Shell Pilipinas net income jumps to P1.4 billion in Q1

MANILA, Philippines — Shell Pilipinas Corp. (SPC) reported a net income of P1.4 billion in the first quarter, reversing the P310.2-million net loss booked in the same quarter last year.

“As we evolve in an increasingly competitive industry, Shell Pilipinas remains steadfast in delivering value to our shareholders fueled by our refreshed strategy, strong focus on performance and disciplined delivery,” SPC president and CEO Lorelie Quiambao-Osial said.

The listed company’s “focused approach” to cost management, as well as a “strong premium penetration” across sectors and its non-fuels retailing business, delivered double digit growth.

This helped SPC improve its cashflow to P2.2 billion from negative P5.9 billion due to the active working capital management and value delivery on investments.

According to SPC, it continues to focus and deliver on its cash generation initiatives amidst the high-interest rate environment and reflects its commitment to prudent financial management and maintaining a strong balance sheet.

The oil company is also focusing on mobility with the opening of 10 new sites in “strategic areas” nationwide to further increase network efficiency and maximize value for customers.

It has also launched electric vehicle (EV) chargers in Estancia Mall and Greenhills, in collaboration with Ortigas Land Corp.

SPC’s non-fuel retail business sustained a double-digit 17 percent increase, driven by food and beverage, expansion initiatives and an ever-increasing locator business.

She said the company’s focused efforts led to a notable surge in the demand for premium products in the commercial fuels and lubricant segments.

“This approach not only enhanced our market presence, but also reinforced our reputation as a preferred provider of high-quality fuel solutions tailored to meet the evolving needs of commercial clients and enable their businesses to thrive,” Osial said.

“We are making strategic choices to strengthen our market position, boost business resilience, and drive financial strength.  We will win every day and win together with our motivated workforce, business partners, and the best retailer network in the country,” she added.