Wafi Energy Pakistan Limited (WEPL) has announced its financial results for the year ending December 31, 2024.

Key highlights of the report include a profit after tax of Rs. 3.3 billion for 2024, compared to Rs. 5.8 billion in 2023. The previous year's results were notably impacted by a one-time income of Rs. 10.7 billion related to the waiver of Shell Group liabilities.

Additionally, the company has officially rebranded from Shell Pakistan Limited to Wafi Energy Pakistan Limited. Wafi Energy Holding Limited, a well-established Saudi company and affiliate of the Asyad Group, has become the majority shareholder, holding approximately 87.78% of the company's total issued share capital. Despite the name change, the Shell brand will continue in Pakistan through retail and brand licensing agreements, with Wafi Energy serving as the exclusive brand licensee.

Business segments performed well, with the Lubricants division expanding its market share with products like Helix and Advance. In the mining sector, WEPL secured a premium contract for the Saindak Gold and Copper mining project and established an exclusive partnership in the Thar Coal Project.

The Mobility business saw significant growth, expanding its network by adding 16 new sites and refurbishing nine existing ones. The convenience retail business also demonstrated robust growth, with a 28% year-on-year increase.

WEPL remains committed to operational excellence, safety, and strengthening its financial position while fulfilling its role responsibly in society.