SHELL Pilipinas Corp. on Wednesday disclosed that its net income for the first six months of 2024 jumped to P1.75 billion from P122.89 million in the same period last year, mostly due to inventory holding gains, as well as cost-saving initiatives and supply chain efficiencies.
“Our strong first-half performance underscores our resilience and ability to deliver value even in a challenging economic environment,” Shell Pilipinas President and CEO Lorelie Quiambao-Osial said.
“Right now, we’re exploring new ways to grow both volume and value that will enable us to provide attractive returns to our shareholders, guided by our new strategies,” she added.
On the other hand, the petroleum company reported a slight decrease in net sales of P125.35 billion from P128.42 billion in 2023, citing lower marketing volumes.
Its sales volume of 1.98 billion liters fell short of the 2.14 billion liters sold in 2023.
Meanwhile, sales of its non-fuel retail unit was up by 18 percent, owing to an increased demand for lubricants and services, and continued expansion in convenience stores.
The company is intent on fostering innovation and creating value for its customers, employees and communities.
“Our strategy is paving the way for improved value delivery, and we aim to sustain the momentum we started in the fourth quarter of 2023… as we continue to provide cleaner energy solutions,” Quiambao-Osial said.
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