Shell Pilipinas nets P1.2B in 2023

Petroleum giant Shell Pilipinas Corp. ended 2023 with a net income of P1.2 billion, albeit lower year-on-year amid the decline in global fuel prices and elevated interest rates.

Shell Pilipinas’ 2023 bottom line was lower than the P4.1-billion earnings seen in 2023.

The company said macroeconomic factors such as elevated interest rates and a decline in global fuel prices impacted its overall profitability last year. 

Nonetheless, Shell Pilipinas said it was able to “navigate through these obstacles by strategically increasing volumes and maintaining a focus on premium products.”

The company said its marketing business saw a remarkable turnaround in 2023, with delivery surging by over 60% compared to 2022.

Shell Pilipinas’ mobility business, likewise, achieved a 4% volume increase while maintaining strong premium product penetration.

“I'm incredibly proud of the resilience shown by our organization, delivering results amidst market pressures in 2023. Despite external challenges, we were still able to gain higher marketing earnings while introducing new and innovative offers," said Shell Pilipinas president and CEO Lorelie Quiambao-Osial. — VBL, GMA Integrated News