KARACHI: Wafi Energy Pakistan, part of Saudi Arabia’s Wafi Energy group, reported a 148% rise in quarterly profit on Thursday, signaling steady growth in the country’s energy retail sector as Islamabad seeks to attract foreign investment from the Gulf amid a gradually stabilizing economy.
The company said profit after tax rose to Rs2.16 billion ($7.7 million) for the quarter ended March 31, compared with Rs873 million ($3.1 million) a year earlier, citing stable operations and continued investment despite global energy market volatility.
Pakistan has been pushing to draw investment from Gulf countries, as it looks to shore up foreign exchange reserves and sustain economic recovery following a prolonged balance of payments crisis. Officials have repeatedly sought to reassure international firms of a business-friendly environment and policy continuity.
“This has been a quarter shaped by external volatility and geopolitical challenges,” Zubair Shaikh, the company’s chief executive officer, said in a statement. “Our focus has been to preserve energy security, keep supply steady, expand the network, and continue investing in areas that matter for Pakistan’s needs.”
Wafi Energy, which operates Shell-branded fuel stations in Pakistan, expanded its retail footprint during the quarter, adding 18 new sites and six convenience stores, while upgrading six existing outlets, the statement said.
Growth in its lubricants business was driven by expansion in original equipment manufacturers and mining segments, alongside continued demand from fleet customers. The company also signed a partnership with Indus Motor Company, marking its entry into the Toyota aftermarket lubricants segment in Pakistan.
Pakistan’s fuel retail sector has seen increased competition and investment in recent years, with companies expanding networks and diversifying into convenience retail and value-added services to capture growth in a price-sensitive market.
