Shell Pilipinas income drops to P1.2B in 2023

SHELL Pilipinas Corp. earned P1.20 billion last year, down substantially from 2022’s P4.10 billion due to challenges arising from high interest rates, lower fuel prices, and geopolitical events.

Company president and CEO Lorelie Quiambao-Osial, who said in a statement that she was proud of Shell Pilipinas’ “resilience,” also said the firm was “still able to gain higher marketing earnings while introducing new and innovative offers.”

The company did not provide detailed results, only saying on Friday, among others, that its marketing business had posted a turnaround in 2023 while its mobility business saw volumes grow by four percent.

Targeted marketing promotions and loyalty offers also fueled mobility growth, it added.

The business-to-business segment, meanwhile, was said to have continued expanding its customer bases and nonfuel retail posted 13-percent growth.

Shell Pilipinas also continued its electric mobility initiatives by launching a new charger in Bonifacio Global City.

The firm claimed to have solidified its leadership in the lubricants business and aviation volumes also rose by 12 percent amid a recovery for the airline industry.

As for the mobility business’ construction and road segment, several projects were said to have been completed.

“At Shell Pilipinas, we’re committed to being a driving force in the Philippines’ energy sector,” Quiambao-Osial said.

“By prioritizing innovation, efficiency, and solutions that put our customers first, we’re paving the way for a future that’s not only more resilient, but also more sustainable,” she added.

Shell Pilipinas’ share price went down by P0.14 to P11.06 on Friday.