Oil refiner and retailer Pilipinas Shell Petroleum Corp. said it posted a net income of P6.633 billion in January to September, up 4 percent from P6.359 billion a year ago, despite the two months of planned refinery maintenance shutdown and slightly lower inventory holding gains.
Pilipinas Shell said in a statement the earnings were bolstered by retail business growth, high V-Power penetration and robust refinery performance.
”We continue to enhance customer experience as we innovate our offering and launch various customer-delight activities. We have opened our latest format of Shell Select in our Magallanes station to include Deli2Go and various food and beverage co-locators. With our initiatives, we hope to make the lives of our customers Go Well every day,” Pilipinas Shell president Cesar Romero said.
The company’s earnings performance translated into a 20-percent return on average capital employed, demonstrating the company’s ability to effectively utilize capital to generate superior returns.
Gross revenues reached P124.119 billion, up 9 percent from P101.625 billion in the same period last year, while expenses also went up to P113.946 billion from P92 billion.
The company has a retail network of 1,014 stations serving motorists all over the country. It also owns the country’s second biggest oil refinery with a capacity of 110,000 barrels per day in Batangas.