Shell Pilipinas Corp. said Friday it closed 2023 with a net income of P1.2 billion, demonstrating the company’s resilience amid a challenging year.
The company said in a disclosure to the stock exchange macroeconomic factors such as elevated interest rates and decline in global fuel prices impacted the company’s profitability last year.
Shell Pilipinas said it navigated through these obstacles by strategically increasing volumes and maintaining a focus on premium products.
It said its marketing business achieved a remarkable turnaround in 2023, with delivery up by over 60 percent compared to 2022.
“I’m incredibly proud of the resilience shown by our organization, delivering results amid market pressures in 2023. Despite external challenges, we were still able to gain higher marketing earnings while introducing new and innovative offers,” said Shell Pilipinas president and chief executive Lorelie Quiambao-Osial.
Shell Pilipinas also expressed optimism on greater success alongside the country’s projected growth in 2024.
“At Shell Pilipinas, we’re committed to being a driving force in the Philippines’ energy sector. By prioritizing innovation, efficiency and solutions that put our customers first, we’re paving the way for a future that’s not only more resilient, but also more sustainable,” Quiambao-Osial said.
Shell Pilipinas said the mobility business mirrored the country’s economic activity, achieving a 4-percent volume increase while maintaining strong premium product penetration as it continued to hold a high position in the premium fuels and lubricants market.
Targeted marketing promotions and loyalty offers via the Shell GO+ app fueled the growth in mobility volume.