Pilipinas Shell Petroleum Corp. said it posted net earnings of P7.2 billion in the first nine months, up by 8 percent from P6.63 billion in the same period last year.
Pilipinas Shell, however, said third-quarter income declined to P1.75 billion from P2.442 billion a year ago, amid higher inflation and the peso depreciation.
“We are proud of Pilipinas Shell’s resilience amidst the challenges of higher inflation and weaker peso. We continue to expand our marketing businesses with discipline and operate our supply chain safely and reliably to support the country’s energy needs,” said Pilipinas Shell president and chief executive Cesar Romero.
The country’s second-biggest oil company said revenues hit P162.8 billion in January to September, up from P124.119 billion in the same period last year.
Expenses in the nine-month period also increased to P151.85 billion from P113.95 billion a year ago.
The company said while revenues went up in the third quarter to P58.17 billion from P41.65 billion, expenses also surged to P55.28 billion from P38.12 billion.
Pilipinas Shell said its marketing businesses continued to deliver robust earnings, amid high inflation and higher global oil prices.
The manufacturing and supply chain segments benefited from inventory holding gains and improvement in refinery reliability, despite continued challenges in regional gross refining margins.
Backed by global research and development, Shell’s V-Power with Dynaflex technology continued to hold a loyal following, maintaining premium fuel penetration that is one of the highest worldwide.
Pilipinas Shell opened 25 stations in the first three quarters and is on track to open 50 to 70 new sites per year.
Pilipinas Shell’s non-fuels retail segment also enjoyed double-digit growth, with increasing same-store sales and higher lubricant sales. It opened an additional 27 Select stores, 14 deli2go stores and 48 lube bays this year.
The company said that in the commercial segment, it enjoyed higher premium product penetration and strong volume growth in aviation and bitumen.
The company ’s bitumen production facility also started delivering products to the local market, supporting the government’s infrastructure programs.
Its 110,000-barrel-per-day Tabangao refinery posted its highest reliability performance in five years, while the North Mindanao Import Facility kept Shell’s competitiveness in the south through a highly efficient supply chain.
Pilipinas Shell was hailed ‘Asia’s Community Care Company of the Year’ in the 2018 Asia Corporate Excellence & Sustainability Awards for its continuing commitment to nation-building.
“We are also delighted to be recognized both locally and internationally for our efforts to power progress for the Filipino, not only through sustainable energy solutions but also through targeted social investment,” Romero said.