PILIPINAS Shell Petroleum Corp. ended 2022 with a net income of P4.075 billion, up 5.7 percent from the previous year’s P3.85 billion, on the back of “strong marketing performance.”
“The energy company’s 2022 gains are attributed to its strong marketing performance as the year’s volume delivery increased by 10 percent, and a sustained high premium fuel penetration,” the oil firm said in a statement.
In a disclosure to the stock exchange, Pilipinas Shell reported a P1.8-billion operational cash flow, up from 2021’s P1.1 billion.
It also logged P291 billion in net sales last year versus P177 billion in 2021. Cost and expenses reached P282 billion last year up from P168 billion in 2021. These figures resulted in an operating income of P8.68 billion for 2022 from P9 billion in 2021.
“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,” said Lorelie Quiambao-Osial, Shell Pilipinas President and Chief Executive Officer in a statement.
The company’s non-fuels retail business posted a record profit of P2.6 billion, up 24 percent versus 2021 with continued double-digit growth across segments.
Business segments
THERE are now 217 “Shell Select” stores, 223 “Select Express,” 93 “Deli2Gos” and 479 “Lube” bays nationwide. In addition, the business also launched the first Shell Café in the country, a new offer that enhances fuel stations to be mobility destinations. Commercial fuels increased volume sales by 19 percent, bouncing back to pre-pandemic levels.
Shell’s lubricants business recorded a nine-percent increase in volume while sale of carbon neutral products delivered a 39-percent increase.
The aviation business improved with 51 percent in volume delivery, driven by further border openings and lifting of travel restrictions.
Construction and road business grew volume by 25 percent compared to prior year, led by the sale of premium products.
The oil firm earlier reported that it signed agreements with construction companies for bitumen solutions. Cemex Holdings Philippines Inc., Roadex Construction Corp. and Green Antz Builders are collaborating with the oil firm to help reduce their carbon footprint.
Pilipinas Shell said it aims to leverage its strong bitumen business, expertise in low-carbon fuels and cleaner energy solutions to help these companies solve their unique decarbonization challenges.
Aside from its three import terminals in Batangas, Subic and Cagayan de Oro, the company reported yesterday that construction is ongoing for its fourth medium-range capable import terminal in Darong, Davao del Sur, which will supply the growing energy requirements of the southern region.
