The Market Monitor Minding the Nation's Business
Shell Pilipinas Corporation (SPC) closed 2023 with a net income of P1.2 billion, demonstrating resilience amidst a challenging year. The marketing business achieved a remarkable turnaround during the said year, with delivery surging by over 60% compared to 2022.
The Mobility business mirrored the country’s economic activity, achieving a 4% volume increase while maintaining strong premium product penetration. Shell Pilipinas continues to hold a high position in the premium fuels and lubricants market.
“I’m incredibly proud of the resilience shown by our organization, delivering results amidst market pressures in 2023. Despite external challenges, we were still able to gain higher marketing earnings while introducing new and innovative offers,” says Shell Pilipinas’ President and CEO Lorelie Quiambao-Osial.
Macroeconomic factors such as elevated interest rates and 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.