Shell H1 profit slips 32%
Pilipinas Shell Petroleum Corp. reported a 32.2% fall in earnings in the first semester to P3.7 billion, dragged down mainly by thinning margins and higher excise taxes.
Shell said this year’s figure already represents 70% of its full year 2018 earnings.
Nevertheless, the company saw volumes increase by 11% in the second quarter, boosted by successful marketing campaigns in the first quarter.
Shell is on track to open 50 to 70 gas stations by the end of the year. It already opened 16 new retail sites in the first half, bringing the group’s total retail network to 1,092 across the country.
The retail segment continues to enjoy double-digit growth year-on-year. The company now has 137 Select stores, 63 deli2go stores, and 348 Shell Helix Oil Change+ (SHOC+) and Helix Service Centres (HSC) nationwide. It remains on-track to deliver a total of 15-20 Select and deli2go stores, and 30-50 SHOC+ and HSC.
“We will continue to invest in profitable ventures to deliver competitive returns to our shareholders.” said Cesar Romero, president and CEO of Shell.