KARACHI: As sales increased to Rs438 billion from Rs418 billion in 2022, Shell Pakistan Ltd (SPL) reported a profit-after-tax of Rs5.8 billion in 2023 as opposed to a loss of Rs72 million in 2022.
A deal to sell Shell Petroleum Company Ltd., a division of Shell plc (Shell), its 77.42 percent controlling stake in SPL, to Wafi Energy LLC, was reached in October 2023. The transaction’s conclusion is contingent upon obtaining the necessary regulatory approvals, fulfilling all legal obligations, and completing additional closing procedures.
The mobility firm has modernized its current network and opened 27 new locations, all while offering consumers across the nation best-in-class customer value propositions.
According to a press release, Shell Lubricants is able to hold onto its market share even in the face of industry headwinds.
Indus Motor halts operations
Indus Motor Company (IMC) has once again halted production operations for six days until March 11 following a break of more than three months.
IMC stated in a stock filing on Wednesday that the decision was made in light of the low inventory level at the moment and the supply chain issues causing a lack of parts and components.
The last plant closure for IMC took place from October 17 to November 17, 2023. Following this, production has continued as usual because of a relaxation of regulations imposed by the central bank on the opening of credit letters during the last quarter of 2023.
But a significant overall decline in the auto assemblers’ import of completely knocked down (CKD) kits, from $104 million in December 2023 to $37 million in January 2024, indicates that SBP has once more curtailed LCs for parts imports, which might also push other assemblers to close their plants.
Beginning in August 2022, plant closures shook the automotive industry following the SBP’s nearly complete prohibition of LCs in an effort to rein in the rapidly growing current account deficit.
BAHL announces a dividend.
A 50% final cash dividend was issued by Bank Al Habib Ltd on Wednesday.
To approve the annual accounts for the year that concluded on December 31, 2023, the annual general meeting was convened. The entire payout is Rs14, or 140pc per share, which includes the final dividend in addition to the 90pc interim cash that was previously paid.
