Shell Pilipinas 2024 profit up 8% to P1.3B
PHOTO: Official website of Shell Philippines Corporation / pilipinas.shell.com.ph
MANILA, Philippines — Oil giant Shell Pilipinas Corp. (SPC) reported a net income of P1.3 billion in 2024, an increase of 8 percent from a year ago, due to significant savings and higher demand for premium products.
“This improved performance was fueled by significant operational efficiencies, including P900 million in operating expense savings—higher by almost half a billion pesos versus the target,” the company said in a disclosure to the Philippine Stock Exchange on Wednesday.
“While overall volumes slightly declined by 3 percent, higher demand for premium products across key segments enabled SPC to grow its margins,” it added.
READ: Shell Pilipinas grows profit to P1.7B in Jan-June
Its non-fuel retail segment grew by 13 percent, driven by lubricants and vehicle servicing, along with convenience retail. Commercial fuels volume rose by 3 percent on the back of stable performance in mining, power and manufacturing sectors
Meanwhile, volume of lubricants climbed by 10 percent because of higher premium penetration, new customers and regained accounts.
Cash flow from operations stood at P7.2 billion. Excluding movement in working capital, cash flow stood at P10.1 billion.
