Wafi Energy Pakistan, which operates the Shell fuel brand in the country, has reported a respectable first half that conceals a painful second quarter. The company posted a profit after tax of Rs1.523bn for the six months, up from Rs1.26bn in the same period last year, a rise of about 21%. Yet that figure includes a loss after tax of Rs641m in the second quarter alone, as disruption to global energy markets and volatile costs took their toll.

The swing from profit to loss within the half underscores how quickly conditions deteriorated. The company said it nonetheless kept fuel flowing to customers through a period of turbulence in international energy markets. Expansion continued despite the strain. During the period Wafi Energy added 38 Shell retail sites, 18 Shell Select convenience stores and two Shell Recharge electric-vehicle charging points. It also upgraded eight existing forecourts.

The lubricants business grew in both its consumer and industrial segments. The company attributed this to new product launches and sustained investment in engagement with customers and mechanics. Storage capacity has also been increased. Wafi Energy recently opened a 7.4m-litre motor-gasoline tank at its Tarru Jabba terminal in Nowshera, Khyber Pakhtunkhwa. The facility allows the company to hold more fuel and move it closer to where demand lies, strengthening supply resilience across the region.

The investment forms part of a broader push northward. The company plans to use the new capacity to expand its Shell retail network across northern Pakistan. Zubair Shaikh, the chief executive, described the half as demanding for the industry, citing disrupted global supply routes and persistent cost volatility. He said the results reflected disciplined investment, execution and a focus on supply security.

"Our aim has been simple," Mr Shaikh said: "keep supply moving, provide customers with reliable fuels and lubricants, and keep investing in long term value creation for shareholders and the country."

The headline growth in half-year earnings offers some comfort to investors. But the second-quarter loss suggests that, while global supply routes remain disrupted, even a growing network may struggle to shield profits from external shocks.