Pilipinas Shell Petroleum Corporation registered a Php 7.8 billion net income for the first half of 2022, a huge jump from the Php 2.2 billion recorded in the same period last year.
“Through the disciplined and resilient implementation of our strategy, we have recovered from the deficit in retained earnings in the past two years and are now able to deliver dividends to our shareholders. This reflects our strong culture of sustained performance even in the midst of a prolonged volatile business environment,” Pilipinas Shell president and CEO Lorelie Quiambao-Osial said in a statement.
The company declared a dividend of Php 1 per share payable this September 2022.
Excluding movement in its working capital, Pilipinas Shell registered Php 13.7 billion in cash flow from operations in the first half of 2022 compared to the Php7.6 billion from the same period last year.
Sales volume from commercial fuels increased by five following reliable supply for sector customers, spot sales, and other fuel oil customers.
Pilipinas Shell’s business-to-business volumes also went up for the first half of the year as aviation fuel sales improved by as much as 49% amid the increase in travel and the opening of international and domestic borders.