Connect with us

Hi, what are you looking for?


Despite lockdown, Pilipinas Shell returns to profit in Q3

Shell mobility stations combine a myriad of offerings for anyone in transit (especially bikers) from essentials, food, digital solutions and sustainable innovations, to create better customer experiences. — PHOTO FROM PILIPINAS SHELL

Pilipinas Shell Petroleum Corp. returned to profitability in the third quarter as sales rose despite the stringent lockdown in August.

In a disclosure, Pilipinas Shell said it posted a P1.14 billion net income in the quarter ending September, a reversal of the P7.13 billion net loss in the same period last year.

Net sales during the third quarter jumped by 24.3% to P42.09 billion compared to P33.86 billion a year ago.

In the first nine months of the year, Pilipinas Shell recorded a P3.37 billion net income, a turnaround from the P13.87 billion net loss it had in the similar period last year.

Net sales for the nine-month period rose 15.2% to P124.32 billion versus P107.89 billion a year ago.

“Our renewed strategy has been proven effective for our business to thrive amidst the resurgence of selected lockdowns in the country. We are continuously growing our capacity for the remainder of 2021, to prepare for the near and medium-term demand pick-up as active new coronavirus disease 2019 (COVID-19) cases decline, vaccination programs accelerate, and travel restrictions ease,” Pilipinas Shell President and Chief Executive Cesar G. Romero said in a statement.

Overall year-to-date marketing volume delivery declined by 6%, but Pilipinas Shell said its premium fuel penetration rose 31%.

The company added that its lubricants business posted a 36% increase in terms of volume as its premium products posted growth and deeper consumer penetration across the country.

“Aviation volumes continue to improve, with volume recovery in the third quarter of over 60% compared to the same period last year, driven by an increase in passenger flights as domestic and international flight restrictions ease,” it said.

Meanwhile, Pilipinas Shell’s non-fuel retail network expansion continues with 156 Shell Select stores, 219 Select Express, 72 Deli2Gos, and 424 Lube bays. Non-fuel retail operating profit increased by 28% for the period.

“The company’s capital expenditure program is on-track, with some P2.2 billion spending, approximately 68% of which is spent on network expansion. 25 new mobility sites were launched from January to September this year. The rest was used for supply chain maintenance and upgrades, in preparation for demand resurgence,” Pilipinas Shell said.

On Friday, shares of Pilipinas Shell rose by 4.78% or P1.05 to end at P23 apiece. — Revin Mikhael D. Ochave

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!


Financial Advisors

The solar PV module market so far has seen commendable growth, with numerous milestones having been achieved in terms of the number of installations,...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


The Cabinet under the next administration is bringing in experienced officials who will be at the forefront of managing and planning the Philippine economy....


REUTERS MUMBAI/BUENOS AIRES/LONDON — It only took 24 hours last month for Prime Minister Narendra Modi’s government in India — the world’s second-largest producer...


UNSPLASH YAMAGATA, Japan — Japanese farmer Kiyoharu Hirao has started to add more rice to the mix he gives his cattle in order to...

Editor’s Pick

The Institute of Directors has had to investigate allegations about how the lobby group is run. The investigation comes just four years after Lady...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.