Shell Pilipinas Corporation's Q12024 Net Income Soars to P1.4 Billion

Focused cost control, improved inventory management, and supply chain efficiencies propelled Shell Pilipinas Corporation (SPC) to a P1.4 billion net income in the first quarter of 2024.

Despite external challenges, the company maintains its position as the country's preferred brand by offering top-notch products through clean, safe mobility facilities—qualities that Filipino consumers have always identified with Shell. Shell gas stations, with their unwavering emphasis on innovation and customer-centricity, are increasingly evolving into one-stop mobility destinations that cater to the wide range of needs of their customer base.​

"As we evolve in an increasingly competitive industry, Shell Pilipinas remains steadfast in delivering value to our shareholders fueled by our refreshed strategy, strong focus on performance, and disciplined delivery,” SPC President and Chief Executive Officer Lorelie Quiambao-Osial said.

The company's strong core earnings performance was aided by its targeted approach to expense management. The business kept up a solid premium penetration rate across all industries, and its retailing of non-fuels division is still growing by double digits.

From a negative P5.9 billion during the same period last year to a positive P2.2 billion this year, the company's free cash flow improved dramatically. This might be linked to the business's proactive working capital management and value-added investment strategies.

In spite of the high interest rate environment, the corporation keeps concentrating on and completing its cash production efforts. The organization's dedication to sound financial management and preserving a robust balance sheet is shown in this strategic approach. Through these efforts, gearing dropped to 53% from 56% the previous year.​