Metro Manila (CNN Philippines, May 11) — Listed Shell Pilipinas Corp. seeks to prop up its recovery momentum with a multibillion-peso investment this year, as volatility in the oil market led to losses for the company in the first quarter.
In a filing to the stock exchange Wednesday, the oil giant said it \”intends to invest ₱5 billion to ₱6 billion this year,\” the bulk of which is to increase its mobility stations nationwide.
\”Aside from opening new mobility sites, SHLPH will also revamp some of its existing sites to provide non-fuels retail offers such as lube bays, Shell Select convenience stores, Shell Cafe, among others,\” it added.
In a separate statement on Thursday, the company said it booked a ₱ 1.1-billion inventory holding loss following declines in oil prices. This subsequently resulted in a ₱300 million net loss in the first three months of 2023.
But thanks to improvements in sales volume, Shell said it finished the quarter with ₱800 million in core earnings — up 45% from a year ago.
