KARACHI: Shell Pakistan Ltd (SPL) posted a profit-after-tax of Rs5.8 billion during 2023 compared to a loss of Rs72 million in 2022 as sales rose to Rs438bn from Rs418bn.

In October 2023, Shell Petroleum Company Ltd, a subsidiary of Shell plc (Shell), signed an agreement to sell its 77.42pc majority interest in SPL to Wafi Energy LLC. The completion of the transaction is subject to requisite regulatory approvals, completion of legal requirements and satisfaction of other closing formalities.

The mobility business continues to provide best-in-class customer value propositions for customers across the country, with the introduction of 27 new sites and modernising of its existing network.

Shell Lubricants continues to maintain market share despite industry challenges, says a press release.

Indus Motor suspends production

After a gap of over three months, Indus Motor Company (IMC) has again suspended production activities for six days till March 11.

In a stock filing on Wednesday, IMC said the decision was taken based on the current low level of inventory and the shortage of parts and components due to supply chain challenges.

IMC witnessed its last plant shutdown from Oct 17 to Nov 17, 2023 and since then production activities remained normal due to some relaxation given by the central bank for opening letters of credit in the last quarter of 2023.

However, an overall massive drop in import of completely knocked down (CKD) kits by the car assemblers to $37 million in January 2024 from $104m during December 2023 suggests that SBP has again restricted LCs for parts imports which may also force other assemblers to halt their plant operations.

Plant shutdowns had gripped the auto sector from August 2022 after almost a ban on LCs imposed by the SBP to control the ballooning current account deficit.

BAHL declares dividend

Bank Al Habib Ltd on Wednesday announced a 50 per cent final cash dividend.

The annual general meeting was held to approve the annual accounts for the year ended on Dec 31, 2023. The final dividend is in addition to the 90pc interim cash paid earlier making the total payout at Rs14 or 140pc per share.

Published in Dawn, March 7th, 2024