Shell Pilipinas Corp. said Wednesday its net income fell 52 percent to P1 billion in the first nine months of 2024 from P2.1 billion in the same period last year.
Shell in a disclosure to the stock exchange said inventory holding losses, amid lower global oil prices and one-off impact of the company’s network portfolio high grading, tempered its nine-month income.
It said despite a high-interest rate environment and volatile global fuel prices, it delivered a 40-percent increase in core earnings, driven by operating expenses savings and high premium penetration across businesses.
“As we implement better ways to drive profitability, our discipline and focus are enabling us to compete in a growing but highly- competitive market,” Shell Pilipinas president and chief executive Lorelie Quiambao-Osial said.
Shell said that by leveraging on its strong brand and global technological expertise for making reliable, high-quality products, the company enjoyed increasing premium penetration, enabling the company to achieve value growth.
