Shell Pilipinas net income more than doubled in Q1 2026

Shell Pilipinas Corp. more than doubled its net income for the first quarter of the year, citing firmer market conditions in January and February 2026, while market volatility intensified in March amid the Middle East crisis.

Shell’s net income grew to P1.617 billion from P743.591 million in the same period last year, as net sales increased to P63.289 billion from P57.992 billion, while expenses grew to P4.462 billion from P4.277 billion.

“The first quarter was uneven. Our underlying performance was stronger in January and February, but conditions changed sharply in March as market volatility intensified,” Shell president and chief executive officer Lorelie Quiambao Osial said in a regulatory filing.

“In this environment, our priorities remain clear — safety and well-being, business continuity, responsible operations, and helping ensure fuel availability for the country during a period of heightened volatility. We remain adaptive in how we respond as conditions continue to evolve,” she added.

The company’s overall volume grew by 2% during the quarter, with fuels up 2%, even as this was moderated by the volatility in March.

Mobility volumes grew 3% on the back of targeted value offers, loyalty programs, and stronger site execution, while fleet solutions increased by 5% on new accounts and renewals. Commercial fuels expanded 1%, while aviation volumes fell 1% due to higher market premia and flight cancellations in the Middle East.

For the non-fuels business, lubricants rose by 27% while bitumen volumes declined 6% due to fuel price increases, supply constraints, and project award delays.

“The environment remains fluid, and the uncertainty we saw in March has extended beyond the first quarter,” Osial said.

“In times like these, what matters most is staying adaptive and reliable for our customers and partners, while continuing to strengthen the resilience of our business and our people as conditions evolve,” she added.

Shell also announced the appointment of Rogelio “Babes” Singson and Robina Gokongwei-Pe to its board effective Tuesday, May 12, 2026.

Shares in Shell were last trading at P9.29 apiece, up by P0.09 or 0.98% from Tuesday’s finish of P9.20. —AOL, GMA News