Reported Earnings • May 14
First quarter 2026 earnings released: EPS: ₱1.00 (vs ₱0.46 in 1Q 2025) First quarter 2026 results: EPS: ₱1.00 (up from ₱0.46 in 1Q 2025). Revenue: ₱63.3b (up 9.1% from 1Q 2025). Net income: ₱1.62b (up 118% from 1Q 2025). Profit margin: 2.6% (up from 1.3% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 03
Upcoming dividend of ₱0.30 per share Eligible shareholders must have bought the stock before 10 April 2026. Payment date: 05 May 2026. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Filipino dividend payers (6.6%). Lower than average of industry peers (7.8%). New Risk • Apr 01
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: ₱1.31 (vs ₱0.78 in FY 2024) Full year 2025 results: EPS: ₱1.31 (up from ₱0.78 in FY 2024). Revenue: ₱231.1b (down 5.1% from FY 2024). Net income: ₱2.11b (up 69% from FY 2024). Profit margin: 0.9% (up from 0.5% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Mar 27
Shell Pilipinas Corporation, Annual General Meeting, May 12, 2026 Shell Pilipinas Corporation, Annual General Meeting, May 12, 2026, at 13:00 W. Australia Standard Time. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₱9.50, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 11x in the Oil and Gas industry in Philippines. Total loss to shareholders of 43% over the past three years. New Risk • Mar 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Filipino stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₱12.08, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 11x in the Oil and Gas industry in Philippines. Total loss to shareholders of 32% over the past three years. New Risk • Jan 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to ₱9.38, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 9x in the Oil and Gas industry in Philippines. Total loss to shareholders of 45% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ₱0.21 (vs ₱0.47 loss in 3Q 2024) Third quarter 2025 results: EPS: ₱0.21 (up from ₱0.47 loss in 3Q 2024). Revenue: ₱57.6b (down 3.7% from 3Q 2024). Net income: ₱343.0m (up ₱1.11b from 3Q 2024). Profit margin: 0.6% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 30% per year. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₱0.14 (vs ₱0.21 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.14 (down from ₱0.21 in 2Q 2024). Revenue: ₱56.2b (down 14% from 2Q 2024). Net income: ₱221.7m (down 35% from 2Q 2024). Profit margin: 0.4% (down from 0.5% in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱5.74, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 12x in the Oil and Gas industry in Philippines. Total loss to shareholders of 70% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ₱0.46 (vs ₱0.87 in 1Q 2024) First quarter 2025 results: EPS: ₱0.46 (down from ₱0.87 in 1Q 2024). Revenue: ₱58.0b (down 3.3% from 1Q 2024). Net income: ₱743.6m (down 47% from 1Q 2024). Profit margin: 1.3% (down from 2.3% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. New Risk • Mar 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: ₱0.77 (vs ₱0.73 in FY 2023) Full year 2024 results: EPS: ₱0.77 (up from ₱0.73 in FY 2023). Revenue: ₱243.6b (down 3.8% from FY 2023). Net income: ₱1.25b (up 5.7% from FY 2023). Profit margin: 0.5% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Announcement • Mar 26
Shell Pilipinas Corporation, Annual General Meeting, May 13, 2025 Shell Pilipinas Corporation, Annual General Meeting, May 13, 2025, at 13:00 W. Australia Standard Time. Recent Insider Transactions • Jan 14
President recently bought ₱201k worth of stock On the 9th of January, Lorelie Osial bought around 27k shares on-market at roughly ₱7.43 per share. This transaction increased Lorelie's direct individual holding by 27000x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Lorelie's only on-market trade for the last 12 months. Reported Earnings • Nov 15
Third quarter 2024 earnings released: ₱0.47 loss per share (vs ₱1.20 profit in 3Q 2023) Third quarter 2024 results: ₱0.47 loss per share (down from ₱1.20 profit in 3Q 2023). Revenue: ₱59.8b (down 3.3% from 3Q 2023). Net loss: ₱762.0m (down 139% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.21 (vs ₱0.27 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.21 (down from ₱0.27 in 2Q 2023). Revenue: ₱65.4b (up 3.6% from 2Q 2023). Net income: ₱340.4m (down 21% from 2Q 2023). Profit margin: 0.5% (down from 0.7% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Aug 14
Shell Pilipinas Corporation Announces Assistant Corporate Secretary Changes, Effective 01 September 2024 Shell Pilipinas Corporation announced appointment of Atty. Rona April D. Diaz as new Assistant Corporate Secretary effective 01 September 2024. The appointment of Atty. Rona April D. Diaz as new Assistant Corporate Secretary, effective 01 September 2024, was approved by the Board upon the endorsement of the Nomination Committee. Atty. Ralph Gabrielle Del Rosario will step down from said role on even date. Atty. Diaz joined the Legal team of Shell Pilipinas Corporation on 01 July 2024. She brings with her over ten years of experience in the practice of law. Before joining Shell, Rona was a Junior Partner at Tavidell Law Offices where she specialized in litigation, deals and contracts negotiation, and project development. She also has substantial experience in issues related to energy law, government procurement, land registration and acquisition, government permits and right of way projects. She holds a Juris Doctor degree (2012) from Ateneo Law School and a Bachelor of Arts in Political Science degree (2008) from the Ateneo de Manila University. Reported Earnings • May 22
First quarter 2024 earnings released: EPS: ₱0.87 (vs ₱0.19 loss in 1Q 2023) First quarter 2024 results: EPS: ₱0.87 (up from ₱0.19 loss in 1Q 2023). Revenue: ₱60.0b (down 8.2% from 1Q 2023). Net income: ₱1.41b (up ₱1.72b from 1Q 2023). Profit margin: 2.3% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 15
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 7.1% to ₱11.54. The fair value is estimated to be ₱8.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. Announcement • May 15
Shell Pilipinas Corporation Approves Committee Appointments Shell Pilipinas Corporation at its Organizational Meeting of the Board of Directors held on 14 May 2024, approved the appointment of Edgar O. Chua as member of Board Audit and Risk Oversight Committee - Designation: Independent Director; Lydia B. Echauz as Chairperson of Related Party Transactions Committee - Designation: Independent Director; Edgar O. Chua as Member of Related Party Transactions Committee - Designation: Independent Director; Luis C. La O as Member of Related Party Transactions Committee; Edgar O. Chua as member of Corporate Governance Committee- Designation: Independent Director; Edgar O. Chua as Chairperson of Nomination Committee; Luis C. La O as Chairperson of Sustainability Committee; Amando M. Tetangco. Jr. as member of Sustainability Committee- Designation: Independent Director; Min Yih Tan as member of Sustainability Committee; Stuart Chaplin as member of Sustainability Committee; Sergio C. Bernal, Jr. as member of Sustainability Committee- Designation: Non-voting Member. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₱0.73 (vs ₱2.53 in FY 2022) Full year 2023 results: EPS: ₱0.73 (down from ₱2.53 in FY 2022). Revenue: ₱253.3b (down 13% from FY 2022). Net income: ₱1.18b (down 71% from FY 2022). Profit margin: 0.5% (down from 1.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Mar 22
Shell Pilipinas Corporation, Annual General Meeting, May 14, 2024 Shell Pilipinas Corporation, Annual General Meeting, May 14, 2024, at 14:00 Singapore Standard Time. Agenda: To consider approval of Minutes of the Special Meeting of the Stockholders held on 21 November 2023; to consider Chairman's Report; to consider President's Report; to consider Financial Updates; to consider approval of Certain Acts of the Board, Board Committees and Management; to consider appointment of External Auditors; to consider amendment of By-Laws: Increase of Quorum Requirement for Board Meetings; to consider election of Directors; and to consider other matters. Buy Or Sell Opportunity • Feb 23
Now 21% overvalued Over the last 90 days, the stock has fallen 11% to ₱10.72. The fair value is estimated to be ₱8.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Feb 08
Now 20% overvalued Over the last 90 days, the stock has fallen 16% to ₱10.78. The fair value is estimated to be ₱8.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ₱0.27 (vs ₱2.63 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.27 (down from ₱2.63 in 2Q 2022). Revenue: ₱63.1b (down 17% from 2Q 2022). Net income: ₱433.1m (down 90% from 2Q 2022). Profit margin: 0.7% (down from 5.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • May 11
First quarter 2023 earnings released: ₱0.19 loss per share (vs ₱2.19 profit in 1Q 2022) First quarter 2023 results: ₱0.19 loss per share (down from ₱2.19 profit in 1Q 2022). Revenue: ₱65.3b (up 11% from 1Q 2022). Net loss: ₱310.2m (down 109% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 10
Shell Pilipinas Corporation Announces Management Changes and Organization of Committees Shell Pilipinas Corporation appointed Atty. Ralph Gabrielle D. Del Rosario as Assistant Corporate Secretary and Erwin R. Riñon as Corporate Audit and Assurance Manager, at Organizational Meeting of the Board of Directors held on 09 May 2023. Organization of Committees: Board Audit and Risk Oversight Committee: Amando M. Tetangco, Jr. (Chairperson), Lydia B. Echauz,Luis C. la Ó, Stuart Chaplin, Cesar A. Buenaventura. Related Party Transaction Committee: Lydia B. Echauz (Chairperson), Cesar A. Buenaventura, Luis C. la Ó, Nina D. Aguas. Corporate Governance Committee: Fernando Zobel de Ayala (Chairperson), Cesar A. Buenaventura, Lydia B. Echauz, Atty. Erwin R. Orocio. Nomination Committee: Lorelie Q. Osial (Chairperson), Cesar A. Buenaventura, Atty. Erwin R. Orocio, Paulo Angelo N. Arias (Non-voting). Sustainability Committee; Luis C. la Ó (Chairperson), Min Yih Tan, Stuart Chaplin, Amando Tetangco, Jr., and Sergio C. Bernal, Jr. (Non-voting). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: ₱2.53 (vs ₱2.39 in FY 2021) Full year 2022 results: EPS: ₱2.53 (up from ₱2.39 in FY 2021). Revenue: ₱291.5b (up 65% from FY 2021). Net income: ₱4.08b (up 5.7% from FY 2021). Profit margin: 1.4% (down from 2.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Amando Tetangco was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Nov 11
Pilipinas Shell Petroleum Corporation Announces Management Changes Pilipinas Shell Petroleum Corporation at its Regular Meeting of the Board of Directors held on 11 November 2022, approved Regarding (1)(a), Mr. Erwin R. Riñon was appointed Corporate Audit and Assurance Manager succeeding Mr. Mark Brian J. Nicdao, who has moved to a new role in the Shell Group. Prior to his new role, Mr. Riñon was the Finance Transition Lead, Controller/Planning, Appraisal, Reporting Adviser of Shell Philippines Exploration B.V. (SPEX). He is a former Governance, Risk, Assurance (GRA) Officer of SPEX and Retail Finance Advisor of SHLPH. In his previous role as SPEX's GRA Officer, he ensured that a fit-for-purpose governance and risk control process and risk-based assurance framework were in place. Mr. Riñon is a Certified Public Accountant of the Philippines (he placed 6th in the licensure examinations) and the New York State. On (1)(b), Atty. Mark Hadrian P. Gamo was appointed Corporate Secretary, effective 01 January 2023 to succeed Atty. Ellie Chris Navarra who will take a career break to pursue further studies. Atty. Gamo is a Legal Counsel in SHLPH since August 2021. He has been its Assistant Corporate Secretary since 09 November 2021. Prior to his current role, he was with the Shell Global Litigation Asia Pacific Team. He has been managing various litigation matters of Shell in the Philippines and in some other countries in the Asia Pacific region. He has over 15 years of experience as a lawyer. He obtained his Juris Doctor degree from the Ateneo De Manila School of Law in 2006 where he graduated with honors landing in the top 20 of his class. On (1)(c), Atty. Ryan D. Andres was appointed Assistant Corporate Secretary, effective 01 January 2023 to succeed Atty. Gamo who will assume the Corporate Secretary's role. Atty. Andres is currently part of the Legal Team of Shell companies in the Philippines. He joined SHLPH in 2017 after six years in practice where he represented clients in the oil and gas, energy, aviation, mining, among others. He acted as Corporate Secretary for Philippine Institute of Petroleum from 2018 to 2019. He holds a Juris Doctor degree from the Ateneo de Manila University Law School and has been practicing law for over eleven years. Anent (2), the Board noted the medical leave of absence of Mr. Fernando Zobel De Ayala (an independent director of SHLPH and Chairman of its Corporate Governance Committee). No objections or concerns were interposed. Anent (3), the Board approved the following interim changes to the Board Committees while Mr. Zobel de Ayala is on medical leave of absence: a. Corporate Governance (CG) Committee Mr. Cesar A. Buenaventura has been appointed as interim Chairman of the CG Committee while Mr. Zobel de Ayala will remain as its member; and b. Board Audit and Risk Oversight Committee (BARC) Since Mr. Buenaventura has been appointed the interim Chairman of the CG Committee, former BSP Gov. Amando M. Tetangco, Jr., also an independent director of SHLPH, has been appointed as interim Chairman of BARC. Mr. Buenaventura will remain a member of the BARC. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 17% share price gain to ₱22.20, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 9x in the Oil and Gas industry in Philippines. Total loss to shareholders of 38% over the past three years. Upcoming Dividend • Aug 15
Upcoming dividend of ₱1.00 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 19 September 2022. The company last paid an ordinary dividend in April 2017. The average dividend yield among industry peers is 4.0%. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ₱2.63 (vs ₱0.74 in 2Q 2021) Second quarter 2022 results: EPS: ₱2.63 (up from ₱0.74 in 2Q 2021). Revenue: ₱76.3b (up 80% from 2Q 2021). Net income: ₱4.24b (up 253% from 2Q 2021). Profit margin: 5.6% (up from 2.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₱2.19 (up from ₱0.63 in 1Q 2021). Revenue: ₱59.1b (up 48% from 1Q 2021). Net income: ₱3.53b (up 245% from 1Q 2021). Profit margin: 6.0% (up from 2.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) also surpassed analyst estimates by 43%. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 26% per year. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Amando Tetangco was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Apr 08
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₱2.39 (up from ₱10.03 loss in FY 2020). Revenue: ₱177.2b (up 13% from FY 2020). Net income: ₱3.86b (up ₱20.0b from FY 2020). Profit margin: 2.2% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) also surpassed analyst estimates by 43%. Over the next year, revenue is expected to shrink by 18% compared to a 33% growth forecast for the oil industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ₱0.71 (vs ₱4.42 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₱42.1b (up 24% from 3Q 2020). Net income: ₱1.14b (up ₱8.27b from 3Q 2020). Profit margin: 2.7% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Executive Departure • Sep 14
Non-Executive Director Rolando Paulino has left the company On the 8th of September, Rolando Paulino's tenure as Non-Executive Director ended after 2.5 years in the role. As of June 2021, Rolando still personally held only 1.00 share (₱20.0 worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ₱0.74 (vs ₱0.74 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱42.3b (up 65% from 2Q 2020). Net income: ₱1.20b (up ₱2.39b from 2Q 2020). Profit margin: 2.8% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Executive Departure • Aug 13
Non Executive Director Mona Lisa De La Cruz has left the company On the 10th of August, Mona Lisa De La Cruz's tenure as Non Executive Director ended after 6.3 years in the role. As of March 2021, Mona Lisa still personally held only 5.22k shares (₱107k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Recent Insider Transactions • Jun 09
Chief Risk Officer recently bought ₱207k worth of stock On the 8th of June, Reynaldo Abilo bought around 10k shares on-market at roughly ₱20.73 per share. This was the largest purchase by an insider in the last 3 months. Reynaldo has been a buyer over the last 12 months, purchasing a net total of ₱207k worth in shares. Executive Departure • May 21
VP of Retail & Executive Director has left the company On the 11th of May, Randolph Del Valle's tenure as VP of Retail & Executive Director ended after 1.4 years in the role. As of March 2021, Randolph personally held only 1.00 share (₱20.0 worth at the time). A total of 4 executives have left over the last 12 months. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ₱0.63 (vs ₱3.44 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ₱39.9b (down 18% from 1Q 2020). Net income: ₱1.02b (up ₱6.57b from 1Q 2020). Profit margin: 2.6% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 16
Full year 2020 earnings released: ₱10.03 loss per share (vs ₱3.48 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₱157.0b (down 28% from FY 2019). Net loss: ₱16.2b (down 388% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 30
Full year 2020 earnings released: ₱10.03 loss per share (vs ₱3.48 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₱157.0b (down 28% from FY 2019). Net loss: ₱16.2b (down 388% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Mar 17
Pilipinas Shell Petroleum Corporation, Annual General Meeting, May 11, 2021 Pilipinas Shell Petroleum Corporation, Annual General Meeting, May 11, 2021. Announcement • Jan 12
Tax Appeals Court Upholds Refund of PHP 56.8 Million to Pilipinas Shell THE Court of Tax Appeals (CTA) upheld its ruling granting P56.8-million excise tax refund to Pilipinas Shell Petroleum Corp. In a resolution dated Dec. 21, the court, sitting en banc, denied for lack of merit the motion for reconsideration of the Bureau of Internal Revenue (BIR) over the tax refund granted to Pilipinas Shell. The BIR claimed that the court erred in ruling that the company is entitled to the refund representing excise taxes it paid on Jet A-1 fuel sold to tax-exempt international carriers. The court mentioned that Pilipinas Shel in its comment maintained that excise tax on petroleum products is a tax on property and the exemption is granted under Section 135 of the Tax Code. The court in June 2020 denied the petition for review of the BIR and upheld the 2018 decision and resolution of its special third division that partially granted the tax refund claim of Pilipinas Shell, ordering the BIR to refund the amount of PHP 56.8 million out of its PHP 61.5-million claim. Is New 90 Day High Low • Dec 08
New 90-day high: ₱22.25 The company is up 25% from its price of ₱17.74 on 09 September 2020. The Filipino market is up 21% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 35% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ₱17.94 The company is up 5.0% from its price of ₱17.04 on 20 August 2020. The Filipino market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 19% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: ₱4.42 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ₱33.9b (down 36% from 3Q 2019). Net loss: ₱7.13b (down ₱7.77b from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 88% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Announcement • Nov 11
Pilipinas Shell Petroleum Corporation Announces Management Changes Pilipinas Shell Petroleum Corporation announced the appointment of Mr. Reynaldo "Rey" P. Abilo as new Director, Treasurer, Vice President-Finance and Chief Risk Officer effective 01 January 2021; Atty. Erwin R. Orocio as new Chief Compliance Officer, Member of the Corporate Governance and Nomination Committees effective immediately; Atty. Ellie Chris Navarra as new Corporate Secretary and Chief Information Officer effective immediately; and Atty. Rubin G. Cura as new Assistant Corporate Secretary effective immediately. Mr. Jose Jerome R. Pascual, III will step down as Director, Treasurer, Vice President-Finance and Chief Risk Officer on 31 December 2020. To replace Mr. Pascual, Mr. Reynaldo "Rey" P. Abilo has been appointed the new Director, Treasurer, Vice President-Finance and Chief Risk Officer effective 01 January 2021, taking over from Mr. Pascual after almost six months of on-boarding and handover. Mr. Abilo is the Corporate Audit and Assurance Manager since 01 June 2017. He joined the Shell Group in 2009 as the Retail Economics Manager in Philippines where he distinguished himself by winning the 2012 CFO award for site profitability analysis and 2013 Downstream Director Award for Dealer Operated platform strategy. He is a Certified Public Accountant ("CPA") Board Topnotcher. After 28 years of service in the Corporation, Atty. Jannet Regalado has stepped down as Chief Compliance Officer and Member of the Corporate Governance and Nomination Committees of the Corporation. To replace Atty. Regalado, Atty. Erwin R. Orocio, Managing Counsel of the Corporation with over 23 years of legal experience, has been appointed the new Chief Compliance Officer and Member of the Corporate Governance and Nomination Committees effective immediately. Is New 90 Day High Low • Sep 29
New 90-day low: ₱16.30 The company is down 9.0% from its price of ₱18.00 on 01 July 2020. The Filipino market is down 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Oil and Gas industry, which is down 11% over the same period. 