Shell Pilipinas Corporation (SPC) is optimistic on the continued growth of its business amid the challenging economy both here and abroad. In a disclosure, the listed firm said net income in the first quarter this year reached P740 million, lower than its P1.4 billion level a year ago, attributed to increased competition and market volatility. Core earnings, meanwhile, rose by 26 percent to P870 million. For the whole year, SPC president and chief executive officer Lorelie Osial, in an online briefing, said the focus will be on cash, returns, and growth. “After reporting a cash flow deficit in the last six years, we have made the most and is progressing in 2024 and we will continue that momentum in 2025 vis-à-vis by volume growth, sustained cost reductions, and step changes when it comes to working capital improvements,” she said. In 2024, the company posted a P1.3 billion net income, up from the previous year’s P1.2 billion net income. Core income reached P2.6 billion from P2.3 billion in 2023. SPC Executive Director Reynaldo Abilo, during the same briefing, said their 2024 core earnings rose by 15 percent and net income by 6 percent. “That reflects the kind of financial discipline and operational agility that (we have) as a company. We will sustain these gains and transition these into long-term growth,” he said. He said priority for the next five to six years includes strengthening market positions, deleveraging on balance sheet, and generating healthy cash flow. The company has set an annual capital spending of between P2 billion to P3 billion for this year and next year, which will be internally sourced. Michael Ramolete, another Executive Director, said they focus to build, upgrade, and refresh mobility positions and invest more in their biggest import terminal, the Tabangao refinery in Batangas City. He said they also plan to open 15 to 20 new branches to boost their sales. PNA PHOTO