Connect with us

Hi, what are you looking for?


Shell Pilipinas posts 5.7% profit rise to P4B

SHELL Pilipinas Corp. reported a 5.7% increase in its net income to P4.08 billion in 2022 from P3.86 billion a year earlier due to strong marketing performance and sustained high premium fuel penetration, the company said on Wednesday.

“Powering progress for the Philippines will remain to be our commitment. 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,” Lorelie Q. Osial, president and chief executive officer of Shell Pilipinas, said in a stock exchange disclosure.

The energy company attributed the increase in its net income on strong marketing performance where it saw its volume increase by about 10%.

Shell Pilipinas also said its gains were due to a “sustained high premium fuel penetration.”

The company’s nonfuel business recorded a profit of P2.6 billion in 2022, higher by 24% than the level in 2021.

It said volume sales of its commercial fuels increased by 19%. Shell Pilipinas also saw its net sales increase to P291.48 billion, 64.5% higher than P177.16 billion a year earlier.

Meanwhile, Shell Pilipinas is also focusing on its sustainability brand, launching its branded electric vehicle charging facility in Laguna powered by renewable energy.

“We will continue to explore ways to improve energy efficiency in our operations and in our products and services to better serve our customers and stakeholders,” Ms. Osial said.

The company also announced that it had secured the approval of the Securities and Exchange Commission to change its corporate name from Pilipinas Shell Petroleum Corp. to Shell Pilipinas Corp to reflect its “wider future-forward approach towards energy transition.”

At the local bourse on Wednesday, shares in the company closed 0.50% higher to end at P16.16 apiece. — Ashley Erika O. Jose

You May Also Like


THE Securities and Exchange Commission (SEC) said it received on Wednesday the registration statement of SM Investments Corp. (SMIC) for a P15-billion fixed-rate bond...


Longtime tennis habitues know injuries have been part and parcel of Roger Federer’s campaigns on the back end of his career. The last decade,...


BW FILE PHOTO THE CENTRAL BANK wants lenders to keep a close eye on environmental and social (E&S) risks in their credit exposure, in...


OCEANAGOLD.COM CANADIAN-AUSTRALIAN mining firm OceanaGold Corp. said it started mineral processing at its Didipio gold and copper mine project in Nueva Vizcaya and Quirino...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 PoliticalInvestorsDaily. All Rights Reserved.