Shell Pilipinas Corp., one of the largest oil companies in the country, posted a 6 percent growth in net profit, reaching P1.3 billion. This increase was largely driven by savings in operating expenses, which more than offset a three percent decline in sales volume.
The company reported operating expense savings of P900 million—half a billion pesos more than the initial target. These savings were attributed to improved supply efficiencies, structural cost reductions, and interest avoidance.
“Our solid performance in 2024 demonstrates our ability to consistently deliver value through strategic management and operational excellence,” said SPC president and chief executive officer Lorelie Quiambao Osial. “We remain committed to strengthening our cash position, driving revenue and earnings growth, and expanding our volume across key markets.”
Despite market challenges, Osial emphasized SPC’s dedication to maintaining competitiveness and resilience.
Cash flow from operations amounted to P7.2 billion by the end of 2024, though free cash flow remained in a P1.6 billion deficit, primarily due to higher working capital and inventory holding costs.
Looking ahead to 2025, SPC plans to focus on cash flow, returns, and growth, with the goal of delivering long-term value to shareholders.
