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Shell Pilipinas posts P123M net income in first half of 2023

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ABS-CBN News

<p>MANILA -- Shell Pilipinas on Tuesday said its net income in the first half of 2023 reached P123 million, down from the P7.8 billion recorded in the same period last year.</p><p>Quarter on quarter, however, the company recovered from the P300 million net loss it incurred in the first quarter of 2023, amid challenging conditions brought about by volatile oil price and tripling interest rates.</p><p>Shell said their core earnings from January to June reached P1.4 billion as its marketing business rebounded. Non-fuel income, meanwhile, also grew 14 percent from last year&#x27;s numbers and 33 percent higher than the pre-pandemic period.</p><p>Shell Pilipinas president and chief executive officer Lorelie Quiambao-Osial said they expect to finish strong in 2023 by improving customer experience and offering innovative products. </p><p>The petroleum giant booked a net income of P4.1 billion in 2022. In May, it said it plans to around P5 to 6 billion in capital expenditures in 2023 to expand its core business as well as its non-fuel segment, including the push for renewable energy.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/30/23/shell-ph-books-p41-billion-net-income-in-2022">Shell PH books P4.1 billion net income in 2022</a></li>	<li><a href="https://news.abs-cbn.com/business/05/09/23/shell-eyes-up-to-p6-b-capex-to-boost-fuel-renewables">Shell eyes up to P6-B capex to boost fuel, renewables</a></li></ul><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2762727" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Shell Pilipinas on Tuesday said its net income in the first half of 2023 reached P123 million, down from the P7.8 billion recorded in the same period last year.