Wafi Energy Pakistan Limited, formerly known as Shell Pakistan Limited, reported a loss after tax of Rs641 million for the second quarter ended June 30, 2026, compared with a profit after tax of Rs422 million during the same quarter last year. The decline pushed the company into a quarterly loss amid disruption in global energy markets and continued volatility in operating costs.
The company reported a loss per share of Rs3 for the quarter, compared with earnings per share of Rs1.89 in the corresponding period of the previous year. Despite the quarterly loss, Wafi Energy Pakistan recorded an improvement in its overall half year performance, with profit after tax reaching Rs1.52 billion for the six months ended June 30, 2026, compared with Rs1.26 billion in the same period last year. This represented an increase of 21%.
The company said it maintained reliable fuel and lubricant supplies to customers during a period marked by disruptions across global energy markets and sustained cost volatility. Wafi Energy described the first half of the year as a challenging period for the industry but continued to expand its retail network and invest in infrastructure and customer focused operations.
During the period, Wafi Energy Pakistan expanded its retail presence by adding 38 new Shell retail sites. The company also opened 18 new Shell Select stores, added two electric vehicle Shell Recharge facilities and upgraded eight existing retail sites. These developments form part of the company’s broader efforts to expand its retail network and strengthen its presence in the Pakistani fuel and mobility market.
The company’s lubricants business also recorded growth across its consumer and industrial segments during the period. According to Wafi Energy Pakistan, the performance was supported by new product launches as well as continued investment in engagement with customers and mechanics. The company is continuing to develop its lubricants operations alongside its fuel retail business.
Wafi Energy Pakistan has also invested in storage infrastructure to strengthen its supply capabilities. The company recently inaugurated a new 7.4 million litre motor gasoline storage tank at its Tarru Jabba terminal in Nowshera, Khyber Pakhtunkhwa. The facility increases the company’s storage capacity and improves its ability to hold and move fuel products closer to areas of demand.
According to the company, the additional storage capacity is intended to support supply resilience across the region. The investment is also linked to Wafi Energy Pakistan’s plans to expand its Shell retail network across northern Pakistan, allowing the company to strengthen its distribution capabilities while increasing its retail presence in the region.
Commenting on the company’s performance, Zubair Shaikh, Chief Executive Officer of Wafi Energy Pakistan, said the period had been demanding for the industry due to disruptions to global supply routes and continued volatility in costs. He said the company’s focus remained on maintaining fuel and lubricant supplies, providing reliable service to customers and continuing investments aimed at creating long term value for shareholders and the country.
Wafi Energy Pakistan operates as a licensee for Shell fuel and lubricants in Pakistan. The company is majority owned by Wafi Energy Holding Limited, also known as Wafi Holding, which expanded its presence in Pakistan through the acquisition of a controlling stake in Shell Pakistan.
In 2024, Wafi Holding acquired an 87.78% stake in Shell Pakistan Limited, marking its entry into the Pakistani market. The acquisition represented a significant foreign investment from the Gulf Cooperation Council region in Pakistan’s energy and fuel retail sector and provided the basis for the subsequent transition of Shell Pakistan into Wafi Energy Pakistan.
The company also holds an important position in Pakistan’s fuel supply infrastructure as the largest private investor in the strategic White Oil Pipeline operated by Pak Arab Pipeline Company. The pipeline plays a role in the transportation of petroleum products within the country.
Wafi Energy Pakistan’s first half results therefore present a mixed financial picture. While the company recorded a Rs641 million loss in the second quarter, its six month profit increased by 21% to Rs1.52 billion. At the same time, the company continued investing in retail expansion, storage infrastructure, electric vehicle charging facilities and its lubricants business.
The company’s expansion plans, including the development of its Shell retail network in northern Pakistan and additional investment in supply infrastructure, are expected to remain central to its operations as it manages changing global energy market conditions and works to strengthen its position in Pakistan’s fuel and lubricant sector.
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