Shell Pilipinas Corp. posted a sharp rise in first-quarter earnings, though its chief executive warned that the turbulence that hit the business in March has carried into the current quarter.
Net income for the three months ended March 31 reached P1.617 billion, up from P743.591 million in the same period a year ago. Net sales climbed to P63.289 billion from P57.992 billion, while expenses edged higher to P4.462 billion from P4.277 billion.
President and chief executive Lorelie Quiambao Osial described the quarter as uneven, with solid results in the first two months giving way to sharper headwinds. “The first quarter was uneven. Our underlying performance was stronger in January and February, but conditions changed sharply in March as market volatility intensified,” she said in a regulatory filing.
Overall volume grew 2% during the period, with fuels matching that pace despite the late-quarter disruption. Mobility volumes rose 3%, supported by loyalty programs and targeted promotions, while fleet solutions grew 5% on new account wins and contract renewals. Commercial fuels added 1%, but aviation volumes dipped 1%, weighed down by higher market premiums and flight cancellations tied to the Middle East situation.
Outside fuels, lubricants posted strong growth of 27%, while bitumen volumes slipped 6%, a result of rising fuel prices, supply constraints, and delays in project awards.
Osial signaled that conditions have not stabilized since the quarter closed. “The environment remains fluid, and the uncertainty we saw in March has extended beyond the first quarter,” she said.
Shell also announced two new board appointments effective May 12: Rogelio “Babes” Singson and Robina Gokongwei-Pe. The company’s shares closed at P9.29 on Wednesday, a gain of P0.09 or 0.98% from the previous session.
