Shell Pilipinas Corporation Reports PHP1.2 Billion Net Income In 2023

Shell Pilipinas Corporation (SPC) has announced a net income of PHP1.2 billion for the fiscal year 2023, underscoring its resilience in the face of challenges.

SPC revealed that its cash flow from operations reached PHP4.3 billion, excluding working capital at PHP9.6 billion. I Photo: Shell Philippines

The company highlighted its Marketing business's remarkable achievement of a delivery surge of over 60% compared to the previous year, while its Mobility business saw a 4% volume increase.

In a disclosure to the Philippine Stock Exchange (PSE), SPC revealed that its cash flow from operations reached PHP4.3 billion, excluding working capital at PHP9.6 billion.

Additionally, the company reported PHP0.9 billion in savings attributed to prudent cost management practices.

Lorelie Quiambao-Osial, President and CEO of Shell Pilipinas, expressed pride in the organization's resilience, stating, "I'm incredibly proud of the resilience shown by our organization, delivering results amidst market pressures in 2023."

"Despite external challenges, we were still able to gain higher marketing earnings while introducing new and innovative offers," she added.

SPC attributed its growth in Mobility volume to targeted marketing promotions and loyalty offers via the Shell GO+ app. The company's Fleet Solutions segment expanded its customer base, while non-fuel retail achieved double-digit growth of 13%.

Notably, Shell Café experienced a surge in coffee and food sales with the addition of 13 new branches.

Furthermore, as part of its Electric mobility initiative, Shell Pilipinas collaborated with Seven/NEO to launch a new destination charger powered entirely by geothermal energy in BGC.

Quiambao-Osial reiterated Shell Pilipinas' commitment to driving innovation, efficiency, and customer-centric solutions in the energy sector. She emphasized the company's dedication to fostering a future that is not only resilient but also sustainable.

This announcement highlights SPC's strategic initiatives and positive performance despite the challenging business landscape, positioning the company as a key player in the Philippines' energy sector.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem