Shell profit up 6% to P1.25 billion

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March 27, 2025 | 12:00am

MANILA, Philippines — Shell Pilipinas Corp. saw its earnings grow by six percent to P1.25 billion in 2024 from 2023’s P1.18 billion, mainly propelled by prudent cost management.

Core earnings increased by 15 percent year-on-year to P2.6 billion, while revenues dropped to P243.57 billion from P253.32 billion.

But the improved costs and expenses, which narrowed by 4.3 percent to P237.51 billion from P248.28 billion, helped offset the revenue decline.

“We remain dedicated to strengthening our cash position, driving revenue and earnings growth, and expanding our volume across key markets,” Shell president and CEO Lorelie Quiambao Osial said.

“Through innovative strategies and disciplined financial management, Shell Pilipinas will remain competitive and resilient in a dynamic and fast-paced market environment,” she said.

In the mobility business, the listed oil firm managed to sustain the robust customer engagement through the re-launch of Shell Fuel Save and the strong marketing use of Shell GO+, a loyalty and rewards scheme.

The non-fuel retail segment was also said to have delivered brisk results on the back of higher contributions from lubricants and vehicle servicing, along with the convenience retail business.

Shell said the commercial businesses likewise improved, mainly due to construction and road, lubricants and commercial fuels.

Commercial fuel volume slightly grew following steady performance in the mining, power and manufacturing sectors, while new customers and higher premium penetration buoyed lubricants’ volumes.

“Premium products like Shell FuelSave Diesel and Shell FuelOil Plus notably drove margin improvements,” the company said.

According to Shell, its construction and road business remained the “market leader” in bitumen amid customers’ switch to more sustainable products.

Moving forward, Shell is focused on improving its “cash, returns and growth,” as outlined in its 2025-2030 strategic initiatives.

“The company remains committed to delivering long-term value to shareholders and stakeholders through sustained operational excellence, market innovation, and prudent financial management,” it said.

Shell Pilipinas, a company 55 percent owned by the Netherlands’ Shell Overseas Investments BV, is engaged in acquiring, importing, manufacturing, refining and storing any and all kinds of petroleum products.