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English Español Shell's business in Philippines net income up 11%

The fuel retailer opened 53 new service stations in 2019 and increased its non-fuel retail business by 15%.

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Pilipinas Shell Petroleum Corporation ) ended 2019 with net income of Php 5.6 billion, up by 11% from previous year due to strong marketing delivery and refinery cost savings.

In 2019, it spent PHP6 billion to expand the retail network, support refinery growth projects, and enhance supply and distribution capabilities. The company’s gearing remained low at 26%.

“We will remain focused on strengthening our core businesses while being mindful of the evolving energy landscape. We will use our foundation of values and strong corporate governance as we continue to deliver on our strategy to make Pilipinas Shell a world-class investment case,” says President and CEO Cesar Romero.

Pilipinas Shell’s retail network of 1,126 sites is one of the largest in the country. The company delivered its retail expansion commitment with 53 new stations in key areas across the country while adding more integrated offers, sustainability elements, and operational efficiency.

Non-fuel retail business grew double-digit as it posted 15% earnings growth versus prior year.

Covid-19 response

Pilipinas Shell aims to maintain its strong balance sheet to manage uncertainties amid the COVID 19 crisis and crude oil price volatility. This will enable the company to have the flexibility to seize opportunities once the Philippines recovers from COVID 19, according to a press release.

“However, we are cognizant of the tremendous impact the COVID-19 pandemic is having on people and business. We continue to look for ways to appropriately support our key stakeholders and business partners, and commit to make the right sustainable decisions for the company in this time of challenges and uncertainties,” said Romero.

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