Shell Pilipinas Corp., a listed oil distributor, posted audited net income of P4.06 billion in 2022, up 5.7 percent from P3.86 billion recorded in the previous year, aided mainly by the sharp decline in income tax provision.
Provision for income tax last year dropped 52 percent year-on-year to P1.39 billion.
Income from operations was down 3.7 percent to P8.86 billion due to higher expenses, particularly cost crude oil sold last year, tempering the impact of a rise in 2022 net sales to P291.48 from P177.16 billion in 2021.
Financing expenses also rose 48 percent year-on year to P3.33 billion.
Shell Pilipinas is the second largest oil company in the Philippines.
