SHELL Pilipinas Corp. closed 2023 with a net income of P1.2 billion, demonstrating resilience amid a challenging year.
The marketing business achieved a remarkable turnaround in 2023, with delivery surging by over 60 percent compared to 2022.
The Mobility business mirrored the country’s economic activity, achieving a four percent volume increase while maintaining strong premium product penetration.
Shell Pilipinas continues to hold a high position in the premium fuels and lubricants market.
Macroeconomic factors such as elevated interest rates and a decline in global fuel prices impacted the company’s overall profitability in 2023.
However, the company was able to navigate through these obstacles by strategically increasing volumes and maintaining a focus on premium products.
Cash flow from operations stands at P4.3 billion, excluding working capital at P9.6 billion attributed to the Company’s active working capital management throughout the year.
Prudent cost management was exercised in the past year and the company delivered P0.9 billion savings across the organization. (PR)