KARACHI: Shell Pakistan Ltd (SPL) on Monday reported a 62.85 per cent decline in its profit-after-tax (PAT) to Rs1.3 billion for the half year ended on June 30 compared to Rs 3.5bn in the same period of 2023.

The board of directors announced that the company’s sales rose slightly to Rs223bn in January-June compared to Rs215bn in the corresponding period last year.SPL maintained its market share through relatively stable macroeconomic conditions during the period.

According to a press release, the mobility business network grew with 10 new stations and 60 non-fuel retail units.

In October 2023, Shell Petroleum Company Ltd entered into a Share Purchase Agreement with Wafi Energy LLC to sell its entire shareholding in SPL, which is currently underway. In April, an addendum to the above was posted on the Pakistan Stock Exchange (PSX), reflecting an ownership change where Wafi Energy Holding Ltd replaced Wafi Energy LLC as ‘acquirer’.

On July 27, a public announcement of offer to further acquire up to 24,162,179 ordinary shares representing 11.29pc was made by Arif Habib Ltd on behalf of Wafi Energy Holding Ltd. The completion of the transaction is subject to receipt of regulatory approvals, completion of legal requirements and satisfaction of other closing formalities.

HBL income jumps

Habib Bank Ltd (HBL) posted 2Q2024 consolidated earnings of Rs9.8 per share, up 11pc year-on-year while down 6pc quater-on-quarter. This takes 1H2024 earnings per share to Rs20.2, up 13pc year-on-year.

Alongside the result, the bank also announced a second interim cash dividend of Rs4 per share, taking 1H2024 dividend to Rs8.

According to Sunny Kumar of Topline Securities, Net Interest Income (NII) for 2Q2024 settled at Rs61bn, up 5pc YoY due to rise in asset yields.

On QoQ basis NII was also up 1pc where interest earned increased by 6pc to Rs209bn while interest expense also went up by 8pc at Rs148bn in 2Q2024.

He said other income of the bank grew by 25pc YoY, led by strong 174pc YoY growth in foreign exchange income and 18pc increase in fee and commission income.

Hubco profit rises

Hub Power Company Ltd (Hubco) announced an almost 21pc increase in its PAT to Rs75bn for the year ending June 30, 2024, compared to Rs62bn in the preceding year.

Revenue from customer contracts also rose 14pc to Rs130.5bn from Rs114.5bn during the period under review.

According to BMA Research, earnings growth stemmed from a higher US dollar indexation amidst a weaker rupee and performance improvement of its investments. Moreover, the company annou­nced a final cash payout of Rs8.5 per share, taking its annual payout to Rs20.

Mining joint venture

Hub Power Holding Ltd, a wholly-owned subsidiary of Hubco, has entered into a joint venture agreement with a mining company, Ark Metals Pvt Ltd and its shareholders to explore and develop mineral mines in Pakistan.

In a stock filing on Monday, Hubco said the consummation of this joint venture agreement is subject to the necessary regulatory approvals.

Published in Dawn, August 27th, 2024