Pilipinas Shell has registered a Php 4.4 billion net income in the third quarter of 2022 amid challenges against inflation and the depreciation of Peso against US Dollar.
The income was derived from strong marketing performance, where the marketing volume delivery jumped by seven percent versus the previous year; high premium fuel penetration, and disciplined cost management.
“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 in a statement.
Pilipinas Shell’s commercial fuels volume jumped by 16% due to supply reliability extending to spot sales in the power sector. Meanwhile, aviation sales increased by 52% from last year’s figures due to the continuous opening of international and domestic borders.
Osial added that the company continuously promotes its sustainability agenda with “cross-business offerings with the industry, local government, and sector customers to meet energy needs now and for the future.”
In June, Pilipinas Shell announced their venture into electric vehicles as part of its net-zero goal to decarbonize its entire chain of operations by 2050.