Shell Pilipinas Corp., the second largest oil company in the country, fired up its performance in the first nine months of the year, booking core earnings of P2.5 billion, up 10 percent year-on-year. That pushed net income to P1.3 billion, higher by 33 percent from the same period last year.
Free cash flow swung to a P5.0 billion surplus from a deficit a year ago, underscoring stronger operations and tighter capital control. Gearing held firm at 51 percent, backed by lower net debt.
“We’re seeing broad-based growth across key segments,” said Lorelie Quiambao Osial, Shell Pilipinas president and chief executive officer. “Our stronger cash generation, higher earnings, and disciplined balance sheet reflect a resilient business delivering consistent results in a highly competitive market.”
Fuels volumes held steady, cementing SPC’s spot as the country’s No. 2 downstream fuel player. Premium product sales surged in the third quarter, while B2B and commercial segments remained growth engines. The Mobility business also accelerated, powered by refreshed loyalty programs and new fleet partnerships that pushed volumes 13 percent higher year-on-year. Non-Fuel Retail added lift with an 8 percent rise in profit, driven by new restaurant tie-ups and promotions for Shell Lubricants and Shell Select.
With solid earnings, strong cash flows, and a leaner balance sheet, Shell Pilipinas is shifting into high gear to close 2025 stronger and set the pace for 2026.
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