Shell Pilipinas report 52% drop in net income

Shell Pilipinas Corporation reports a 52% drop in net income over the first nine months of 2024, from Php 2.1 billion to Php 1 billion.

In a disclosure to the Philippine Stock Exchange (PSE), Shell Pilipinas noted that its nine-month income was dampened by inventory holding losses linked to declining global oil prices, alongside the financial impact from a one-time network portfolio upgrade.

“As we implement better ways to drive profitability, our discipline and focus are enabling us to compete in a growing but highly competitive market,” said Shell Pilipinas president and CEO Lorelie Quiambao-Osial.

The company, however, reported a 40% growth in core earnings, citing effective cost management in operating expenses and robust premium sales across its divisions, even in a challenging high-interest and volatile fuel price environment.

Shell highlighted that its commitment to producing reliable, high-quality products, backed by a robust brand and advanced global technology, has driven a steady rise in premium market share, contributing to sustained value growth.

“Our strong year-to-date performance underscores our ability to deliver value even in a challenging economic environment. We will defend and grow both volume and value, leveraging on our integrated business that will enable us to provide attractive returns to our shareholders,” added Quiambao-Osial.