OIL FIRM Shell Pilipinas Corp. (SPC) reported a 69% increase in net income to P2.1 billion last yr, supported by volume growth across its fuel and non-fuel segments and value control measures.
Core earnings rose 28% yr on yr to P3.3 billion, the corporate said in an announcement on Thursday.
“The strategic priorities we sharpened — integrated channel growth, disciplined working capital, and tighter cost control — are translating into more consistent performance across our portfolio,” said Lorelie Quiambao Osial, president and chief executive officer of Shell Pilipinas.
“These results exhibit that our strategy is delivering as intended and that the business is becoming more resilient and higher in a position to navigate a dynamic operating environment,” she added.
The corporate has yet to release its full-year report.
SPC’s fuel business recorded a 2% increase in volume, supported by contributions from business-to-business and business segments, product mix, and provide chain improvements.
Shell Mobility, the corporate’s retail business, posted flat volumes because it continues to get better from earlier declines.
Its digital fleet management platform, Shell Fleet Solutions, recorded 11% volume growth, driven by recent accounts and partnerships.
The aviation segment posted an 11% increase in volume, supported by recent customers and provide chain efficiencies.
Industrial fuels volume rose 3%, reflecting growth in mining and wholesale segments.
SPC’s non-fuels business, which incorporates lubricants and bitumen, posted a 4% increase in volume.
Lubricants volume rose 4%, supported by demand in motorcycle oils and expansion of sales channels, including e-commerce and auto workshop networks.
Bitumen volume increased 5%, supported by account management and provide, despite weather-related disruptions and a construction spending environment.
“Because the external environment continues to evolve, Shell Pilipinas will proceed to administer risks with prudence and be certain that its decisions remain guided by safety, responsibility, and long-term resilience,” Ms. Osial said.
SPC, the second-largest player within the downstream oil industry, operates greater than 1,100 service stations nationwide. — Sheldeen Joy Talavera