SHELL Pilipinas Corp. turned a profit in the first quarter, with an attributable net income of P1.41 billion, an improvement from the P310.33-billion net loss a year ago.

“We are making strategic choices to strengthen our market position, boost business resilience, and drive financial strength,” Shell Pilipinas President and Chief Executive Officer Lorelie Quiambao-Osial said in a media release on Wednesday.

The listed oil company’s net sales went down by 8.2% to P59.96 million from P65.29 million previously due to lower marketing volumes, Shell said in its quarterly report.

Sales volume dropped by 10.8% to 941.2 million liters from 1.06 billion liters a year ago.

Gross profit rose by 37% to P6.11 million from P4.46 million mainly due to inventory holding gains with the uptrend in global fuel prices.

Earnings before interest, taxes, depreciation, and amortization went up by 166.1% to P4 million from P1.51 million due to the impact of pre-tax inventory holding gain against loss last year.

“As we evolve in an increasingly competitive industry, Shell Pilipinas remains steadfast in delivering value to our shareholders fueled by our refreshed strategy, strong focus on performance, and disciplined delivery,” Ms. Quiambao-Osial said.

Shell Pilipinas Treasurer Reynaldo P. Abilo said the company is looking into spending P2-3 billion as capital expenditure (capex) budget for 2024.

The capex is mainly allocated to its terminals and mobility stations. — Sheldeen Joy Talavera