Shell Pilipinas Corp. recorded net income amounting to P1.308 billion in the first nine months, a 33 percent increase from P983 million in the same period last year.
The company disclosed to the Philippine Stock Exchange that net sales reached P171.72 billion, a decline of 7.3 percent from P185.157 billion in 2024, primarily due to lower pump prices driven by the general decrease in global oil prices.
Cost of sales decreased by 8 percent to P154.978 billion from P168.5 billion last year, driven by the decrease in global fuel prices for petroleum product, which declined to $82 per barrel from $93 per barrel in 2024.
Core earnings (net earnings excluding inventory holding gains and other one-off items) increased to P2.45 billion from P2.23 billion due to high premium product penetration across sectors, volume growth in commercial fuels, aviation and lubricants, and lower non-operating costs offset by the decline in marketing margins.
Stable fuels volumes; fleet growth and loyalty refresh support margins. Fuels volumes were mostly stable versus the prior year, reaffirming Shell Pilipinas’ position as the country’s second-largest downstream player.
“We continue to maintain growth across key segments through September,” said Lorelie Quiambao-Osial, president and chief executive of Shell Pilipinas.
“Our stronger cash generation, higher earnings, and sustained improvement in gearing versus the prior year reflect a business that continues to deliver quality results even in a hypercompetitive environment.”
Net income in the third quarter alone reached P342.996 million, a turnaround from the P762 million loss incurred in the same period last year.
Shell said it entered the last quarter of the year with momentum and is positioned to sustain gains through year-end while providing a best-in-class customer experience for Filipinos.
“Our nine-month results show that our strategy is working; we are defending volumes, expanding where we hold advantage, and delivering on our commitments,” Osial added.
“Our priorities remain unchanged: cash discipline, stronger returns on capital, and profitable growth. We enter the fourth quarter on the front foot and intend to finish the year stronger, setting a solid base for 2026.”
The company said its retail business continued to deliver strong results, supported by effective marketing and loyalty-led campaigns that are driving profitable customer engagement.
SPC advanced e-mobility by partnering with ACMobility, Ayala’s mobility solutions arm, to co-develop the Philippine EV Spine — a nationwide charging backbone that links corridor sites with Shell’s retail network, giving EV drivers more reliable long-distance coverage.
Fleet solutions continued to be a growth engine, with 13 percent volume up year-over-year on new account wins and deeper penetration with existing partners.
Non-fuel retail supported earnings diversification, with operating profit up 8 percent, driven by new restaurant partnerships and promotions for Shell Lubricants and Shell Select.
Commercial fuels delivered 1 percent year-over-year volume growth on new customers and distributor expansion, particularly in the power sector.
Aviation continued to outperform, with an 11 percent increase in volume driven by new contracts, capitalizing on the rebound in passenger traffic.
Meanwhile, the non-fuels businesses remained a strong pillar of diversification and cash generation.
