Shell Pilipinas Corp., formerly Shell Philippines Exploration Corp., is looking at a 6-percent to 7-percent income growth in 2023 in line with economic growth.
“The Philippines remains to be an attractive market for Shell,” Shell chief finance officer Rey Abilo said after the company’s annual stockholders meeting.
“We can see that GDP [gross domestic product] projection in 2023 is between 6 and 7 percent, and that is a key driver of growth for the company,” Abilo said.
The company posted a net income of P4.1 billion in 2022, up 6 percent from P3.9 billion in 2021 as it sustained its recovery momentum. Abilo said that based on the company’s first-quarter performance, “there’s a bit of a slowdown because of high inflation.”
“But looking at how we are looking at the remainder of the year, we expect to grow core earnings by at least in line with the GDP growth of the country which is between 6 and 7 percent,” Abilo said.