Shell Pilipinas’ 9-month income down by more than 50% year-on-year

MANILA  -Oil giant Shell Pilipinas Corp. said its earnings fell by more than half in the first nine months of the year to P2.1 billion despite sales volume growth and a reversal of its inventory loss.

While this marked a big increase from its P123-million net income in the first semester, the amount is still much lower than the P4.4 billion in earnings it recorded in the January to September 2022 period.

In a stock exchange disclosure on Tuesday, Shell said its fuels volume went up by 7 percent due to “successful marketing promotions,” while the aviation sector saw a 23-percent volume growth.

The company likewise delivered 30 new mobility sites in the third quarter alone with “mobility-related activities” expected to further drive growth across the business’ various sectors.

Its nonfuel retail, meanwhile, saw a 14-percent increase due to the expansion of Shell Select stores, Select Express, and Shell Helix Oil Change centers, among others.

“We are excited about the growth of our nonfuel retail business, helping to increase foot traffic and diversify our portfolio,” Shell president and chief executive Lorelie Quiambao-Osial said.

Shell also noted that it was preparing to open an import terminal with a capacity of 60 million liters in Cebu.

READ: Pilipinas Shell eyes five import terminals by 2025

The terminal is expected to cater to mobility stations and nearby areas to enhance the delivery capabilities of the mobility and commercial businesses, it said.

“Shell Pilipinas is refreshing its strategy, with a focus on recovering strong earnings, cash and dividend-paying position, remaining a major player in the energy industry, and partnering in nation building,” it said.