BUSINESS
Pilipinas Shell ends Q3 with P4.4-B profit
Third-quarter gains were attributed to strong marketing performance as year-to-date marketing volume delivery increased by 7 percent versus the previous year
Despite threats to business posed by the depreciating peso and high inflation, Pilipinas Shell Petroleum Corp. ended the third quarter with a P4.4 billion net income due to sustained strong core performance.
"We are committed to continuing to power progress for the Philippines. Our strategy, together with our drive and agility, enables us to remain resilient through challenges and sets us to thrive, as we continue to deliver high-quality products and services for the growing and evolving needs of our customers," Pilipinas Shell president and CEO Lorelie Quiambao Osial said on Monday.
"I am confident that we will finish the year on a strong volume delivery with the progressive opening of the economy," she added.
Strong marketing
Pilipinas Shell attributed its third-quarter gains to strong marketing performance as year-to-date marketing volume delivery increased by 7 percent versus the previous year.
The company likewise reported that it ended with a positive cash flow from operations, excluding movement in working capital of P10.8 billion, up from the previous year's P10.1 billion.
According to Osial, Pilipinas Shell will continue to promote its sustainability agenda with integrated cross-business offerings with the industry, local government, and sector customers to meet the energy needs now and for the future.
Pilipinas Shell accelerated its growth ambition of 1,300 — 1,400 mobility sites by 2025, with its recent deal with Northern Star Energy Corporation.