Shell Pilipinas Books P1.7B Profit in H1

Shell Pilipinas Corp. reported a significant surge in profit for the first half of 2024, driven by the profitability of its marketing businesses, improved cash management, and inventory holding gains.

Financial Performance

In its disclosure to the Philippine Stock Exchange on Wednesday, Shell Pilipinas announced a net income of P1.745 billion for the January to June period, a substantial increase from P122.9 million in the same period last year. The company’s gross income rose to P12.06 billion, marking a 28.5% increase from P9.4 billion a year ago. This growth was primarily due to high premium penetration across all sectors and inventory holding gains amidst rising global fuel prices.

Key Contributors

Shell Pilipinas attributed its strong financial performance to the implementation of cost-saving initiatives and supply chain efficiencies. President and CEO Loreli Quiambao-Osial highlighted the company’s resilience and capacity to deliver value despite challenging economic conditions.

“Our strong first half performance underscored our resilience and ability to deliver value even in a challenging economic environment,” said Quiambao-Osial.

Strategic Initiatives

Quiambao-Osial also emphasized Shell Pilipinas’ ongoing efforts to explore new growth opportunities in both volume and value to provide attractive returns to shareholders.

“We’re exploring new ways to grow both volume and value that will enable us to provide attractive returns to our shareholders,” she stated.