notable growth, strengthening its market presence through its Helix and Advance brands. The company also secured a premium position in the Saindak Gold and Copper mining project, reinforcing its foothold in the mining sector. Additionally, it established a strategic partnership in the Thar Coal Project, further expanding its influence in the energy industry.
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The company’s mobility division also saw substantial progress, adding 16 new fueling stations to its network while upgrading nine existing sites. Meanwhile, the convenience retail segment experienced robust expansion, reporting a 28% year-on-year increase in revenue, reflecting growing consumer demand.
Wafi Energy Pakistan Limited remains committed to operational efficiency, safety enhancements, and financial stability. The company continues to uphold its corporate responsibility by fostering sustainable business practices and delivering high-quality energy solutions to its customers. With an aggressive growth strategy and a focus on innovation, WEPL is well-positioned to strengthen its market leadership in Pakistan’s energy sector.
