Shell Pilipinas books P1.7B profit in H1

Shell Pilipinas Corp. saw its profit surge in the first half of 2024, owed to profitability from marketing businesses, better cash management and inventory holding gains.

In a disclosure to the Philippine Stock Exchange on Wednesday, Shell Pilipinas reported a net income of P1.745 billion in the January to June period, jumping from P122.9 million in the same period last year.

The company said a significant contributor to its bottom line was its implementation of cost-saving initiatives and supply chain efficiencies.

“Our strong first half performance underscored our resilience and ability to deliver value even in a challenging economic environment,” said Shell Pilipinas president and CEO Loreli Quiambao-Osial.

Shell Pilipinas’ gross income, meanwhile, amounted to P12.06 billion, up 28.5% from P9.4 billion a year ago “mainly due to high premium penetration across all sectors and inventory holding gains with the uptrend in global fuel prices.”

“We’re exploring new ways to grow both volume and value that will enable us to provide attractive returns to our shareholders,” said Quiambao-Osial.—RF, GMA Integrated News