Shell Pilipinas earnings up to P4.1 billion in 2022

MANILA, Philippines — Higher volume delivery boosted Shell Pilipinas Corp.’s earnings in 2022 despite challenges brought about by fuel price volatility, high inflation and peso depreciation.

Shell Pilipinas reported a six percent improvement in its net income to P4.1 billion last year from P3.9 billion in 2021.

The  company attributed the growth to its strong marketing performance, as the year’s volume delivery rose by 10 percent.

The non-fuels retail business posted a record profit of P2.6 billion, an increase of 24 percent from 2021 with double-digit growth across segments.

Shell Pilipinas currently has 217 Shell Select stores, 223 Select Express, 93 Deli2Gos and 479 Lube bays nationwide.

Commercial fuels bounced back to pre-pandemic levels as sales volume increased by 19 percent.

Shell’s lubricants business recorded a nine percent increase in volume, while sale of carbon neutral products delivered a 39 percent jump.

Commercial road transport also recovered with a strong volume delivery in 2022, driven by the improvement in the economy, seasonality, and marketing programs.

The aviation business likewise saw strong volume delivery, driven by further border openings and lifting of travel restrictions.

“Powering progress for the Philippines will remain to be our commitment,” Shell Pilipinas president and chief executive officer Lorelie Quiambao-Osial said.

“The environment and our customers’ needs are shifting, and Shell Pilipinas is well positioned to be a trusted partner in meeting the current and changing needs of our customers. We continue to be reliable, agile, flexible, and adaptive in this ever-changing landscape,” she said.

Quiambao-Osial said the company would continue to explore ways to improve energy efficiency in its operations, as well as in its products and services to better serve our customers and stakeholders.

At present, more than 130 of the company’s mobility stations are solar-powered reinforced with energy efficient equipment deployed in many of the mobility sites.