SHELL Pilipinas Corp. reported a 5.7% increase in its net income to P4.08 billion in 2022 from P3.86 billion a year earlier due to strong marketing performance and sustained high premium fuel penetration, the company said on Wednesday.
“Powering progress for the Philippines will remain to be our commitment. The environment and our customers’ needs are shifting, and Shell Pilipinas is well-positioned to be a trusted partner in meeting the current and changing needs of our customers. We continue to be reliable, agile, flexible, and adaptive in this ever-changing landscape,” Lorelie Q. Osial, president and chief executive officer of Shell Pilipinas, said in a stock exchange disclosure.
The energy company attributed the increase in its net income on strong marketing performance where it saw its volume increase by about 10%.
Shell Pilipinas also said its gains were due to a “sustained high premium fuel penetration.”
The company’s nonfuel business recorded a profit of P2.6 billion in 2022, higher by 24% than the level in 2021.
It said volume sales of its commercial fuels increased by 19%. Shell Pilipinas also saw its net sales increase to P291.48 billion, 64.5% higher than P177.16 billion a year earlier.
Meanwhile, Shell Pilipinas is also focusing on its sustainability brand, launching its branded electric vehicle charging facility in Laguna powered by renewable energy.
“We will continue to explore ways to improve energy efficiency in our operations and in our products and services to better serve our customers and stakeholders,” Ms. Osial said.
The company also announced that it had secured the approval of the Securities and Exchange Commission to change its corporate name from Pilipinas Shell Petroleum Corp. to Shell Pilipinas Corp to reflect its “wider future-forward approach towards energy transition.”
At the local bourse on Wednesday, shares in the company closed 0.50% higher to end at P16.16 apiece. — Ashley Erika O. Jose