Latest news with #WafiEnergyPakistanLimited
Business Recorder
2 days ago
- Business
- Business Recorder
Wafi Energy says Zubair Shaikh to continue as CEO
ISLAMABAD: Wafi Energy Pakistan Limited, the exclusive licencee of Shell fuel and lubricants in Pakistan, has confirmed Zubair Shaikh to continue as Chief Executive Officer. With more than 19 years of experience across the energy and financial sectors, Zubair brings a strong track record of strategic growth, commercial delivery, and operational transformation. His leadership during a pivotal phase of the company — following Wafi Energy Holding's acquisition of Shell Pakistan in November 2024 — has ensured business continuity, strengthened performance, and built momentum towards the company's long-term ambitions in Pakistan. 'Zubair's confirmation reflects the board's confidence in his ability to lead Wafi Energy Pakistan,' said Ghassan Al Amoudi, chairman of the board. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
Zubair Shaikh to continue as Wafi Energy Pakistan CEO
Wafi Energy Pakistan Limited, formerly Shell Pakistan Limited, announced on Tuesday that Zubair Shaikh would continue to be the Chief Executive Officer (CEO) of the company. This was shared by the company in a notice to the Pakistan Stock Exchange today. Wafi is a publicly listed company incorporated in Pakistan. The company is majority-owned by Wafi Energy Holding Limited, based in Abu Dhabi, United Arab Emirates. Wafi is the exclusive brand licensee for Shell in Pakistan. In January this year, the company released its first annual report under new ownership, marking a transition point for the company following its acquisition by Abu Dhabi-based Wafi Energy Holding Limited. The transaction, completed in October 2024, involved the purchase of a 77.42% stake from Shell Petroleum Company, followed by an additional 10.36% acquired from public shareholders, bringing Wafi's total holding to 87.78%.
Business Recorder
3 days ago
- Business
- Business Recorder
Wafi Energy Pakistan reappoints Zubair Shaikh as CEO
Wafi Energy Pakistan Limited, formerly Shell Pakistan Limited, announced on Tuesday that Zubair Shaikh would continue to be the Chief Executive Officer (CEO) of the company. This was shared by the company in a notice to the Pakistan Stock Exchange today. Wafi is a publicly listed company incorporated in Pakistan. The company is majority-owned by Wafi Energy Holding Limited, based in Abu Dhabi, United Arab Emirates. Wafi is the exclusive brand licensee for Shell in Pakistan. In January this year, the company released its first annual report under new ownership, marking a transition point for the company following its acquisition by Abu Dhabi-based Wafi Energy Holding Limited. The transaction, completed in October 2024, involved the purchase of a 77.42% stake from Shell Petroleum Company, followed by an additional 10.36% acquired from public shareholders, bringing Wafi's total holding to 87.78%.
Business Recorder
08-05-2025
- Business
- Business Recorder
Wafi Energy rebounds strongly
Wafi Energy Pakistan Limited (formerly Shell Pakistan) has reported a strong financial turnaround in 1QCY25, posting a net profit of Rs873 million, which is an increase of 178 percent year-on-year. This performance comes amid a transitional period following the acquisition by Wafi Energy Holding and within a broader context of macroeconomic volatility and sector-wide regulatory challenges affecting oil marketing companies in Pakistan. Although net sales declined by 7 percent year-on-year in 1QCY25 to Rs99 billion due to both pricing and volume pressures, the gross profit remained largely stable. Despite the decline in revenue, the gross margin improved slightly to 6.32 percent from 6.04 percent in the same period last year, indicating effective cost containment. A significant contributor to this performance was the reduction in distribution and marketing expenses by 21 percent and administrative costs by 14 percent, which allowed the company to post a 71 percent increase in operating profit. This improvement was achieved despite other expenses spiking by over 41 times, likely due to non-recurring or transitional costs. Other income increased by 24 percent year-on-year, helping to further strengthen the bottomline. Finance costs rose by 13 percent, but this was well absorbed due to the operating gains. Share of profit from associates increased by 7 percent. Wafi's lubricants business was a major driver of performance. The consumer segment recorded double-digit volume growth supported by prominent marketing campaigns and partnerships, including Shell Helix's branding during the ICC Champions Trophy 2025, the company reported. The industrial segment maintained its leadership position in the mining sector and benefitted from strong original equipment manufacturer (OEM) partnerships and robust cash collections. The mobility business also showed progress, with the launch of four new Shell-branded retail sites and upgrades to three existing ones. Premium fuel sales through Shell V-Power reached record levels, reflecting changing consumer preferences. The company is, however, facing increased cost pressures due to recent regulatory changes such as the shift in the sales tax collection framework. These changes have led to higher operating costs and constrained cash flows, which is an industry-wide concern. Wafi Energy is currently working with regulators and industry stakeholders to push for a revision in margins to reflect the new cost realities. On the liquidity front, the company's cash flow from operations rose significantly to Rs10.7 billion compared to a net outflow in the same quarter last year. This was primarily driven by improved working capital management and timely recovery of receivables.
Business Recorder
01-05-2025
- Business
- Business Recorder
Wafi Energy reports Rs873m PAT for Q1 2025
KARACHI: Wafi Energy Pakistan Limited (formerly Shell Pakistan Limited) has reported a profit after tax of PKR 873 million for the first quarter ending March 31, 2025, compared to a profit after tax of PKR 314 million in the same period last year. The Board of Directors of Wafi Energy Pakistan Limited (WEPL) announced the first quarter results for the company on Wednesday. According to company announcement, it has maintained its market share despite ongoing challenges in the oil industry, including rising operational costs from changes to the sales tax regime and persistent illicit petroleum trade, demonstrating operational resilience and strong network controls. In the Lubricants business, WEPL achieved growth in both the consumer (B2C) and industrial (B2B) segments. The company secured key strategic partnerships with Original Equipment Manufacturers (OEMs) such as Hyundai and Suzuki. Additionally, the B2B segment maintained its leadership in the mining sector. In the Mobility segment, WEPL expanded its Shell-branded retail network, adding four new sites and upgrading three existing stations. Shell V-Power, the company's premium fuel, achieved its highest-ever quarterly volume, with an industry-leading penetration rate. Copyright Business Recorder, 2025
