WAFI reported earnings per share of PKR 14.16 for 9MCY25 (9MCY24: 3.38). Furthermore, in 3QCY25, the company reported earnings per share of PKR 8.19 vs loss per share of PKR 2.78in 3QCY24. Year-to-date, the company has opened 28 new sites and plans to expand aggressively. It has also established a storage facility in KPK, providing capacity to support an additional 70–80 sites.
The company gained approximately 1% market share in the lubricant segment during 9MCY25, while motor fuel volumes grew by 8.5% YoY. Shell V-Power volumes surged by 155%, and inventory gains further boosted earnings in the recent quarter. Administrative costs declined significantly, primarily due to a reduction in group fees previously paid to Shell. Management highlighted that under Wafi Energy’s ownership, the company is empowered to pursue growth independently and make its own strategic decisions unlike under Shell, where expansion and capital expenditure were taken by the multinational.
The retail network currently comprises roughly 40% dealer operated and 60% company-operated sites. Previously, Shell managed supply arrangements now, the company can independently procure base oils and fuel from the most competitive suppliers. Regarding product sourcing, the company does not import diesel directly, while motor gasoline is sourced approximately 60% through imports and 40% locally.
Although no official figures were shared for lubricant volumes, management estimates the company’s market share to be above 20%, based on internal studies. On royalty payments, management stated that these would fall under SBP regulations. Discussing the E-mobility transition, management noted that the shift will likely be gradual, with no major change in fuel demand expected over the next 10–15 years.
Important Disclosures
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