Tag: Shell

Shell Q1 profit drops 28%, but beats expectations

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LONDON: Shell on Friday reported a 28% drop in first-quarter net profit to $5.58 billion, beating analyst expectations, and kept the pace of its share buyback programme steady amid falling oil prices and lower refining margins than last year. It said it would buy back $3.5 billion worth of shares for the next three months, the fourteenth consecutive quarter of a buyback programme of at least $3 billion. That contrasts with rival BP, which has sharply cut its buybacks this year to shore up its balance sheet. Shell’s gearing, a…

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Shell Pakistan announces profit for Q1 2024

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Pakistan, May 8th, 2024 – The Board of Directors of Shell Pakistan Limited (SPL) announced the first quarter results for the company. The company posted a profit after tax of PKR 314 million compared to the loss after tax of PKR 4,762 million made in the same period last year. The Mobility business grew its network with 5 newly commissioned sites and refreshed 13 sites. The business added 13 non-fuel retail facilities across the network. The Lubricants business introduced Shell Lubricant Solutions, providing end-to-end lubricant services to B2B customers, rooted…

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Saudi firm eyes control of Shell Pakistan

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KARACHI: Shell Pakistan Ltd (SPL) said on Tuesday it has received a public announcement of intention from Saudi Arabia-based WAFI Energy LLC to buy up to 77.42 per cent of its shares, which are currently held by the oil firm’s foreign sponsor. The potential acquirer is a Saudi retail gas station network and a sole licensee of Shell retail pumps in the Gulf nation. Earlier in June, SPL told investors that its foreign sponsor planned to divest its entire 77.42pc stake in the oil marketing company (OMC) as part of…

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