Pilipinas Shell Petroleum Corporation (PSPC), the country’s second-largest oil firm, registered a net income of Php3.9 billion in 2021, a reversal of its Php 16.2 net loss in 2020.

Shell cited the easing of COVID-19 restrictions in the country, accompanied by increased marketing, for the improved figures. Core earnings, meanwhile, amounted to Php2.3 billion, more than 7.5 times the Php300 million registered in 2020. 

“Our strategy of powering progress for the Philippines is working, despite the challenges brought by an unprecedented global health crisis and the lockdowns it triggered. It has enabled us to remain agile and resilient throughout the challenging period, placing us in a good position for today’s recovery,” PSPC President and CEO Lorelei Osial said in a statement.

Volume-wise, Shell said it increased its lubricant business by 30%, and bitumen sales by 12% compared to 2020, as it remained the preferred supplier of fuels for customers in essential industries such as power and construction. 

Osial, who took over from Cesar Romero to become the first woman to head Shell in the Philippines, added that the company is hopeful that “marketing volumes continue to improve as more people get fully vaccinated, feel safer and get back on the road”.  

Aside from the pandemic itself, Shell slumped in 2020 due to the closure of its Tabangao refinery in Batangas City. 

Shell’s main rival Petron recently reported a Php6.14 billion profit in 2021, also a reversal from its losses in 2020 due to the pandemic.