Shell Pilipinas Corp., formerly Shell Philippines Exploration Corp., said Wednesday net income went up 6 percent to P4.1 billion in 2022 from P3.9 billion in 2021 as it sustained its recovery momentum.
Shell said in a disclosure to the stock exchange this was achieved amid a challenging year with high inflation, fuel price volatility brought by the Russia-Ukraine war and the peso depreciation.
Revenues reached P291.48 billion last year, up from P177.156 billion in 2021.
The company attributed its gains to its strong marketing performance as the year’s volume delivery increased by 10 percent and a sustained high premium fuel penetration.
Operational cash flow, excluding movement in working capital, reached P1.8 billion, up from P1.1 billion in 2021.
“Powering progress for the Philippines will remain to be our commitment. The environment and our customers’ needs are shifting, and Shell Pilipinas is well positioned to be a trusted partner in meeting the current and changing needs of our customers. We continue to be reliable, agile, flexible, and adaptive in this ever-changing landscape,” said Shell Pilipinas president and chief executive Lorelie Quiambao-Osial.
Shell said its mobility business retained Shell V-Power’s position as the most preferred brand in the Philippines, with a new and improved version launched in February, which cleans 100 percent of performance-robbing deposits and prevents future build-up on vital engine parts.
The non-fuels retail business posted a record profit of P2.6 billion, an increase of 24 percent from 2021 with continued double-digit growth across segments.
Shell now has 217 Shell Select stores, 223 Select Express, 93 Deli2Gos and 479 Lube bays nationwide.
Commercial fuels increased volume sales by 19 percent, showing a full bounce back to pre-pandemic levels through “key customer wins and strengthened reseller capability.”
Shell’s lubricants business also garnered 9 percent increase in volume while sale of carbon neutral products delivered a 39 percent increase.
The commercial road transport recovered well with a strong volume delivery in 2022 attributed to economic improvement, seasonality and marketing programs.
Meanwhile, the aviation business improved with 51 percent in volume delivery, driven by further border openings and lifting of travel restrictions.
Construction and road grew volume by 25 percent compared to prior year, led by the sale of premium products.
Shell said its competitive and reliable supply chain optimizes the distribution of fuel and other products across the country.
Construction is ongoing for the company’s fourth medium-range capable import terminal in Darong, Davao del Sur, which will supply the growing energy requirements of the southern region.
Its three existing import terminals are located in Batangas, Subic and Cagayan de Oro.
Shell also aims to meet the country’s current and future energy needs with a diversified energy mix and cleaner energy.
More than 130 of the company’s mobility stations are solar-powered reinforced with energy efficient equipment deployed in many of the mobility sites.
Shell Pilipinas also launched the first Shell branded electric vehicle charging facility in Shell Mobility Site in Mamplasan, Laguna.
“We will continue to explore ways to improve energy efficiency in our operations and in our products and services to better serve our customers and stakeholders,” said Quiambao-Osial.