Be Energy Limited ('Be Energy' or the 'Company') was incorporated in Oct-1996 as a Private Limited Company and subsequently transformed its legal status to a Public Unlisted Company in Nov-2017.

The Company had commenced its operations from Overseas Oil Trading Company (Pvt.) Limited ('Oil Trading') and Bakri Trading Company Pakistan (Pvt.) Limited ('Bakri Trading'). In 2016, the Company was granted permission to merge the Overseas Oil Trading Company with and into Bakri Trading. Post merger, Bakri Trading changed its name to Be Energy (Pvt.) Limited.

The Company specializes in the procurement, storage, distribution, and marketing of petroleum products and lubricants. The Company has a network of 554 retail outlets as of June 2026 (December 2025: 545 retail outlets), with a significant presence in Sindh and Punjab, while expanding in North Punjab. The Company has one of the largest oil storage infrastructures in the country, totaling approximately 231,891 MTs.

The Company's shareholder base is led by Rawafid Investments LLC, which holds a majority interest of approximately 90.97%. Energy Petroleum Consultant Company follows as the second-largest shareholder with a stake of around 8.99%, while the Directors collectively account for the residual shareholding of roughly 0.04%.

The Company is anchored by the Bakri Group, a Saudi-based family-owned conglomerate with a history of sustained growth since 1975 . The Group has built a reputation for stability through continuous reinvestment in its core businesses. This long-term approach to capital deployment and infrastructure ownership reflects a stable and patient capital base that supports Be Energy's operations and strategic direction.

The Bakri Group was established in 1973, initially providing bunkering services to calling and passing vessels, before expanding into physical oil trading, shipping, time charter services, shipping management, marine support, and water treatment plants. Over the years, the Group has built a diversified portfolio and continues to deliver services across Middle East, Sub- Indian, Africa, and the Far East with the ambition to cover the rest of the world. The Group's deep-rooted expertise in the energy and maritime sectors underpins Be Energy's operational capabilities and strategic direction.

The financial strength of the sponsors is underpinned by well-diversified and profitable businesses across the Group's portfolio. The Bakri Group has demonstrated financial resilience through decades of sustained operations and continuous reinvestment in its core energy and maritime businesses . This strong sponsor backing provides Be Energy with a solid financial foundation to support its growth and expansion plans.

The Company is governed by a five-member Board of Directors, comprising three Non-Executive Directors, one Executive Director, and one Independent Director. The sponsoring family holds three seats on the Board, including that of the Chief Executive Officer.

BE Energy's Board is chaired by Dr. Zohair Abdul Kader B AlBakri, a Saudi national with directorships across numerous group companies including Rawafid Al Huqooq, Rawafid Al Hadara, and Chevron Al Bakri Lubricants. CEO Mr. Muhammad Hani Abdul Kader B AlBakri holds an Engineering degree with Nuclear specialization, serves as Vice President of Finance & Investment at Abdul Kader Bakri & Sons Holding, and holds board positions at Seera Bank (Bahrain) and Bureau Veritas' Technical Committee. Independent Director Mr. Shabab Saeed brings over 30 years of ExxonMobil experience across global supply chain, commercial, and marketing roles in the US, Europe, Asia, and the Middle East, currently serving as CEO of International Oil Co. Ltd. Ms. Noof Zohair, with an Executive MBA in Board Governance from HEC Paris, has been General Manager at BE Energy since 2025 and brings real estate development experience from PIF and Sela Sports. Mr. Hussain Al Shammaa, a Kuwaiti national with over decades of experience, previously served as BE Energy CEO, held senior roles at Kuwait Petroleum Corporation and Kuwait's Ministry of Oil. Collectively, the Board combines family ownership representation, world-class industry expertise, and deep regional knowledge, ensuring strong governance and strategic oversight.

The Board is supported by an Executive Committee, which assists in overseeing the Company's overall operations and guides management in developing effective operational and financial policies, convening regularly to review performance and deliberate on key business matters, ensuring proper supervision and accountability.

The External Auditors of the Company, M/S RSM Avais Hyder Liaquat Nauman Chartered Accountants, have provided an unqualified opinion on the financial statements as of Dec-2025 stating that the statement of financial position, statement of profit and loss, statement of comprehensive income, statement of changes in equity and statement of cashflows, presents a true and fair view of the state of the Company affairs. The auditor is QCR rated and on SBP panel 'A' category of auditors.

The Company's operations have been bifurcated into five broad functional areas comprising: i) Operations, supply chain & logistics, ii) Projects, iii) Marketing, iv) Finance, and v) Human Resources. Each functional head reports directly to the Managing Director, who then reports to the CEO.

BE Energy's management is led by CEO Mr. M. Hani Abdul Kader B AlBakri, representing the Bakri family's ownership, with day-to-day operations handled by Managing Director Mr. Qasim Zaheer — a 30-year industry veteran who previously served as MD and CEO of TOTAL Oil Pakistan and General Manager at PSO. He is supported by a highly experienced team: CFO Mr. Muhammad Raheel (Fellow ICAP, 22 years experience, 9+ years with the company), Senior General Manager Finance Mr. Aqueel Lokhandwala (Fellow ICAP, 36 years experience, nearly 13 years with the company), Senior General Manager Supply Chain & Operations Mr. Farooq Yazdani Dar (MBA, 27 years experience, 16+ years with the company), and Senior General Manager Marketing Mr. Omar Shafqaat (16 years experience). Collectively, the team brings deep industry expertise, strong professional qualifications, and long tenures that ensure operational continuity and financial discipline — providing a solid management backbone to the Bakri family's ownership.

To oversee the management of the Company, four committees have been formed, comprising various members of the management team. The committees include i) Procurement Committee, ii) Product Pricing Committee, iii) HR Committee, and iv) Marketing Support Team.

The Company's operating environment relies on an IT infrastructure supported by ERP (Enterprise Resource Planning) solutions, acquired from M/S Sidat Hyder. The IT infrastructure is effectively integrated with all the departments and ensures proper financial and operational control.

The Company's control environment is strengthened by a well-defined order fulfillment process, where dealers initiate transactions via the online sales system. Each order is routed through the system, subjected to a credit review by Finance, and then executed by Operations. Upon dispatch from the Company's storage facilities, dealers and carriage contractors take charge of ensuring safe delivery to the designated locations.

FY26 proved to be a year of resilience tested by volatility for Pakistan's oil marketing industry, with total petroleum product sales settling at ~16.19mln MT, broadly flat against ~16.32mln MT in FY25, as growth through the first three quarters was offset by a slower 4QFY26, impacted by the onset of the US-Iran conflict, elevated retail prices, and a higher Petroleum Development Levy. On a product-wise basis, MS sales rose ~1% to ~7.68mln MT, supported by resilient urban mobility demand even as prices climbed; HSD volumes slipped ~1% to ~6.85mln MT amid the broader price-led slowdown in the final quarter; while FO continued its structural decline, falling ~26% to ~0.60mln MT as the power sector leaned further into hydel, LNG, and renewable generation. Among the listed players, PSO's share eased to ~42.4% (FY25: ~44.0%), APL and Hascol also lost ground, while WAFI (Shell) and GO Pakistan gained share; the top five listed OMCs' combined share edged down to ~73.6%, with mid-tier and unlisted players, including Be Energy, collectively picking up the balance. On the policy side, the government has restricted HSD imports to PSO alone from May 2026, formalized for FY26-27 to conserve foreign exchange amid regional volatility, with private OMCs still permitted to import petrol subject to OGRA approval; separately, petroleum pricing itself moved to a daily mechanism from mid-July 2026, replacing the earlier weekly cycle, and while OMC and dealer margins remain fixed on a per-litre basis, this shift is expected to bring more stability to volumes and place greater emphasis on tighter inventory management going forward.

Be Energy continues to compete in a fragmented middle tier of the OMC sector and remained among the top ten companies by sales in FY26, with cumulative volumes of ~359,000 tons for the year. Within an industry landscape that grew marginally more fragmented over the year, Be Energy's own market share held steady at ~2% for most of FY26 before improving to ~3% in June'26, aided by early traction from its retail network expansion and the ongoing Caltex rebranding initiative.

The Company generates revenue through the sale of key petroleum products—PMG, HSD, HSFO, and lubricants—across its expanding retail and commercial network, with net revenue for FY2025 (Dec-25) coming in at ~PKR 114,226 million compared to ~PKR 115,892 million in the prior year, largely reflecting stagnant industry-wide volumetric demand and subdued international POL product prices throughout the period. However, this was partially offset by a significant increase in other revenue streams—including franchise fees, hospitality income, joining fees from pump dealers, and non-retail fuel income—which rose to ~PKR 1,115 million (Dec-24: ~PKR 633 million), underscoring the Company's success in diversifying its income base. Going forward, revenue is expected to grow through the strategic expansion of its retail footprint across high-potential markets in Punjab and Sindh, while the Company's trademark licensing agreement with Chevron Brands International LLC, which grants the rights to the Caltex brand, is expected to further strengthen brand equity and drive revenue growth.

During Dec-25, margins improved considerably, with gross margin rising to ~4.2% (Dec-24: ~2.8%) and net margin to ~1.8% (Dec-24: ~0.3%). This improvement was largely driven by a ~9% decline in total finance cost to ~PKR 406 million (Dec-24: ~PKR 447 million) and higher other income of ~PKR 949 million (Dec-24: ~PKR 655 million, including an IFEM-related input sales tax adjustment of ~PKR 382 million). As a result, net profit rose sharply to ~PKR 2,012 million (Dec-24: ~PKR 335 million). Going forward, margins are expected to remain broadly stable, supported by the Company's cost discipline, low leverage, and diversified revenue base.

Under its sustainability framework, Be Energy is committed to balancing business growth with environmental stewardship and social responsibility. The Company focuses on mitigating environmental risks, including oil spills and emissions, while actively pursuing renewable energy integration at its retail outlets to reduce grid dependency and overall energy costs . Its biodiversity initiatives, such as tree plantation drives at storage terminals, further underscore its dedication to a healthier ecosystem . Beyond environmental efforts, Be Energy emphasizes social value through local job creation, health initiatives, and skills training programs for communities surrounding its operational areas . Complementing these sustainability pillars, the Company’s long-term trademark licensing agreement with Chevron Brands International LLC for the Caltex brand not only strengthens its business outlook but also aligns with its commitment to delivering globally trusted, premium fuels and enhanced customer experiences across its expanding network

As of Dec-25, inventory days increased to ~43 days (Dec-24: ~40 days), reflecting a marginal buildup in stock levels. Trade receivable days remained low at ~2 days (Dec-24: ~6 days), indicating efficient collections and limited credit exposure to customers. Trade payable days stood at ~27 days (Dec-24: ~25 days), remaining broadly stable on a year-on-year basis. Consequently, net working capital days improved to ~19 days (Dec-24: ~22 days), reflecting a leaner and more efficient working capital cycle overall. The current ratio strengthened to ~1.5x (Dec-24: ~1.3x), indicating improved short-term liquidity. Furthermore, the Company maintains a comfortable borrowing cushion, with short-term financing utilization standing at less than 1% of its ~PKR 22,000 million aggregate secured facilities, leaving substantial headroom of approximately ~PKR 21,964 million in undrawn credit lines.

During Dec-25, FCFO increased sharply to ~PKR 3,296mln (~+91% YoY), on the back of stronger profitability and working-capital release, while total finance cost declined by ~9% to ~PKR 406mln, reflecting lower short-term borrowings and a moderating policy rate. Resultantly, the FCFO/Finance Cost cover improved markedly to ~80.0x (Dec-24: ~9.3x), while EBITDA/Finance Cost improved to ~94.3x (Dec-24: ~13.2x). Debt payback remained stable at ~0.6x (Dec-24: ~0.6x). Going forward, coverages are expected to remain strong, supported by the Company's low leverage and stable operating cash generation.

As of Dec-25, total borrowings declined to ~PKR 1,980mln (Dec-24: ~PKR 1,995mln), while shareholders' equity increased to ~PKR 18,486mln (Dec-24: ~PKR 16,378mln), largely on account of higher accumulated profits. This resulted in an improved leverage ratio of ~9.7% (Dec-24: ~10.9%). Going forward, leverage is expected to remain low, underpinned by the Company's conservative capital structure and internally generated cash flows.