Pilipinas Shell net income up 6% in 2022

Pilipinas Shell Petroleum Corp. reported a 6% climb in its 2022 net income, as the firm reported double-digit growth in its delivery and higher premium fuel penetration during the year.
 
In a regulatory filing, Shell said its net income grew to P4.1 billion from P3.9 billion, while its operational cash flow jumped to P1.8 billion from P1.1 billion.
 
The non-fuel retail business reported a 24% growth in its profit to P2.6 billion, with 217 Shell Select stores, 223 Select Express stores, 93 Deli2Go stores, and 479 Lube bays across the nation.
 
The commercial fuels segment posted a 19% growth in volume sales, indicating a return to pre-pandemic levels. The lubricants business volume increased by 9%, and carbon neutral product sales rose 39%.
 
The commercial road transport segment posted a recovery, the aviation business volume grew 51%, and the construction and road volume rose 25%.
 
The company said its shift to renewable energy sources has led to the reduction of 13 kilotons of carbon emissions and has neutralized carbon emissions through the optimization of road and primary transport scheduling.
 
“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,” Pilipinas Shell president and CEO Lorelie Quiambao-Osial said.
 
“We remain a steadfast partner of the government in its nation-building efforts as we power progress for the Philippines,” she added.
 
The company is primarily involved in the distribution of refined and imported petroleum products through distribution terminals and supply points, warehouses, and medium range-capable import facilities throughout the country.
 
Shares in Pilipinas Shell closed Wednesday up P0.08 or 0.50% at P16.16 apiece from Tuesday’s finish of P16.08.  —VBL, GMA Integrated News