Shell Pilipinas Corporation (SPC) recorded a net income of Php 123 million for the first half of 2023, even after challenging conditions due to an increase in interest rates and fluctuating oil prices, the company announced.
SPC also reported a core earning of Php 1.4 billion for the first half of the year as the marketing business recovered.
“We have built momentum and we will finish strong in 2023 with exceptional customer experience and continued innovation in serving our growing customer base with world-class Shell products and services,” SPC President and Chief Executive Officer Lorelie Quiambao-Osial said.
Premium products grew across major sectors, and the overall marketing volume increased by nine percent. Non-fuel retail (NFR) business also grew by 14% as seven new mobility sites were opened during the second quarter.
In its commercial B2B segments, the company also saw a 10% growth in sales volumes and like the commercial road transport division, the aviation division, as well, had a 39% gain.
The company is also committed to providing customers with a clean energy option as Shell Lubricants launched the Lube Recycle program as one of its projects, encouraging partners, stakeholders, and customers to practice recycling and plastic management. This is to support the country’s Extended Producer Responsibility (EPR) law.
With this commitment, the company said it has reduced carbon emissions by transitioning its energy sources to renewable energy (RE).
“We are committed to delivering value to our customers, to our shareholders, and to our staff and business partners… through our Powering Progress strategy and our focus on performance, financial discipline, and simplification, we will keep moving the Philippines forward.” Quiambao-Osial added.