Despite the downtrend in fuel demand due to the pandemic, Pilipinas Shell Petroleum Corp. (PSPC) is bent on opening 60 to 80 one-stop shop sites every year.
Aside from fuel station and retail, these shops will have full automotive services like car wash and oil change which PSPC expects to buoy fuel sales by 4 percent and convenience retail profits by up to 15 percent per year.
Last year, the company opened 36 new sites nationwide.
PSPC also plans to add two more medium-range import terminals by 2025 to be funded by a P1-billion capex aimed at strengthening its supply chain across the country.
PSPC currently operates three medium range capable import terminals located in Batangas, Cagayan de Oro and Subic.
PSPC incurred a net loss of P16.2 billion last year against 2019’s net income of P5.6 billion. Net sales dropped to P156.951 billion from P218.402 billion attributed to the effects of the pandemic to the business.
PSPC said that P12 billion of the net loss represented one-off charges related to the transformation of its refinery in Tabangao, Batangas and conversion into an import facility while P4.8 billion was because of the slump in crude prices.