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Shell Philippines eyes expansion of non-fuel retail business
MANILA, Philippines — Pilipinas Shell Petroleum Corp. (PSPC) has secured approval from its stockholders to pursue growth of its non-fuels retail (NFR) segment as well as proceed with the planned change in its corporate name.
PSPC said its stockholders approved the amendment of the second article, secondary purpose of the company’s articles of incorporation to include retail trade.
The amendment is being made as PSPC aims to grow its NFR segment.
In the first half, PSPC’s NFR business recorded a 24 percent increase in profitability, with continued double-digit growth across all its segments.
PSPC’s NFR network is composed of 198 Shell Select stores, 223 Select Express, 81 Deli2Gos, and 462 Lube bays.
“The mobility business of the company is making a strategic choice to further grow its NFR segment with an aspiration to double the segment by 2025 by engaging in retail trade. The NFR segment has steadily grown through the years and was quick to recover from the pandemic,” PSPC earlier said.
The company said its stockholders also approved the change in its corporate name to Shell Pilipinas Corp.
“This introduces PSPC’s wider future forward approach towards energy transition that sees it venture beyond petroleum and pivoting towards sustainable and cleaner energy solutions for the company, people, community, and environment,” the company said.
PSPC said the change in corporate name requires the amendment of the articles of incorporation and by-laws of the company.
PSPC has a network of about 1,100 sites nationwide, and has a growth ambition of 1,300 to 1,400 mobility sites by 2025.
On the back of sustained volume delivery, the company posted a net income of P7.8 billion in the first half, 255 percent more than the P2.2 billion recorded in the same period last year.
Source: https://www.philstar.com/business/2022/09/30/2213145/shell-philippines-eyes-expansion-non-fuel-retail-business